'The Branch has chosen not to early adopt the amendments and revisions to the International Financial Reporting Standards (IFRSs) which have been published and are mandatory for compliance by the Branch for the accounting years beginning on or after January 1, 2016. The Branch is currently assessing their impact. Following is a brief on the new IFRSs and amendments to IFRSs effective for annual periods beginning on or after January 1, 2016.