Annual Report 2019

176 Annual Report 2019 Miramar Hotel and Investment Company, Limited Notes to the Financial Statements 29 Non-adjusting events after the reporting period (a) After the end of the reporting period, the directors proposed a final dividend. Further details are disclosed in note 7. (b) The outbreak of Coronavirus Disease 2019 (the “COVID-19 outbreak”) has impacted the Group’s operations. The international travel restrictions and quarantines have been affecting the Group’s hotel and travel operations. In addition, local residents have reduced social activities such as shopping and dining since the start of the COVID-19 outbreak. With the overall economic slowdown, the Group’s property rental business may also be affected against the backdrop of declining rental yields. The Group will continue to pay close attention to the development of the COVID-19 outbreak, and evaluate and proactively respond to its impact on the Group’s financial position and operating results. 30 Comparative figures The Group has initially applied HKFRS 16 at 1 January 2019 using the modified retrospective approach. Under this approach, comparative information is not restated. Further details of the changes in accounting policies are disclosed in note 1(c). 31 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31 December 2019 Up to the date of issue of these financial statements, the HKICPA has issued a number of amendments and a new standard, which are not yet effective for the year ended 31 December 2019 and which have not been adopted in these financial statements. These developments include the following which may be relevant to the Group. Effective for accounting periods beginning on or after Amendments to HKFRS 3, Definition of a business 1 January 2020 Amendments to HKAS 1 and HKAS 8, Definition of material 1 January 2020 The Group is in the process of making an assessment of what the impact of these developments is expected to be in the period of initial application. So far it has concluded that the adoption of them is unlikely to have a significant impact on the consolidated financial statements.