Annual Report 2020

175 Notes to the Financial Statements Miramar Hotel and Investment Company, Limited Annual Report 2020 28 Non-adjusting events after the reporting period After the end of the reporting period, the directors proposed a final dividend. Further details are disclosed in note 7. 29 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31 December 2020 Up to the date of issue of these financial statements, the HKICPA has issued a number of amendments and a new standard, HKFRS 17, Insurance contracts , which are not yet effective for the year ended 31 December 2020 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, Reference to the Conceptual Framework 1 January 2022 Amendments to HKAS 16, Property, Plant and Equipment: Proceeds before intended Use 1 January 2022 Amendment to HKAS 37, Onerous Contracts – Cost of Fulfilling Contract 1 January 2022 Annual Improvements to HKFRSs 2018–2020 Cycle 1 January 2022 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.