Annual Report 2019

235 Transport International Holdings Limited 2019 Annual Report Notes to the Financial Statements 35 Non-adjusting event after the reporting period (a) Proposal of a final dividend After the end of the reporting period, the Directors proposed a final dividend for the year. Further details are disclosed in note 11(a) to the financial statements. (b) Effect of COVID-19 on the Group The outbreak of COVID-19 in late January 2020 has adversely affected the Group’s daily operation and patronage of local and cross-boundary transport. The Group has been implementing a number of measures to lessen the impact and will continue to closely monitor further effect that could be caused by COVID-19 on the business operation and financial position of the Group. 36 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). 37 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, HKFRS 17, Insurance contracts , 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.