Annual Report 2024

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2024 53 The United Laboratories International Holdings Limited Annual Report 2024 2. APPLICATION OF NEW AND AMENDMENTS TO HKFRS ACCOUNTING STANDARDS (Continued) Amendments to HKFRS Accounting Standards that are mandatorily effective for the current year (Continued) 2.2 Impacts on application of Amendments to HKAS 7 and HKFRS 7 Supplier Finance Arrangements The Group has applied the amendments for the first time in the current year. The amendments add a disclosure objective to HKAS 7 Statement of Cash Flows stating that an entity is required to disclose information about its supplier finance arrangements that enables users of financial statements to assess the effects of those arrangements on the entity’ s liabilities and cash flows. In addition, HKFRS 7 Financial Instruments: Disclosures was amended to add supplier finance arrangements as an example within the requirements to disclose information about an entity’ s exposure to concentration of liquidity risk. In accordance with the transition provision, the entity is not required to disclose comparative information for any reporting periods presented before the beginning of the annual reporting period in the first year of application as well as the information required by HKAS 7:44 (b)(ii) and (b)(iii) above as at the beginning of the annual reporting period in which the entity first applies those amendments. The application of the amendments in the current year had no material impact on the consolidated financial statements.