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New Standards and Interpretations (Tables) | 12 Months Ended
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Dec. 31, 2019
IFRS 16 [Member] |
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] |
Schedule of Significant Effects of Adopting New Standards |
Affected items of consolidated balance sheet | As of December 31, 2018 |  | Effect of application of new standards |  | As of January 1, 2019 |  | Remarks
| US$’000 |  | US$’000 |  | US$’000 |  |
Assets |  |  |  |  |  |  |  |  |  |
Prepayments |  | 1,140 |  |  | (59 | ) |  | 1,081 |  | B
Lease assets* |  | 66 |  |  | (66 | ) |  | — |  | A
Right-of-use assets |  | — |  |  | 3,801 |  |  | 3,801 |  | A, B, C
Prepaid land lease payments |  | 978 |  |  | (978 | ) |  | — |  | B
Total affected assets |  | 2,184 |  |  | 2,698 |  |  | 4,882 |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Financial lease liabilities - current |  | 44 |  |  | 362 |  |  | 406 |  | C
Financial lease liabilities - non-current |  | 46 |  |  | 2,336 |  |  | 2,382 |  | C
Total affected liabilities |  | 90 |  |  | 2,698 |  |  | 2,788 |  |
* included in the line "Property, plant and equipment" in the balance sheet
A. Lease assets of $66 previously recognized under finance leases were reclassified from property, plant and equipment to right-of-use assets. B. Prepaid land lease payments of $59 and $978 previously classified as prepayment under current assets and prepaid land lease payments under non-current assets were reclassified to right-of-use assets. C. The Company recognized right-of-use assets and lease liabilities for those leases previously classified as operating leases under IAS 17, except for short-term leases and leases of low-value asset. The Company recognized right-of-use assets based on the amount equal to the lease liabilities. Lease liabilities were recognized based on the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate at January 1, 2019.
Summary of Reconciliation of IAS 17 Non-cancelled Operating Lease Commitment to IFRS 16 Lease Liability | Reconciliation of IAS 17 non-cancelled operating lease commitment to IFRS 16 lease liability:
| 2019 |
| US$’000 |
Operating lease commitments disclosed as at December 31, 2018 |  | 3,263 |
Add: finance lease liabilities recognized as at December 31, 2018 |  | 90 |
Discounted using the incremental borrowing rate at January 1, 2019 |  | (380 | )
Recognition exemption for: |  |  |
Short-term leases |  | (169 | )
Leases of low-value assets |  | (16 | )
Lease liabilities recognized as at January 1, 2019 |  | 2,788 |
IFRS 9 and IFRS 15 [Member] |
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] |
Schedule of Significant Effects of Adopting New Standards | The significant effects of adopting the new standards as of January 1, 2018 are summarized as below:
Affected items of consolidated balance sheet |  | As of December 31, 2017 |  | Effect of application of new standards |  | As of January 1, 2018 |  | Remarks
|  | US$’000 |  | US$’000 |  | US$’000 |  |
Assets |  |  |  |  |  |  |  |  |  |  |
Contract assets - current |  |  | — |  |  | 162 |  |  | 162 |  | A
Gross amounts due from customers for contract work-in-progress |  |  | 162 |  |  | (162 | ) |  | — |  | A
Trade receivables |  |  | 112,403 |  |  | 16 |  |  | 112,419 |  | C
Financial assets – available for sale |  |  | 2,747 |  |  | (2,747 | ) |  | — |  | B
Financial assets at fair value through other comprehensive income |  |  | — |  |  | 2,747 |  |  | 2,747 |  | B
Deferred income tax assets |  |  | 3,022 |  |  | 4 |  |  | 3,026 |  | D
Total affected assets |  |  | 118,334 |  |  | 20 |  |  | 118,354 |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Contract liabilities - current |  |  | — |  |  | 113 |  |  | 113 |  | E
Total affected liabilities |  |  | — |  |  | 113 |  |  | 113 |  |
Equity |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 53,350 |  |  | (93 | ) |  | 53,257 |  | B, C, D, E
Total affected equity |  |  | 53,350 |  |  | (93 | ) |  | 53,257 |  |
Total affected liabilities and equity |  |  | 53,350 |  |  | 20 |  |  | 53,370 |  |
A. In accordance with IFRS 15, the Company reclassified gross amounts due from customers for contract work-in-progress in the amount of $162 to contract assets as of January 1, 2018. B. Equity investments in non-listed equity investments previously classified as available-for-sale financial assets were reclassified and measured as financial assets at FVOCI because these investments are held as long-term strategic investments purpose. As a result, assets with fair value of $2,747 were reclassified from available-for-sale financial assets to financial assets at FVOCI and fair value gains of $1,717 were reclassified from the available-for-sale financial assets reserve to the FVOCI reserve on January 1, 2018, of which $843 was related to non-controlling interests. C. The application of IFRS 9 has fundamentally changed the Company’s accounting for impairment losses for trade receivable by replacing IAS 39’s incurred loss approach with a forward looking ECL approach. Upon application of IFRS 9, the Company reversed impairment on trade receivables by $16. As a result, trade receivables and retained earnings increased by $16. D. The Company recognized deferred income tax assets for the temporary differences arising from the adjustments upon initial application of IFRS 9 and IFRS 15. Deferred income tax assets and retained earnings both increased by $4.
4. | NEW STANDARDS AND INTERPRETATIONS (continued)
| 4.1 | Recently applied accounting pronouncements (continued)
E. In accordance with IFRS 15, the Company’s performance obligation to provide custodial and transportation services are recognized as contract liabilities under bill-and-hold agreements. After adopting IFRS 15, the Company recognizes revenue from custodial services over time and transportation revenue upon delivery. As of January 1, 2018, the balance of contract liabilities increased by $113, and retained earnings decreased by $113.
IFRS 15 [Member] |
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] |
Schedule of Significant Effects of Adopting New Standards | The following tables summarized the impacts of adopting IFRS 15 on the consolidated income statement for the year ended December 31, 2018 and its consolidated balance sheet as of December 31, 2018 for each of the line items affected. There was no material impact on the consolidated statement of cash flows for the year ended December 31, 2018.
Affected items of consolidated income statement for the year ended December 31, 2018 | As reported |  | Adjustments |  | Amounts without application of IFRS 15 |
| US$’000 |  | US$’000 |  | US$’000 |
Revenue |  | 425,940 |  |  | (26 | ) |  | 425,914 |
Gross profit |  | 36,248 |  |  | (26 | ) |  | 36,222 |
Operating profit |  | 8,684 |  |  | (26 | ) |  | 8,658 |
Profit before tax |  | 11,332 |  |  | (26 | ) |  | 11,306 |
Income tax expense |  | (3,886 | ) |  | 5 |  |  | (3,881 | )
Profit for the year |  | 7,446 |  |  | (21 | ) |  | 7,425 |
Affected items of consolidated balance sheet as of December 31, 2018 | As reported |  | Adjustments |  | Amounts without application of IFRS 15 |
| US$’000 |  | US$’000 |  | US$’000 |
Assets |  |  |  |  |  |  |  |  |
Contract assets - current |  | 1,460 |  |  | (1,460 | ) |  | — |
Gross amounts due from customers for contract work-in-process |  | — |  |  | 1,460 |  |  | 1,460 |
Deferred income tax assets |  | 3,919 |  |  | (18 | ) |  | 3,901 |
Total affected assets |  | 5,379 |  |  | (18 | ) |  | 5,361 |
Liabilities |  |  |  |  |  |  |  |  |
Other current liabilities |  | 3,272 |  |  | (88 | ) |  | 3,184 |
Total affected liabilities |  | 3,272 |  |  | (88 | ) |  | 3,184 |
Equity |  |  |  |  |  |  |  |  |
Retained earnings |  | 55,016 |  |  | 34 |  |  | 55,050 |
Foreign currency translation reserve |  | (15,251 | ) |  | 1 |  |  | (15,250 | )
Non-controlling interests |  | 71,788 |  |  | 35 |  |  | 71,823 |
Total affected equity |  | 111,553 |  |  | 70 |  |  | 111,623 |
Total affected liabilities and equity |  | 114,825 |  |  | (18 | ) |  | 114,807 |
4. | NEW STANDARDS AND INTERPRETATIONS (continued)
| 4.1 | Recently applied accounting pronouncements (continued)

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- Definition The explanation of the difference between: (a) operating lease commitments disclosed applying IAS 17 at the end of the annual reporting period immediately preceding the date of initial application of IFRS 16, discounted using the incremental borrowing rate at the date of initial application; and (b) lease liabilities recognised in the statement of financial position at the date of initial application of IFRS 16. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2019-01-01 -Paragraph C12 -Subparagraph b -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2019-en-r&anchor=para_C12_b&doctype=Appendix&subtype=C -URIDate 2019-03-27 + Details
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