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FINANCIAL REPORTS
117
Bursa Malaysia •
Annual Report 2015
2. Significant accounting policies (cont’d.)
2.3 Standards issued but not yet effective
As at the date of authorisation of these financial statements, the following Standards, Amendments and Annual Improvements have been issued
by the Malaysian Accounting Standards Board (“MASB”) but are not yet effective and have not been adopted by the Group and the Company:
Effective for financial periods beginning on or after 1 January 2016
MFRS 14 Regulatory Deferral Accounts
Amendments to MFRS 11 Joint Arrangements
- Accounting for Acquisitions of Interests in Joint Operations
Amendments to MFRS 101 Presentation of Financial Statements
- Disclosure Initiative
Amendments to MFRS 127 Separate Financial Statements
- Equity Method in Separate Financial Statements
Amendments to MFRS 116 Property, Plant and Equipment and MFRS 138 Intangible Assets
- Clarification of Acceptable Methods of Depreciation
and Amortisation
Amendments to MFRS 116 Property, Plant and Equipment and MFRS 141 Agriculture -
Agriculture: Bearer Plants
Amendments to MFRS 10 Consolidated Financial Statements, MFRS 12 Disclosure of Interests in Other Entities and MFRS 128 Investments in
Associates and Joint Ventures -
Investment Entities: Applying the Consolidation Exception
Annual improvements to MFRSs 2012 - 2014 Cycle
Amendments to MFRS 10 Consolidated Financial Statements and MFRS 128 Investments in Associates and Joint Ventures
- Sale or Contribution
of Assets between an Investor and its Associate or Joint Venture *
Effective for financial periods beginning on or after 1 January 2018
MFRS 15 Revenue from Contracts with Customers
MFRS 9 Financial Instruments (IFRSs 9 Financial Instruments as issued by the International Accounting Standards Board in July 2014)
*
The effective date of these Standards have been deferred, and yet to be announced by MASB.
The Group and the Company will adopt the above pronouncements when they become effective in the financial year beginning 1 January 2016.
The Group and the Company do not expect any material impact to the financial statements of the above pronouncements other than the two
Standards described below, for which the effects of adoption are still being assessed:
(a) MFRS 15 Revenue from Contracts with Customers
MFRS 15
Revenue from Contracts with Customers
was issued in September 2014 and established a five-step model that will apply to
recognition of revenue arising from contracts with customers. Under this Standard, revenue is recognised at an amount that reflects the
consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The principle of this
Standard is to provide a more structured approach to measuring and recognising revenue.
This Standard is applicable to all entities and will supersede all current revenue recognition requirements under MFRS. Either a full or
modified retrospective application is required for annual periods beginning on or after 1 January 2018 with early adoption permitted.
(b) MFRS 9 Financial Instruments
In November 2014, the MASB issued the final version of MFRS 9
Financial Instruments
, replacing MFRS 139. This Standard makes changes
to the requirements for classification and measurement, impairment and hedge accounting. The adoption of this Standard will have an
effect on the classification and measurement of the Group’s and of the Company’s financial assets, but no impact on the classification and
measurement of the Group’s and of the Company’s financial liabilities.
NOTES TO THE
FINANCIAL STATEMENTS
31 DECEMBER 2015