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NOTES TO THE FINANCIAL STATEMENTS
31 MARCH 2018
fInanCIal StatementS
2.
Significant accounting policies (cont’d.)
2.2 Changes in accounting policies arising from adoption of new FRSs and amendments to FRSs (cont’d.)
(b) Standards issued but not yet effective
The standards and interpretations that are issued but not yet effective up to the date of issuance of the Group’s
and of the Company’s financial statements are disclosed below. The Group and the Company intend to adopt
these standards, if applicable, when they become effective.
Description
Effective for
financial period
beginning
on or after
FRS 9: Financial Instruments
1 January 2018
Amendments to FRS 10 and FRS 128: Sale or Contribution of Assets between
an Investor and its Associates or Joint Venture
Deferred
The directors expect that the adoption of the above standards and interpretations will have no material impact on
the financial statements in the period of initial application except as discussed below:
FRS 9: Financial instruments
In November 2014, MASB issued the final version of FRS 9 Financial Instruments which reflects all phases of the
financial instruments project and replaces FRS 139 Financial Instruments: Recognition and Measurement and
all previous versions of FRS 9. The standard introduces new requirements for classification and measurement,
impairment and hedge accounting. FRS 9 is effective for annual periods beginning on or after 1 January 2018, with
early application permitted. Retrospective application is required, but comparative information is not compulsory.
The adoption of FRS 9 will have an effect on the classification and measurement of the Group’s financial assets,
but no impact on the classification and measurement of the Group’s financial liabilities.
(c) Malaysian Financial Reporting Standards (“MFRS Framework”)
On 19 November 2011, the Malaysian Accounting Standards Board (“MASB”) issued a new MASB approved
accounting framework, the Malaysian Financial Reporting Standards Framework (“MFRS Framework”).
The MFRS Framework is to be applied by all Entities Other than Private Entities for annual periods beginning on or
after 1 January 2012, with the exception of entities that are within the scope of MFRS 141 Agriculture (MFRS 141)
and IC Interpretation 15 Agreements for the Construction of Real Estate (IC 15), including its parent, significant
investor and venturer (herein called “Transitioning Entities”).
Transitioning Entities are allowed to defer adoption of the new MFRS Framework. The adoption of the MFRS
Framework by Transitioning Entities will be mandatory for annual periods beginning on or after 1 January 2018.