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annual report | 2012 Gunung Capital Berhad (330171-P)<br />
52<br />
NOTES TO THE FINANCIAL STATEMENTS (cont’d)<br />
31 DECEMBER 2012<br />
2 SIGNIFICANT ACCOUNTING POLICIES (cont’d)<br />
2.3 Standards Issued but not yet Effective<br />
The Group and the Company have not adopted the following standards and interpretations that have been issued<br />
but not yet effective:<br />
Descriptions<br />
Effective for annual<br />
periods beginning<br />
on or after<br />
Amendments to MFRS 1: First-time adoption of Malaysian Financial Reporting<br />
Standards – Government Loans<br />
1 January 2013<br />
Amendments to MFRS 1: First-time adoption of Malaysian Financial Reporting<br />
Standards (Annual Improvements 2009-2011 Cycle)<br />
1 January 2013<br />
Amendments to MFRS 7: Financial Instruments: Disclosures – Offsetting Financial<br />
Assets and Financial Liabilities<br />
1 January 2013<br />
MFRS 9: Financial Instruments 1 January 2015<br />
MFRS 10: Consolidated Financial Statements 1 January 2013<br />
Amendments to MFRS 10: Consolidated Financial Statements – Investments Entities 1 January 2014<br />
MFRS 11: Joint Arrangements 1 January 2013<br />
MFRS 12: Disclosure of Interests in Other Entities 1 January 2013<br />
Amendments to MFRS 12: Disclosure of Interests in Other<br />
Entities – Investments Entities<br />
1 January 2014<br />
MFRS 13: Fair Value Measurement 1 January 2013<br />
Amendments to MFRS 101: Presentation of Financial Statements – Presentation<br />
of Items of Other Comprehensive Income<br />
1 July 2012<br />
Amendments to MFRS 101: Presentation of Financial Statements<br />
(Annual Improvements 2009-2011 Cycle)<br />
1 January 2013<br />
Amendments to MFRS 116: Property, Plant and Equipment<br />
(Annual Improvements 2009-2011 Cycle)<br />
1 January 2013<br />
MFRS 119: Employee Benefits 1 January 2013<br />
MFRS 127: Separate Financial Statements (revised) 1 January 2013<br />
Amendments to MFRS 127: Separate Financial Statements – Investments Entities 1 January 2014<br />
MFRS 128: Investment in Associates and Joint Ventures 1 January 2013<br />
Amendments to MFRS 132: Financial Instruments: Presentation<br />
(Annual Improvements 2009-2011 Cycle)<br />
1 January 2013<br />
Amendments to MFRS 132: Financial Instruments: Presentation – Offsetting<br />
Financial Assets and Financial Liabilities<br />
1 January 2014<br />
Amendments to MFRS 134: Interim Financial Reporting<br />
(Annual Improvements 2009-2011 Cycle)<br />
1 January 2013<br />
MFRS 141: Agriculture 1 January 2014<br />
IC Interpretation 15: Agreements for the Construction of Real Estate 1 January 2014<br />
IC Interpretation 20: Stripping Costs in the Production Phase of a Surface Mine 1 January 2013<br />
The management does not anticipate that the adoption of these amendments, standards and interpretations<br />
to have any material impact on the financial statements in the period for initial application except for potential<br />
changes and new disclosure and presentation requirements as discussed below:<br />
(a) Amendments to MFRS 7: Financial Instruments: Disclosures<br />
The amendment requires more extensive disclosures focusing on quantitative information about recognised<br />
financial instruments that are offset in the statement of financial position and those that are subject to master<br />
netting or similar arrangements irrespective of whether they are offset.