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annual report | 2012 Gunung Capital Berhad (330171-P) 52 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 31 DECEMBER 2012 2 SIGNIFICANT ACCOUNTING POLICIES (cont’d) 2.3 Standards Issued but not yet Effective The Group and the Company have not adopted the following standards and interpretations that have been issued but not yet effective: Descriptions Effective for annual periods beginning on or after Amendments to MFRS 1: First-time adoption of Malaysian Financial Reporting Standards – Government Loans 1 January 2013 Amendments to MFRS 1: First-time adoption of Malaysian Financial Reporting Standards (Annual Improvements 2009-2011 Cycle) 1 January 2013 Amendments to MFRS 7: Financial Instruments: Disclosures – Offsetting Financial Assets and Financial Liabilities 1 January 2013 MFRS 9: Financial Instruments 1 January 2015 MFRS 10: Consolidated Financial Statements 1 January 2013 Amendments to MFRS 10: Consolidated Financial Statements – Investments Entities 1 January 2014 MFRS 11: Joint Arrangements 1 January 2013 MFRS 12: Disclosure of Interests in Other Entities 1 January 2013 Amendments to MFRS 12: Disclosure of Interests in Other Entities – Investments Entities 1 January 2014 MFRS 13: Fair Value Measurement 1 January 2013 Amendments to MFRS 101: Presentation of Financial Statements – Presentation of Items of Other Comprehensive Income 1 July 2012 Amendments to MFRS 101: Presentation of Financial Statements (Annual Improvements 2009-2011 Cycle) 1 January 2013 Amendments to MFRS 116: Property, Plant and Equipment (Annual Improvements 2009-2011 Cycle) 1 January 2013 MFRS 119: Employee Benefits 1 January 2013 MFRS 127: Separate Financial Statements (revised) 1 January 2013 Amendments to MFRS 127: Separate Financial Statements – Investments Entities 1 January 2014 MFRS 128: Investment in Associates and Joint Ventures 1 January 2013 Amendments to MFRS 132: Financial Instruments: Presentation (Annual Improvements 2009-2011 Cycle) 1 January 2013 Amendments to MFRS 132: Financial Instruments: Presentation – Offsetting Financial Assets and Financial Liabilities 1 January 2014 Amendments to MFRS 134: Interim Financial Reporting (Annual Improvements 2009-2011 Cycle) 1 January 2013 MFRS 141: Agriculture 1 January 2014 IC Interpretation 15: Agreements for the Construction of Real Estate 1 January 2014 IC Interpretation 20: Stripping Costs in the Production Phase of a Surface Mine 1 January 2013 The management does not anticipate that the adoption of these amendments, standards and interpretations to have any material impact on the financial statements in the period for initial application except for potential changes and new disclosure and presentation requirements as discussed below: (a) Amendments to MFRS 7: Financial Instruments: Disclosures The amendment requires more extensive disclosures focusing on quantitative information about recognised financial instruments that are offset in the statement of financial position and those that are subject to master netting or similar arrangements irrespective of whether they are offset.
NOTES TO THE FINANCIAL STATEMENTS (cont’d) 31 DECEMBER 2012 2 SIGNIFICANT ACCOUNTING POLICIES (cont’d) 2.3 Standards Issued but not yet Effective (contd) (b) MFRS 9: Financial Instruments MFRS 9 addresses the classification, measurement and recognition of financial assets and financial liabilities. It replaces the parts of MFRS 139 that relate to the classification and measurement of financial instruments. MFRS 9 requires financial assets to be classified into two measurement categories: those measured as at fair value and those measured at amortised cost. The determination is made at initial recognition. The classification depends on the entity’s business model for managing its financial instruments and the contractual cash flow characteristics of the instrument. For financial liabilities, the standard retains most of the MFRS 139 requirements. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity’s own credit risk is recorded directly in other comprehensive income, unless this creates an accounting mismatch. The Company is yet to assess MFRS 9’s full impact and intends to adopt MFRS 9 no later than the accounting period beginning on or after 1 January 2015. (c) MFRS 10: Consolidated Financial Statements MFRS 10 establishes a single control model that applies to all entities including special purpose entities. It establishes control as the basis of determining which entities are consolidated in the consolidated financial statements and sets out the accounting requirements for the preparation of consolidated financial statements. It replaces all the guidance on control and consolidation in MFRS 127: Consolidated and separate financial statements and IC Interpretation 12: Consolidation – special purpose entities. (d) MFRS 12: Disclosure of Interests in Other Entities MFRS 12 includes all disclosure requirements for interests in subsidiaries, joint arrangements, associates and structured entities. A number of new disclosures are required. This standard affects disclosure only and has no impact on the Group’s financial position or performance. (e) MFRS 13: Fair Value Measurement MFRS 13 aims to improve consistency and reduce complexity by establishing a single source of fair value measurement and disclosure requirements for use across MFRSs. MFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under MFRS when fair value is required or permitted. The Group is currently assessing the impact of adoption of MFRS 13. (f) Amendments to MFRS 101: Presentation of Items of Other Comprehensive Income The amendments change the grouping of items presented in Other Comprehensive Income. Items that could be reclassified (or “recycled”) to profit of less at future point in time (for example, upon decrecognition or settlement) would be presented separately from items that will never be reclassified. The amendment affects presentation only and has no impact on the Group’s financial position or performance. (g) MFRS 127: Separate Financial Statements (revised) As consequence of the new MFRS 10 and MFRS 12, the revised MFRS 127 is limited to the accounting for subsidiaries, jointly controlled entities and associates in separate financial statements. (h) Amendments to MFRS 132: Financial Instruments: Presentation The amendment does not change the current offsetting model in MFRS 132. It clarifies the meaning of “currently has a legal enforceable right of set-off” that the right of set-off must be available today (not contingent on a future event) and legally enforceable for all counterparties in the normal course of business. Gunung Capital Berhad (330171-P) 53 annual report | 2012
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Notes:- 1. A member of the Company,
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