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Masterskill Education Group Berhad / Annual Report 2012<br />
66<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
masterskill Education Group Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the<br />
Main Market of Bursa Malaysia Securities Berhad. The addresses of the principal place of business and registered office of the Company<br />
are as follows:<br />
principal place of business<br />
G-8 Jalan Kemacahaya 11<br />
Taman Kemacahaya, Batu 9<br />
43200 Cheras<br />
Selangor Darul Ehsan<br />
Registered office<br />
B-13-15, Level 13, Menara Prima Tower B,<br />
Jalan PJU1/39, Dataran Prima<br />
47301 Petaling Jaya<br />
Selangor Darul Ehsan<br />
The consolidated financial statements of the Company as at and for the year ended 31 December 2012 comprise the Company and<br />
its subsidiaries (together referred to as the “Group” and individually referred to as “Group entities”). The financial statements of the<br />
Company as at and for the year ended 31 December 2012 do not include other entities.<br />
The Company is principally engaged in investment holding whilst the principal activities of the subsidiaries are as stated in Note 5.<br />
These financial statements were authorised for issue by the Board of Directors on 26 April 2013.<br />
1. BASIS OF pREpARATION<br />
(a) Statement of compliance<br />
The financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial<br />
Reporting Standards (“MFRS”), International Financial Reporting Standards and the Companies Act, 1965 in Malaysia. These<br />
are the Group’s and Company’s first financial statements prepared in accordance with MFRS and MFRS 1, First-time Adoption<br />
of Malaysian Financial Reporting Standards has been applied.<br />
In the previous financial years, the financial statements of the Group and of the Company were prepared in accordance<br />
with Financial Reporting Standards (“FRS”) in Malaysia. The transition to MFRS does not have financial impact to the financial<br />
statements of the Group and of the Company.<br />
The Group and Company have early adopted the amendments to MFRS 101, Presentation of Financial Statements which<br />
are effective for annual periods beginning on or after 1 July 2012. The early adoption of the amendments to MFRS 101<br />
has no impact on the financial statements other than the presentation format of the statement of profit or loss and other<br />
comprehensive income.<br />
The following are accounting standards, amendments and interpretations of the MFRS framework that have been issued by<br />
the Malaysian Accounting Standards Board (“MASB”) but have not been adopted by the Group and by the Company:<br />
MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2013<br />
• MFRS 10, Consolidated Financial Statements<br />
• MFRS 11, Joint Arrangements<br />
• MFRS 12, Disclosure of Interests in Other Entities<br />
• MFRS 13, Fair Value Measurement<br />
• MFRS 119, Employee Benefits (2011)<br />
• MFRS 127, Separate Financial Statements (2011)<br />
• MFRS 128, Investments in Associates and Joint Ventures (2011)<br />
• IC Interpretation 20, Stripping Costs in the Production Phase of a Surface Mine