Download (PDF) - ChartNexus

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