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1. BASIS OF pREpARATION (Cont’d)<br />
(a) Statement of compliance (Cont’d)<br />
Masterskill Education Group Berhad / Annual Report 2012<br />
67<br />
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)<br />
MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2013(Cont’d)<br />
• Amendments to MFRS 7, Financial Instruments: Disclosures – Offsetting Financial Assets and Financial Liabilities<br />
• Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards - Government Loans<br />
• Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards (Annual Improvements 2009-2011<br />
Cycle)<br />
• Amendments to MFRS 101, Presentation of Financial Statements (Annual Improvements 2009-2011 Cycle)<br />
• Amendments to MFRS 116, Property, Plant and Equipment (Annual Improvements 2009-2011 Cycle)<br />
• Amendments to MFRS 132, Financial Instruments: Presentation (Annual Improvements 2009-2011 Cycle)<br />
• Amendments to MFRS 134, Interim Financial Reporting (Annual Improvements 2009-2011 Cycle)<br />
• Amendments to MFRS 10, Consolidated Financial Statements: Transition Guidance<br />
• Amendments to MFRS 11, Joint Arrangements: Transition Guidance<br />
• Amendments to MFRS 12, Disclosure of Interests in Other Entities: Transition Guidance<br />
MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2014<br />
• Amendments to MFRS 10, Consolidated Financial Statements: Investment Entities<br />
• Amendments to MFRS 12, Disclosure of Interests in Other Entities: Investment Entities<br />
• Amendments to MFRS 127, Separate Financial Statements (2011): Investment Entities<br />
• Amendments to MFRS 132, Financial Instruments: Presentation – Offsetting Financial Assets and Financial Liabilities<br />
MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2015<br />
• MFRS 9, Financial Instruments (2009)<br />
• MFRS 9, Financial Instruments (2010)<br />
• Amendments to MFRS 7, Financial Instruments: Disclosures – Mandatory Date of MFRS 9 and Transition Disclosures<br />
The Group and the Company plan to apply the abovementioned standards, amendments and interpretations:<br />
• from the annual period beginning on 1 January 2013 for those standards, amendments or interpretations that are<br />
effective for annual periods beginning on or after 1 January 2013, except for MFRS 11, 12, 119 and 128, IC Interpretation<br />
20, and Amendments to MFRS 11 and 12, which are not applicable to the Group and to the Company.<br />
• from the annual period beginning on 1 January 2014 for those standards, amendments or interpretations that are<br />
effective for annual periods beginning on or after 1 January 2014, except for MFRS 12 which is not applicable to the<br />
Group and to the Company.<br />
• from the annual period beginning on 1 January 2015 for those standards, amendments or interpretations that are<br />
effective for annual periods beginning on or after 1 January 2015.<br />
Material impacts of initial application of a standard, an amendment or an interpretation are discussed below:<br />
(i) mFRS 9, Financial Instruments<br />
MFRS 9 replaces the guidance in MFRS 139, Financial Instruments: Recognition and Measurement on the classification<br />
and measurement of financial assets. Upon adoption of MFRS 9, financial assets will be measured at either fair value or<br />
amortised cost. It is expected that the Group’s investment in unquoted shares will be measured at fair value through<br />
other comprehensive income.<br />
The adoption of MFRS 9 will result in a change in accounting policy. The Group is currently assessing the financial impact<br />
of adopting MFRS 9.