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1. BASIS OF pREpARATION (Cont’d) (a) Statement of compliance (Cont’d) Masterskill Education Group Berhad / Annual Report 2012 67 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2013(Cont’d) • Amendments to MFRS 7, Financial Instruments: Disclosures – Offsetting Financial Assets and Financial Liabilities • Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards - Government Loans • Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards (Annual Improvements 2009-2011 Cycle) • Amendments to MFRS 101, Presentation of Financial Statements (Annual Improvements 2009-2011 Cycle) • Amendments to MFRS 116, Property, Plant and Equipment (Annual Improvements 2009-2011 Cycle) • Amendments to MFRS 132, Financial Instruments: Presentation (Annual Improvements 2009-2011 Cycle) • Amendments to MFRS 134, Interim Financial Reporting (Annual Improvements 2009-2011 Cycle) • Amendments to MFRS 10, Consolidated Financial Statements: Transition Guidance • Amendments to MFRS 11, Joint Arrangements: Transition Guidance • Amendments to MFRS 12, Disclosure of Interests in Other Entities: Transition Guidance MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2014 • Amendments to MFRS 10, Consolidated Financial Statements: Investment Entities • Amendments to MFRS 12, Disclosure of Interests in Other Entities: Investment Entities • Amendments to MFRS 127, Separate Financial Statements (2011): Investment Entities • Amendments to MFRS 132, Financial Instruments: Presentation – Offsetting Financial Assets and Financial Liabilities MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2015 • MFRS 9, Financial Instruments (2009) • MFRS 9, Financial Instruments (2010) • Amendments to MFRS 7, Financial Instruments: Disclosures – Mandatory Date of MFRS 9 and Transition Disclosures The Group and the Company plan to apply the abovementioned standards, amendments and interpretations: • from the annual period beginning on 1 January 2013 for those standards, amendments or interpretations that are effective for annual periods beginning on or after 1 January 2013, except for MFRS 11, 12, 119 and 128, IC Interpretation 20, and Amendments to MFRS 11 and 12, which are not applicable to the Group and to the Company. • from the annual period beginning on 1 January 2014 for those standards, amendments or interpretations that are effective for annual periods beginning on or after 1 January 2014, except for MFRS 12 which is not applicable to the Group and to the Company. • from the annual period beginning on 1 January 2015 for those standards, amendments or interpretations that are effective for annual periods beginning on or after 1 January 2015. Material impacts of initial application of a standard, an amendment or an interpretation are discussed below: (i) mFRS 9, Financial Instruments MFRS 9 replaces the guidance in MFRS 139, Financial Instruments: Recognition and Measurement on the classification and measurement of financial assets. Upon adoption of MFRS 9, financial assets will be measured at either fair value or amortised cost. It is expected that the Group’s investment in unquoted shares will be measured at fair value through other comprehensive income. The adoption of MFRS 9 will result in a change in accounting policy. The Group is currently assessing the financial impact of adopting MFRS 9.
Masterskill Education Group Berhad / Annual Report 2012 68 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 1. BASIS OF pREpARATION (Cont’d) (a) Statement of compliance (Cont’d) (ii) mFRS 10, Consolidated Financial Statements MFRS 10, Consolidated Financial Statements introduces a new single control model to determining which investees should be consolidated. MFRS 10 supersedes MFRS 127, Consolidated and Separate Financial Statements and IC Interpretation 112, Consolidation – Special Purpose Entities. There are three elements to the definition of control in MFRS 10: (i) power by investor over an investee, (ii) exposure, or rights, to variable returns from investor’s involvement with the investee, and (iii) investor’s ability to affect those returns through its power over the investee. The adoption of MFRS 10 will result in a change in accounting policy. The Group is currently assessing the financial impact of adopting MFRS 10. (iii) Amendments to mFRS 116, Property, Plant and Equipment (Annual Improvements 2009-2011 Cycle) The amendments to MFRS 116 clarify that items such as spare parts, stand-by equipment and servicing equipment shall be recognised as property, plant and equipment when they meet the definition of property, plant and equipment. Otherwise, such items are classified as inventory. Currently, the Group does not hold such items. The initial application of other standards, amendments and interpretations is not expected to have any material financial impacts to the current and prior periods financial statements of the Group and of the Company upon their first adoption. (b) Basis of measurement The financial statements have been prepared on the historical cost basis other than as disclosed in Note 2. (c) Functional and presentation currency These financial statements are presented in Ringgit Malaysia (“RM”), which is the Group’s and the Company’s functional currency. All financial information is presented in RM and has been rounded to the nearest thousand, unless otherwise stated. (d) use of estimates and judgements The preparation of the financial statements in conformity with Malaysian Financial Reporting Standards (“MFRS”) requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies that have significant effect on the amounts recognised in the financial statements other than that disclosed in the following note: • Note 4 – Impairment testing for cash-generating units containing goodwill
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