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Masterskill Education Group Berhad / Annual Report 2012 77 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 2. SIGNIFICANT ACCOuNTING pOlICIES (Cont’d) (m) Borrowing costs (Cont’d) Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. (n) Income tax Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that it relates to a business combination or items recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted by the end of the reporting period, and any adjustment to tax payable in respect of previous financial years. Deferred tax is recognised using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities in the statement of financial position and their tax bases. Deferred tax is not recognised for the following temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the end of the reporting period. Deferred tax recognised is measured based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets are reviewed at the end of each reporting period and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Unutilised investment tax allowance, being tax incentive that is not a tax base of an asset, is recognised as a deferred tax asset to the extent that it is probable that the future taxable profits will be available against which the unutilised tax incentive can be utilised. (o) Earnings per ordinary share The Group presents basic and diluted earnings per share data for its ordinary shares (“EPS”). Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period, adjusted for own shares held. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding adjusted for own shares held for the effects of all dilutive potential ordinary shares. (p) Operating segments An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. An operating segment’s operating results are reviewed regularly by the chief operating decision maker, which in this case is the Chief Executive Officer of the Group, to make decisions about resources to be allocated to the segment and to assess its performance, and for which discrete financial information is available.
Masterskill Education Group Berhad / Annual Report 2012 78 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 3. pROpERTy, plANT AND EquIpmENT Computer, Furniture lCD and Freehold leasehold motor and overhead Work-in- land land Buildings Books vehicles fittings projectors installation equipment Robes progress Total Group Rm’000 Rm’000 Rm’000 Rm’000 Rm’000 Rm’000 Rm’000 Rm’000 Rm’000 Rm’000 Rm’000 Rm’000 Cost At 1 January 2011 56,186 24,722 98,323 4,686 17,378 15,135 14,614 76,352 23,955 683 19,088 351,122 Additions – – – 749 58 531 10,435 1,839 5,651 90 32,594 51,947 Transfer – – 37 – – 475 93 1,637 87 – (2,329) – Reclassification – – 16,100 – – – – (16,100) – – – – Written off – – – – – – (5) – – – – (5) Disposals – – – – – – (466) – – – – (466) Office and medical Renovation and electrical At 31 December 2011/ 1 January 2012 56,186 24,722 114,460 5,435 17,436 16,141 24,671 63,728 29,693 773 49,353 402,598 Additions – 9,891 21,444 290 – 1,185 264 264 1,614 42 22,845 57,839 Transfer – – 41,064 – – 3,563 871 4,949 1,542 – (51,989) – Reclassification – – – (122) – 84 122 (161) 77 – – – Written off – – – – – – (133) (8,065) (352) – – (8,550) Disposals – – – – (1,658) (171) – – – – – (1,829) At 31 December 2012 56,186 34,613 176,968 5,603 15,778 20,802 25,795 60,715 32,574 815 20,209 450,058
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