Annual Report (Complete) - MYCRON Steel Berhad

Notes to the Financial Statements
30 June 2010
(continued)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(a)
Basis of preparation (continued)
(iii)
Standards, amendments to published standards, interpretations to existing standards that are applicable to the
Group but not yet effective and have not been early adopted
The new accounting standards, amendments to published standards, interpretations to existing standards that are
effective for annual periods beginning on or after 1 January 2010 are as follows:
• FRS 7 “Financial Instruments: Disclosures” and the improvement to FRS 7
• FRS 123 “Borrowing Costs” which replaces FRS 123 2004
and the improvement to FRS 123
• The revised FRS 101 “Presentation of Financial Statements”
• The amendment to FRS 1 “First-time Adoption of Financial Reporting Standards” and FRS 127 “Consolidated and
Separate Financial Statements: Cost of an investment in a subsidiary, jointly controlled entity or associate”
• The amendment to FRS 107 “Statement of Cash Flows”
• The amendment to FRS 110 “Events After the Balance Sheet Date”
• The amendment to FRS 116 “Property, Plant and Equipment” (consequential amendment to FRS 107 “Statement
of Cash Flows”)
• The amendment to FRS 118 “Revenue”
• The amendment to FRS 119 “Employee Benefits”
• The amendment to FRS 127 “Consolidated & Separate financial statements”
• The amendment to FRS 128 “Investments in Associates”
• The amendment to FRS 128 “Investments in Associates” and FRS 131 “Interests in joint ventures” (consequential
amendments to FRS 132 “Financial Instruments: Presentation” and FRS 7 “Financial instruments: Disclosure”
• The amendment to FRS 132 “Financial Instruments: Presentation” and FRS 101(revised) “Presentation of Financial
Statements” - “Puttable financial Instruments and Obligations arising on liquidation”
• The amendment to FRS 132 “Financial Instruments: Presentation”
• The amendment to FRS 134 “Interim Financial Reporting”
• The amendment to FRS 136 “Impairment of Assets”
• The amendment to FRS 138 “Intangible Assets”
• The amendment to FRS 139 “Eligible Hedged Items”
• The amendment to FRS 139 “Reclassification of Financial Assets”
• The amendment to FRS 139 and IC Interpretation 9 “Reassessment of Embedded Derivatives”
• IC Interpretation 10 “Interim Financial Reporting and Impairment”
• IC Interpretation 11 “FRS 2 Group and Treasury Share Transactions”
The amendment to published standard that is effective for annual periods beginning on or after 1 March 2010 is as
follows:
• The amendment to FRS 132 “Financial Instruments: Presentation”
The amendments to published standards that are effective for annual periods beginning on or after 1 July 2010 are
as follows:
• The revised FRS 127 “Consolidated and Separate Financial Statements”
The amendment to published standard that is effective for annual periods beginning on or after 1 January 2011 is as
follows:
• Amendment to FRS 7 “Financial Instruments: Disclosures” and amendment to FRS 1 “First-time Adoption of
Financial Reporting Standards”
With the exception of FRS 7, the above standards, amendments to published standards, interpretations to existing
standards are not anticipated to have any significant impact on the financial position of the Group and Company
in the year of initial application. As allowed under the transitional provision of FRS 7, the Group and Company are
exempted from having to disclose the possible impact of the application of the standards on the financial statements
of the Group and Company in the year of initial application.
(iv)
Standards, amendments to published standards, interpretations to existing standards that are not applicable and
are not effective to the Group
The new accounting standards, amendments to published standards, interpretations to existing standards that are
effective for periods beginning on or after 1 January 2010 are as follows:
• FRS 4 “Insurance Contract”
pg 54 | Mycron Steel Berhad