FORGING AHEAD - Tradewinds Plantation Berhad
FORGING AHEAD - Tradewinds Plantation Berhad
FORGING AHEAD - Tradewinds Plantation Berhad
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5. ADOPTION OF NEW FRSs AND AMENDMENTS TO FRSs (continued)<br />
5.1 New FRSs adopted during the current financial year (continued)<br />
(r) Amendments to FRS 139 is mandatory for annual periods beginning on or after 1 January 2010.<br />
These amendments remove the scope exemption on contracts for contingent consideration in a business<br />
combination. Accordingly, such contracts shall be recognised and measured in accordance with the requirements<br />
of FRS 139.<br />
There is no impact upon adoption of these amendments during the financial year.<br />
5.2 New FRSs that have been issued, but not yet effective and not yet adopted<br />
FINANCIAL STATEMENTS<br />
(a) Amendments to FRS 132 is mandatory for annual periods beginning on or after 1 March 2010 in respect of<br />
classification of rights issues.<br />
The amendments clarifies that rights, options or warrants to acquire a fixed number of the Group’s own equity<br />
instruments for a fixed amount of any currency shall be classified as equity instruments rather than financial<br />
liabilities if the Group offers the rights, options or warrants pro rata to all of its own existing owners of the same<br />
class of its own non-derivative equity instruments.<br />
The Group does not expect any impact on the financial statements arising from the adoption of these amendments.<br />
(b) FRS 1 First-time Adoption of Financial Reporting Standards is mandatory for annual periods beginning on or after<br />
1 July 2010.<br />
This Standard supersedes the existing FRS 1 and shall be applied when the Group adopts FRSs for the first time<br />
via the explicit and unreserved statement of compliance with FRSs. An opening FRS statement of financial position<br />
shall be prepared and presented at the date of transition to FRS, whereby:<br />
(i) All assets and liabilities shall be recognised in accordance with FRSs;<br />
(ii) Items of assets and liabilities shall not be recognised if FRSs do not permit such recognition;<br />
(iii) Items recognised in accordance with previous GAAP shall be reclassified in accordance with FRSs; and<br />
(iv) All recognised assets and liabilities shall be measured in accordance with FRSs.<br />
All resulting adjustments shall therefore be recognised directly in retained earnings at the date of transition to<br />
FRSs.<br />
The Group does not expect any impact on the financial statements arising from the adoption of this Standard.<br />
TRADEWINDS PLANTATION BERHAD<br />
Annual Report 2010<br />
139