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126
Gamuda Berhad (29579-T) • Annual Report 2012
2.
Summary of significant accounting policies (cont’d.)
2.2 Changes in accounting policies (cont’d.)
FRSs, Amendments to FRSs and Interpretations
Effective for annual periods beginning on or after 1 January 2011:
Amendments to FRS 1
Limited Exemption from Comparative FRS 7 Disclosures for
First-time Adopters
Amendments to FRS 1
Additional Exemptions for First-time Adopters
Amendments to FRS 2
Group Cash-settled Share-based Payment Transactions
Amendments to FRS 7
Improving Disclosures about Financial Instruments
IC Interpretation 4
Determining Whether an Arrangement contains a lease
IC Interpretation 18
Transfers of Assets from Customers
Amendments to FRSs
‘Improvements to FRSs (2010)’
Effective for annual periods beginning on or after 1 July 2011:
Amendments to IC Interpretation 14 Prepayments of a Minimum Funding Requirement
IC Interpretation 19
Extinguishing Financial Liabilities with Equity Instruments
The adoption of the standards and interpretations above did not have any significant impact on the financial
statements of the Group and of the Company except as disclosed below:
Amendments to FRS 7: Improving Disclosures about Financial Instruments
The amended standard requires enhanced disclosure about fair value measurement and liquidity risk. Fair
value measurements related to items recorded at fair value are to be disclosed by source of inputs using a
three level fair value hierarchy (Level 1, Level 2 and Level 3), by class, for all financial instruments recognised
at fair value. A reconciliation between the beginning and ending balance for Level 3 fair value measurements is
required. Any significant transfers between levels of the fair value hierarchy and the reasons for those transfers
need to be disclosed. The amendments also clarify the requirements for liquidity risk disclosures with respect
to derivative transactions and assets used for liquidity management. The fair value measurement disclosures
are presented in Note 43. The liquidity risk disclosures are not significantly impacted by the amendments and
are presented in Note 44(b).
2.3 Standards issued but not yet effective
The Group and the Company have not adopted the following standards and intepretations that have been
issued but not yet effective:
Effective for annual periods beginning on or after 1 January 2012:
FRS 124
Related Party Disclosures
Amendments to FRS 1
Severe hyperinflation and Removal of Fixed Dates for First-time
Adopters
Amendments to FRS 7
Disclosures - Transfers of Financial Assets
Amendments to FRS 112
Deferred Tax: Recovery of Underlying Assets
NoTES To ThE FINANCIAL STATEMENTS
31 July 2012