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77

FIMA CORPORATION BERHAD

(21185-P) |

Annual Report

2016

NOTES TO THE FINANCIAL

STATEMENTS 31 MARCH 2016

(contd.)

2.

SIGNIFICANT ACCOUNTING POLICIES (CONTD.)

2.2 New FRSs, Amendments to FRS and IC Interpretations (Contd.)

(b) Standards Issued But Not Yet Effective

The standards and interpretations that are issued but not yet effective up to the date of issuance

of the Group’s and the Company’s financial statements are disclosed below. The Group and the

Company intend to adopt these standards, if applicable, when they become effective.

Effective for

annual period

beginning

Description

on or after

Annual Improvements to FRSs 2012-2014 Cycle

1 January 2016

Amendments to FRS 116 and FRS 138: Clarification of

Acceptable Methods of Depreciation and Amortisation

1 January 2016

Amendments to FRS 116 and FRS 141: Agriculture: Bearer Plants

1 January 2016

Amendments to FRS 10 and FRS 128: Sale or Contribution

of Assets between an Investor and its Associates or Joint Venture

Deferred

Amendments to FRS 11: Accounting for Acquisitions of Interest

in Joint Operations

1 January 2016

Amendments to FRS 127: Equity Method in Separate Financial Statements 1 January 2016

Amendments to FRS 101: Disclosure Initiatives

1 January 2016

Amendments to FRS 10, FRS 12 and FRS 128:

Investment Entities: Applying the Consolidation Exception

1 January 2016

FRS 14: Regulatory Deferral Accounts

1 January 2016

Amendments to FRS 107: Disclosure initiative

1 January 2017

Amendments to FRS 112: Recognition of deferred tax assets

for unrealised losses

1 January 2017

FRS 15: Revenue from Contracts with Customers

1 January 2018

FRS 9: Financial Instruments

1 January 2018

The directors expect that the adoption of the above standards and intepretations will have no

material impact on the financial statements in the period of initial application except as discussed

below:

(i) FRS 15 Revenue from Contracts with Customers

FRS 15 establishes a new five-step models that will apply to revenue arising from contracts

with customers. FRS 15 will supersede the current revenue recognition guidance including

FRS 118 Revenue, FRS 111 Construction Contracts and the related interpretations when it

becomes effective.

The core principle of FRS15 is that an entity should recognise revenuewhich depict the transfer

of promised goods or services to customers in an amount that reflects the consideration to

which the entity expects to be entitled in exchange for those goods or services.