1. Basis of preparation
(continued)
(a) Statement of compliance
(continued)
The Group and the Company plan to apply the abovementioned accounting standards, amendments
and interpretations:
• from the annual period beginning on 1 January 2015 for those accounting standards, amendments
or interpretations that are effective for annual periods beginning on or after 1 July 2014, except
for Amendments to FRS 2, Amendments to FRS 119 and Amendments to FRS 138, which
are assessed as presently being not applicable to the Group and the Company.
• from the annual period beginning on 1 January 2016 for those accounting standards, amendments
or interpretations that are effective for annual periods beginning on or after 1 January 2016,
except for Amendments FRS 119, which is assessed as presently being not applicable to
the Group and the Company.
The initial application of the accounting standards, amendments or interpretations are not
expected to have any material financial impacts to the current period and prior periods
financial statements of the Group and the Company.
The Group’s financial statements for annual period beginning on 1 January 2017 will be
prepared in accordance with the Malaysian Financial Reporting Standards (“MFRSs”) issued
by the MASB and International Financial Reporting Standards (“IFRSs”).
The Group falls within the scope of MFRS 141,
Agriculture
. Therefore, the Group is
currently exempted from adopting the (“MFRSs”) and is referred to as a “Transitioning Entity”.
The Group and the Company will apply the following MFRSs that are not yet effective:
Standard/Amendment/Interpretation
Effective date
Agriculture:
Bearer Plants (Amendments to MFRS 116 and MFRS 141)
1 January 2016
MFRS 15,
Revenue from Contracts with Customers
1 January 2017
MFRS 9,
Financial Instruments
(2014)
1 January 2018
Amendments to MFRS 7,
Financial Instruments
:
Disclosure Mandatory of MFRS 9 and Transition Disclosure
Yet to be confirmed
Material impacts of the initial application of the above accounting standards, which are applicable
to the Group and which are to be applied retrospectively, are discussed below:
(i) Amendments to MFRS 116, Property, Plant and Equipment and MFRS 141,
Agriculture - Agriculture: Bearer Plants
The amendments to MFRS 116 and MFRS 141 require a bearer plant, defined as a living
plant, to be accounted for as property, plant and equipment in accordance with MFRS 116,
Property, Plant and Equipment.
The Group is currently assessing the financial impact that may arise from the adoption of
amendments to MFRS 116 and MFRS 141.
Notes to the Financial Statements
SARAWAK PLANTATION BERHAD
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Annual Report 2014
