TANJUNG OFFSHORE BERHAD

Recommendations

Info

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2009 1. CORPORATE INFORMATION 73 TANJUNG OFFSHORE BERHAD (662315-U) ANNUAL REPORT 2009 The Company is a public limited liability company, incorporated and domiciled in Malaysia and listed on the Main Market of Bursa Malaysia Securities Berhad. The registered offi ce of the Company is located at 312, 3rd Floor, Block C, Kelana Square, 17, Jalan SS7/26, 47301 Petaling Jaya, Selangor Darul Ehsan. The Company is principally engaged in investment holding. The principal activities of the subsidiaries and associated company are set out in Notes 7 and 8 to the fi nancial statements respectively. There have been no signifi cant changes in the nature of these principal activities of the Group and of the Company during the current fi nancial year. The fi nancial statements were authorised for issuance by the Board of Directors of the Company on 28 April 2010. 2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS The fi nancial statements of the Group and of the Company have been prepared on a historical cost convention unless otherwise indicated in the other section of accounting policies, are drawn up in accordance with the applicable Malaysian Accounting Standards Board (“MASB”) approved accounting standards for entities other than private entities in Malaysia and in compliance with the provisions of the Companies Act, 1965. 3. SIGNIFICANT ACCOUNTING POLICIES The accounting policies have been consistently applied by the Group and by the Company and are consistent with those used in the previous fi nancial years. a) New/Revised FRSs and Interpretations Not Yet Effective The Group and the Company has not applied the following new/revised FRSs and Interpretations that are relevant to its operations which have been issued but are not effective: FRSs, Amendments to FRSs and Interpretations Effective date FRS 7: Financial Instruments: Disclosures 1 January 2010 FRS 8: Operating Segments 1 January 2010 FRS 101: Presentation of Financial Statements (Revised 2009) 1 January 2010 FRS 123: Borrowing Costs 1 January 2010 FRS 127: Consolidated and Separate Financial Statements: Cost of an Investment in a Subsidiary, 1 January 2010 Jointly Controlled Entity or Associate FRS 139: Financial Instruments: Recognition and Measurement 1 January 2010 Amendments to FRS 1: First-time Adoption of Financial Reporting Standards 1 January 2010 Amendments to FRS 2: Share-based Payment - Vesting Conditions and Cancellations 1 January 2010 Amendments to FRS 132: Financial Instruments: Presentation 1 January 2010 Amendments to FRS 139: Financial Instruments: Recognition and Measurement 1 January 2010 IC Interpretation 9: Reassessment of Embedded Derivatives 1 January 2010 IC Interpretation 10: Interim Financial Reporting and Impairment 1 January 2010 IC Interpretation 11: FRS 2 - Group and Treasury Share Transactions 1 January 2010 FRS 1: First-time Adoption of Financial Reporting Standards (Revised 2010) 1 July 2010 FRS 3: Business Combinations (Revised 2010) 1 July 2010 FRS 127: Consolidated and Separate Financial Statements (Revised 2010) 1 July 2010 Amendments to FRS 2: Share-based Payment 1 July 2010 Amendments to FRS 138: Intangible Assets 1 July 2010 The Group and the Company plan to adopt the above pronouncements when they become effective in the respective fi nancial period. Unless otherwise described below, these pronouncements are expected to have no signifi cant impact to the fi nancial statements of the Group and the Company upon their initial application:
TANJUNG OFFSHORE BERHAD (662315-U) ANNUAL REPORT 2009 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2009 3. SIGNIFICANT ACCOUNTING POLICIES (continued) a) New/Revised FRSs and Interpretations Not Yet Effective (continued) FRS 101: Presentation of Financial Statements The revised FRS 101 separates owner and non-owner changes in equity. Therefore, the consolidated statement of changes in equity will now include only details of transactions with owners. All non-owner changes in equity are presented as a single line labelled as total comprehensive income. The Standard also introduces the statement of comprehensive income: presenting all items of income and expense recognised in the income statement, together with all other items of recognised income and expense, either in one single statement, or in two linked statements. In addition, a statement of fi nancial position is required at the beginning of the earliest comparative period following a change in the accounting policy, the correction of an error or the reclassifi cation of items in the fi nancial statements. This revised FRS does not have any impact on the fi nancial position and results of the Group and the Company. FRS 123: Borrowing Costs This Standard supersedes the old FRS 123 that removes the option of expensing borrowing costs and requires capitalisation of such costs that are directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. Other borrowing costs are recognised as an expense. The Group’s current accounting policy is to expense the borrowing costs in the period which they are incurred. In accordance with the transitional provisions of the Standard, the Group will apply the change in accounting policy prospectively for which the commencement date for capitalisation of borrowing cost on qualifying assets is on or after the fi nancial period 01 January 2010. b) Functional and Presentation Currency The individual fi nancial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated fi nancial statements are presented in Ringgit Malaysia (RM), which is also the Company’s functional currency. c) Basis of Consolidation The consolidated fi nancial statements include the audited fi nancial statements of the Company and all of its subsidiary companies made up to the end of the fi nancial year. The results of the subsidiary companies acquired are included in the consolidated fi nancial statements from the date of acquisition. All signifi cant inter-company transactions and balances are eliminated on consolidation. Subsidiary companies are consolidated using the acquisition method of accounting from the date control is transferred to the Group and are no longer consolidated from the date control ceases. Minority interests are measured at their shares of the net assets of the subsidiary companies. Goodwill on acquisition, being the difference between the cost of acquisition and the underlying net asset value of the subsidiary companies at the date of acquisition. Goodwill is stated at cost less impairment losses. The policy for the recognition and measurement of impairment losses are in accordance with Note 3(i) to the fi nancial statements. Negative goodwill represents the excess of the Group’s interest in the fair value of the identifi able assets and liabilities of a subsidiary at the date of acquisition over the cost of acquisition. Negative goodwill is recognised immediately in the income statement. d) Subsidiary Companies Subsidiary companies are those companies in which the Group has long term equity interest of more than 50% or has power to exercise control over the fi nancial and operating policies as to obtain benefi t from its activities. 74
Page 1 and 2:
No. 8-3, Jalan Puncak Setiawangsa 4
Page 3 and 4:
TANJUNG OFFSHORE BERHAD (662315-U)
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24: TANJUNG OFFSHORE BERHAD (662315-U)
Page 57 and 58: Financial Statements 57 Directors
Page 73: TANJUNG OFFSHORE BERHAD (662315-U)
Page 119 and 120: This page has been left blank inten
Page 121: FOLD THIS FLAP FOR SEALING FOLD HER
show all

TANJUNG OFFSHORE BERHAD

Create successful ePaper yourself

Delete template?

Save as template?