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090 SapuraCrest Petroleum Berhad Annual Report 2010 noteS to the FinAnCiAl StAtementS 31 January 2010 2. SigniFiCAnt ACCounting PoliCieS (Cont’D) 2.3 Standards and interpretation issued but not yet effective (cont’d) Amendments to FRS 139 Financial Instruments: Recognition and Measurement, Disclosures and Reassessment FRS 7 and IC Interpretation 9 of Embedded Derivatives Amendments to FRSs Improvements to FRSs (2009) IC Interpretation 9 Reassessment of Embedded Derivatives IC Interpretation 10 Interim Financial Reporting and Impairment IC Interpretation 11 FRS 2 – Group and Treasury Share Transactions IC Interpretation 13 Customer Loyalty Programmes IC Interpretation 14 FRS 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction TR 1 – 3 Presentation of Financial Statements of Islamic Financial Institutions effective for financial periods beginning on or after 1 July 2010: FRS 1 First-time Adoption of Financial Reporting Standards FRS 3 Business Combinations (revised) FRS 127 Consolidated and Separate Financial Statements (amended) Amendments to FRS 2 Share-based Payment Amendments to FRS 5 Non-current Assets Held for Sale and Discontinued Operations Amendments to FRS 138 Amendments to IC Intangible Assets Interpretation 9 Reassessment of Embedded Derivatives IC Interpretation 12 Service Concession Arrangements IC Interpretation 15 Agreements for the Construction of Real Estate IC Interpretation 16 Hedges of a Net Investment in a Foreign Operation IC Interpretation 17 Distributions of Non-cash Assets to Owners The Group and the Company plan to adopt the above pronouncements when they become effective in the respective financial period. Unless otherwise described below, these pronouncements are expected to have no significant impact to the financial statements of the Group and the Company upon their initial application. FRS 3: Business Combinations (revised) and FRS 127: Consolidated and Separate Financial Statements (amended) FRS 3 (revised) introduces a number of changes to the accounting for business combinations occurring on or after 1 July 2010. These include changes that affect the valuation of non-controlling interest, the accounting for transaction costs, the initial recognition and subsequent measurement of a contingent consideration and business combinations achieved in stages. These changes will impact the amount of goodwill recognised, the reported results in the period that an acquisition occurs and future reported results. FRS 127 (amended) requires that a change in the ownership interest of a subsidiary (without loss of control) is accounted for as a transaction with owners in their capacity as owners and to be recorded in equity. Therefore, such transaction will no longer give rise to goodwill, nor will it give rise to a gain or loss. Furthermore, the amended Standard changes the accounting for losses incurred by the subsidiary as well as loss of control of a subsidiary. The changes by FRS 3 (revised) and FRS127 (amended) will be applied prospectively and only affect future acquisition or loss of control of subsidiaries and transactions with non-controlling interests.
2. SigniFiCAnt ACCounting PoliCieS (Cont’D) 2.3 Standards and interpretation issued but not yet effective (cont’d) FRS 8: Operating Segment FRS 8 replaces FRS 114 2004 : Segment Reporting and requires a ‘management approach’, under which segment information is presented on a similar basis to that used for internal reporting purposes. As a result, the Group’s external segmental reporting will be based on the internal reporting to the “chief operating decision maker”, who makes decisions on the allocation of resources and assesses the performance of the reportable segments. As this is a disclosure standard, there will be no impact on the financial position or results of the Group. FRS 101: Presentation of Financial Statements (revised) 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. The Group is currently evaluating the format to adopt. In addition, a statement of financial position is required at the beginning of the earliest comparative period following a change in accounting policy, the correction of an error or the reclassification of items in the financial statements. This revised FRS does not have any impact on the financial position and results of the Group and the Company. FRS 123: Borrowing Costs This Standard supersedes FRS 123 2004 : Borrowing Costs that removes the option of expensing borrowing costs and requires capitalisation of such costs that are directly attributable to the acquisition, construction of production of a qualifying asset as part of the cost of that asset. Other borrowing costs are recognised as an expense. The Company’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 financial period 1 January 2010. FRS 139: Financial Instruments: Recognition and Measurement, FRS 7: Financial Instruments: Disclosures and Amendments to FRS 139: Financial Instruments: Recognition and Measurement and FRS 7: Financial Instruments: Disclosures The new Standard on FRS 139: Financial Instruments: Recognition and Measurement establishes principles for recognising and measuring financial assets, financial liabilities and some contracts to buy and sell non-financial items. Requirements for presenting information about financial instruments are in FRS 132: Financial Instruments: Presentation and the requirements for disclosing information about financial instruments are in FRS 7: Financial Instruments: Disclosures. FRS 7: Financial Instruments: Disclosures is a new Standard that requires new disclosures in relation to financial instruments. The Standard is considered to result in increased disclosures, both quantitative and qualitative of the Group’s and Company’s exposure to risks, enhanced disclosure regarding components of the Group’s and Company’s financial position and performance, and possible changes to the way of presenting certain items in the financial statements. In accordance with the respective transitional provisions, the Group and the Company are exempted from disclosing the possible impact to the financial statements upon the initial application. 2.4 Significant accounting estimates and judgements (a) Critical judgement made in applying accounting policies The following is the judgement made by management in the process of applying the Group’s accounting policies that has the most significant effect on the amounts recognised in the financial statements. 091 SapuraCrest Petroleum Berhad Annual Report 2010
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SapuraCrest Petroleum Berhad (45631
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BUILDING ON VALUES The theme “bui
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Notes: 1. Proxy Forms A member of t
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005 SapuraCrest Petroleum Berhad An
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FINANCIAL HIGHLIGHTS 31 January 200
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100% Sapura Retail Solutions Sdn Bh
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We set high standards of profession
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Tan Sri Datuk Amar (Dr.) Hamid Bugo
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Appointments held by Datuk Shahril
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Gee Siew Yoong (Independent Non-Exe
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MANAGEMENT Chief Executive Officer
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35. FinAnCiAl inStRumentS (Cont’D
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36. Segment inFoRmAtion (Cont’D)
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36. Segment inFoRmAtion (Cont’D)
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37. SuBSiDiARieS AnD ACtivitieS Det
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37. SuBSiDiARieS AnD ACtivitieS (Co
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ANALYSIS OF SHAREHOLDINGS As at 21
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SUBSTANTIAl SHAREHOlDERS Based on R
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No. Name No. of Shares Held % 23 CH
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PROXY FORM I/We of being a Member o
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