ENRICHING LIVES EXPANDING HORIZONS - Maxis

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120 Financial Statements NOTES TO THE FINANCIAL STATEMENTS 31 December 2011 Continued 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Save for Notes 3(a) and 3(d)(ii) below, the following accounting policies have been applied consistently in dealing with items that are considered material in relation to the financial statements. Certain comparative information has been reclassified to conform with the current financial year’s presentation as disclosed in Note 37 to the financial statements. (a) Basis of consolidation The Group has adopted the following accounting policies arising from the adoption of the revised FRS 3 “Business Combinations” and revised FRS 127 “Consolidated and Separate Financial Statements” as disclosed in Note 2(i) to the financial statements for all business combinations occurring on or after 1 January 2011. The changes in the accounting policies are applied prospectively and there was no impact to the current financial year ended 31 December 2011 except for the recognition of RM3,967,000 on profit attributable to the non-controlling interest where all earnings and losses of the subsidiary were attributed to the parent and the non-controlling interest. (i) Subsidiaries Subsidiaries are all entities (including special purpose entities) over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one-half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. The Group also assesses existence of control where it does not have more than 50% of the voting power but is able to govern the financial and operating policies by virtue of de-facto control. De-facto control may arise in circumstances where the size of the Group’s voting rights relative to the size and dispersion of holdings of other shareholders give the Group the power to govern the financial and operating policies. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the recognised amounts of acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred.
MAXIS BERHAD ANNUAL REPORT 2011 121 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (a) Basis of consolidation (continued) (i) Subsidiaries (continued) If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through the income statement. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with FRS 139 either in income statement or as a change to other comprehensive income. Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for within equity. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of noncontrolling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the income statement. See accounting policy Note 3(d)(ii) on goodwill. Inter-company transactions, balances, income and expenses on transactions between Group companies are eliminated. Profits and losses resulting from inter-company transactions that are recognised in assets are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. All earnings and losses of the subsidiary are attributed to the parent and the non-controlling interests, even if the attribution of losses to the non-controlling interests results in a debit balance in the shareholders’ equity. Profit or loss attribution to non-controlling interests for prior years is not restated. Previously, contingent consideration in a business combination was recognised when it was probable that payment would be made. Acquisition-related costs were included as part of the cost of business combination. Any non-controlling interest in the acquiree was measured at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. Any adjustment to the fair values of the subsidiary’s identifiable assets, liabilities and contingent liabilities relating to previously held interests of the Group was accounted for as a revaluation. Previously, where losses applicable to the non-controlling interests exceeded the non-controlling interests in the equity of a subsidiary, the excess, and any further losses applicable to the non-controlling interests, were charged against the Group’s interest. If the subsidiary subsequently reported profits, the Group’s interest was allocated all such profit until the non-controlling interest share of losses previously absorbed by the Group had been recovered.
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ENRICHING LIVES EXPANDING HORIZONS
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CONTENTS Introduction 2 Our Company
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MAXIS BERHAD ANNUAL REPORT 2011 3 I
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MAXIS BERHAD ANNUAL REPORT 2011 5 C
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MAXIS BERHAD ANNUAL REPORT 2011 7 I
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MAXIS BERHAD ANNUAL REPORT 2011 9 2
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MAXIS BERHAD ANNUAL REPORT 2011 11
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198 Financial Statements STATEMENT
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200 Financial Statements INDEPENDEN
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202 SMALL SHOP, BIG DREAMS In busin
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204 Corporate Governance AUDIT COMM
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212 Corporate Governance STATEMENT
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228 OUT OF TOWN NEVER OUT OF TOUCH
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230 Corporate Governance INTERNAL C
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236 Corporate Governance RISK MANAG
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238 Corporate Governance RISK MANAG
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240 Corporate Governance ETHICAL BU
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242 Analysis of Shareholdings DISTR
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244 Analysis of Shareholdings 30 LA
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246 Analysis of Shareholdings INFOR
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248 Other Information LIST OF PROPE
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250 Other Information DISCLOSURE OF
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280 Other Information MATERIAL CONT
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286 Other Information GLOSSARY 2G S
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288 Other Information GLOSSARY Cont
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290 MAXIS EXCLUSIVE PARTNERS CENTRA
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292 Other Information MAXIS EXCLUSI
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302 Annual General Meeting NOTICE O
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NOTES
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fold here STAMP Maxis Berhad (86757
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fold here STAMP Maxis Berhad (86757
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ENRICHING LIVES EXPANDING HORIZONS - Maxis

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