ENRICHING LIVES EXPANDING HORIZONS - Maxis

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130 Financial Statements NOTES TO THE FINANCIAL STATEMENTS 31 December 2011 Continued 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (j) Inventories Inventories, which comprise telecommunications components, incidentals and devices, are stated at the lower of cost and net realisable value. Cost includes the actual cost of materials and incidentals in bringing the inventories to their present location and condition, and is determined on a weighted average basis. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. (k) Receivables Receivables are carried at invoice amount and/or income earned less an allowance for impairment. The allowance is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. When the debt becomes uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are recognised in the income statement. (l) Cash and cash equivalents Cash and cash equivalents comprise cash on hand, deposits held at call with licensed banks, other short-term, highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are included within borrowings in current liabilities on the statements of financial position. For the purposes of the statements of cash flows, cash and cash equivalents are presented net of pledged deposits. (m) Share capital (i) Classification Ordinary shares and redeemable preference shares with discretionary dividends are classified as equity. Other shares are classified as equity and/or liability according to the economic substance of the particular instrument. Distributions to holder of a financial instrument classified as an equity instrument are charged directly to equity. (ii) Share issue costs External costs directly attributable to the issue of new shares are deducted, net of tax, against proceeds and shown in equity. (iii) Dividends to shareholders of the Company (n) Payables Dividend distribution to the Company’s shareholders is recognised as a liability in the period they are declared. Payables, including accruals, represent liabilities for goods received and services rendered to the Group prior to the end of the financial year and which remain unpaid. Payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
MAXIS BERHAD ANNUAL REPORT 2011 131 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (o) Borrowings Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the cost of the assets. Other borrowing costs are recognised as an expense in the income statement when incurred. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Interest, dividends, losses and gains relating to a financial instrument, or a component part, classified as a liability is reported within finance cost in the income statement. Borrowings are classified as current liabilities if payment is due within one year or less. If not, they are presented as noncurrent liabilities. (i) Borrowings in a designated hedging relationship Borrowings subject to cash flow hedges are recognised initially at fair value based on the applicable spot price plus any transaction costs that are directly attributable to the issue of borrowing. These borrowings are subsequently carried at amortised costs, translated at applicable spot exchange rate at reporting date. Any difference between the final amount paid to discharge the borrowing and the initial proceeds is recognised in the income statement over the borrowing period using the effective interest method. Currency gains or losses on the borrowings are recognised in the income statement, along with the associated gains or losses on the hedging instrument, which have been transferred from the cash flow hedging reserve to the income statement. (ii) Borrowings not in a designated hedging relationship Borrowings not in a designated hedging relationship are initially recognised at fair value plus transaction costs that are directly attributable to the issue of borrowing. These borrowings are subsequently carried at amortised costs. Any difference between the final amount paid to discharge the borrowing and the initial proceeds is recognised in the income statement over the borrowing period using the effective interest method. (p) Provisions for liabilities and charges Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, when it is probable that an outflow of resources will be required to settle the obligation and when a reliable estimate of the amount can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. (i) Site rectification and decommissioning works Provision for site rectification works is based on management’s best estimate and the past trend of costs for rectification works to be carried out to fulfil new regulatory guidelines and requirements imposed after network cell sites were built.
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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 77
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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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