2012 Annual Report - Media Prima Berhad

Unless otherwise stated, the following accounting policies have been applied consistently in dealing with items that are
considered material in relation to the financial statements.
A
BASIS OF PREPARATION
RADIO OUTDOOR
NETWORKS
The financial statements of the Group and the Company have been prepared in accordance with the provisions of
the Malaysian Financial Reporting Standards (“MFRS”), International Financial Reporting Standards and the
requirement of Companies Act 1965 in Malaysia.
The financial statements of the Group and the Company for the financial year ended 31 December 2012 are the first
set of financial statements prepared in accordance with the MFRS, including MFRS 1 ‘First-time adoption of MFRS’.
Subject to certain transition elections and adjustments disclosed in Note 46, the Group and the Company have
consistently applied the same accounting policies in its opening MFRS statement of financial position at 1 January
2011 (transition date) and throughout all years presented, as if these policies had always been in effect. Comparative
figures for 2011 in these financial statements have been restated to give effect to these changes. A summary of the
impact of the transition to MFRS on the Group and Company’s financial statements are disclosed in Note 46.
Subsequent to the transition of the financial statements to MFRS on 1 January 2012, the comparative information
has not been re-audited under MFRS. The comparative statements of comprehensive income, statements of financial
position, statements of changes in equity, statements of cash flows and its related notes to the financial statements
have been previously audited under the previous financial reporting framework, Financial Reporting Standards in
Malaysia.
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of
available-for-sale financial assets, and financial assets and financial liabilities (including derivative instruments, if any)
at fair value through profit or loss.
The financial statements are presented in Ringgit Malaysia (RM) and all values are rounded to the nearest thousand
(RM’000) except when otherwise indicated.
The preparation of financial statements in conformity with MFRS requires the use of certain critical accounting
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reported financial year. It also requires Directors to exercise their judgement in the process of applying
the Group’s and the Company’s accounting policies. Although these estimates and judgement are based on the
Directors’ best knowledge of current events and actions, actual results may differ.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the Group’s and Company’s financial statements, are disclosed in Note AB.
The financial statements have been approved for issuance in accordance with a resolution of the Board of Directors
on 20 February 2013.
TELEVISION
NETWORKS
CONTENT
CREATION
NEW MEDIA
Summary of Significant
Accounting Policies
for the financial year ended 31 December 2012
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155
annual
report
2012
From Our Perspective Who We Are Our Strategy & Achievements Our Performance Our Responsibility Our Leadership Corporate Governance The Financials Additional Information