2012 Annual Report - Media Prima Berhad

Media Prima Berhad
Summary of Significant
Accounting Policies
for the financial year ended 31 December 2012
A
BASIS OF PREPARATION (CONTINUED)
(a)
Standards, amendments, improvements to published standards and interpretations that are effective
The amendments and improvements to published standards and interpretations that are effective for the Group
and Company’s financial year beginning on or after 1 January 2012 are as follows:
No Malaysian Financial Reporting Standards/IC Interpretations
Effective dates
1 MFRS 139 “Financial instruments: recognition and measurement” 1 January 2012
2 Revised MFRS 124 “Related party disclosures” 1 January 2012
3 Amendment to MFRS 1 “First time adoption on fixed dates and hyperinflation” 1 January 2012
4 Amendment to MFRS 7 “Financial instruments: Disclosures on transfers of
financial assets” 1 January 2012
5 Amendment to MFRS 112 “Income taxes” 1 January 2012
6 IC Interpretation 19 “Extinguishing Financial Liabilities with Equity Instruments” 1 July 2011
7 Amendment to IC 14 “Prepayment of a Minimum Funding Requirement” 1 July 2011
The new accounting standards, amendments and improvements to published standards and interpretations have
no material impact on the financial statements of the Group and Company.
(b) Standards early adopted by the Group
The Group and Company has not early adopted any new accounting standards, amendments and improvements
to published standards and interpretations.
(c)
Standards, amendments to published standards and interpretations to existing standards that are applicable to
the Group but not yet effective
(i) Financial year beginning on/after 1 January 2013
No Malaysian Financial Reporting Standards
Effective dates
1 MFRS 10 “Consolidated financial statements” 1 January 2013
2 MFRS 12 “Disclosures of interests in other entities” 1 January 2013
3 MFRS 13 “Fair value measurement” 1 January 2013
4 Amendment to MFRS 101 “Presentation of items of other comprehensive income” 1 July 2012
5 Amendment to MFRS 7 “Financial Instruments: Disclosures” 1 January 2013
6 The revised MFRS 127 “Separate financial statements” 1 January 2013
7 The revised MFRS 128 “Investments in associates and joint ventures” 1 January 2013
(ii) Financial year beginning on/after 1 January 2014
No Malaysian Financial Reporting Standards
Effective dates
1 Amendments to MFRS 132 “Financial Instruments: Presentation” 1 January 2014
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annual
report
2012