2012 Annual Report - Media Prima Berhad

A
B
BASIS OF PREPARATION (CONTINUED)
(c)
(d)
Standards, amendments to published standards and interpretations to existing standards that are applicable to
the group but not yet effective (continued)
(iii) Financial year beginning on/after 1 January 2015
No Malaysian Financial Reporting Standards
Effective dates
1 MFRS 9 “Financial instruments – classification and measurement of financial
assets and financial liabilities” 1 January 2015
The impact of the new accounting standards, amendments and improvements to published standards and
interpretations on the financial statements of the Group and Company is not expected to be material.
Standards, amendments to published standards and interpretations to existing standards that are not yet
effective and not relevant to the Group
No Malaysian Financial Reporting Standards/IC Interpretations
Effective dates
1 Amendments to MFRS 119 “Employee benefits” 1 January 2013
2 MFRS 11 “Joint arrangements” 1 January 2013
3 IC Interpretation 20 “Stripping costs in the production phase of a surface mine” 1 January 2013
BASIS OF CONSOLIDATION
(a) Subsidiaries
RADIO OUTDOOR
NETWORKS
Subsidiaries are all those entities (including special purpose entities) over which the Group has 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.
Subsidiaries are consolidated from the date on which control is transferred to the Group and are de-consolidated
from the date that control ceases.
The Group applies the acquisition method to account for business combinations. The consideration transferred
for acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former
owners of the acquire 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. Acquisition-related
costs are expensed as incurred. 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 excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the
acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s share
of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets
of the subsidiary acquired in the case of a bargain purchase, the gain is recognised in profit or loss. Refer to
accounting policy Note C on goodwill.
Non-controlling interest is the equity in a subsidiary not attributable, directly or indirectly, to a parent. On an
acquisition-by-acquisition basis, the Group measures any non-controlling interest in the acquiree at the noncontrolling
interest’s proportionate share of the acquiree’s identifiable net assets. At the end of reporting period,
non-controlling interest consists of amount calculated on the date of combinations and its share of changes in
the subsidiary’s equity since the date of combination.
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annual
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2012
From Our Perspective Who We Are Our Strategy & Achievements Our Performance Our Responsibility Our Leadership Corporate Governance The Financials Additional Information