2012 Annual Report - Media Prima Berhad

45 FAIR VALUE (CONTINUED)
Fair value hierarchy (continued)
Group
2011
Level 1 Level 2 Level 3 Total
RM’000 RM’000 RM’000 RM’000
Financial assets
Investment in quoted shares 86 – – 86
Investment in property and unit trusts 3,144 – – 3,144
Investment in unquoted shares – 1,488 – 1,488
3,230 1,488 – 4,718
46 TRANSITION FROM FRS TO MFRS
(a) The general principle that should be applied on first time adoption of MFRS is that accounting standards in
force at the first annual reporting date, that is 31 December 2012 for the Group, should be applied retrospectively.
However, MFRS 1 contains a number of mandatory exceptions which first time adopters are to apply and a
number of exemption options that first time adopters are permitted to apply. The MFRS 1 mandatory exceptions
had no significant impact to the Group and Company as the bases adopted are consistent with MFRS.
(b) MFRS 1 exemption options
(i)
Exemption for business combinations
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MFRS 1 provides the option to apply MFRS 3 ‘Business combinations’ prospectively for business
combinations that occurred from the transition date or from a designated date prior to the transition date.
This provides relief from full retrospective application that would require restatement of all business
combinations prior to the transition date or a designated date prior to the transition date. The Group
elected to apply MFRS 3 prospectively to business combinations that occurred after 1 January 2011.
Business combinations that occurred prior to 1 January 2011 have not been restated. In addition, the
Group has also applied MFRS 127 ‘Consolidated and separate financial statements’ from the same date.
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2012
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