LEEKEE INDUSTRIES (M) SDN - teo seng capital berhad

TEO SENG CAPITAL BERHAD
(Incorporated In Malaysia)
Company No : 732762 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2011
4. ACCOUNTING POLICIES AND STANDARDS (CONT’D)
4.3 Changes in Accounting Policies and Effects Arising from Adoption of New/Revised
Financial Reporting Standards (“FRSs”) (Cont’d)
(c)
The adoption of FRS 139 (including the consequential amendments) has resulted in
several changes to accounting policies relating to recognition and measurements of
financial instruments.
The financial impact to the financial statements is summarised as follows :
Group
At 01.04.2010
Note
RM
Retained profits
Recognition of derivatives previously not recognised (i) (26,954)
Fair value reserve
Fair value of quoted shares (ii) 286
Note :
(i)
(ii)
Prior to the adoption of FRS 139, all derivative financial instruments were
recognised in the financial statements only upon settlement. These instruments
do not qualify for hedge accounting and hence, upon adoption of this standard,
all derivatives held by the Group at 1 April 2010 are recognised at their fair
values and are classified as financial assets at fair value through profit or loss.
Prior to 1 April 2010, investments in non-current quoted shares were stated at
cost less allowance for diminution in value which is other than temporary. With
the adoption of FRS 139, these quoted investments are designated as
available-for-sale financial assets and are measured at their fair values at the
end of each reporting period. The adjustment to the previous carrying amounts
is recognised to the fair value reserve.
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