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)
(d) The Group has adopted the amendments made to FRS 117 – Leases pursuant to the
Annual Improvements to FRSs (2009). The Group has reassessed and determined
that the leasehold land of the Group is in substance a finance lease and has been
reclassified as property, plant and equipment. This change in accounting policy has
been made retrospectively in accordance with the transitional provisions of the
amendments. Impact of the above amendments to the closing balances in the
consolidated statement of financial position at 31 March 2010 is summarised as
follows :
Effect of
adopting
As previously Amendments
stated to FRS 117 As restated
RM RM RM
31 March 2010
Property, plant and equipment 90,278,025 1,854,998 92,133,023
Prepaid lease payments 1,854,998 (1,854,998) -
1 April 2009
Property, plant and equipment 80,482,160 1,873,780 82,355,940
Prepaid lease payments 1,873,780 (1,873,780) -
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