Eng - IOI Group

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Notes To The Financial Statements cont’d3. ADOPTION OF NEW AND REVISED FINANCIAL REPORTING STANDARDS (“FRSs”) AND AMENDMENTS TO FRSscont’d3.3 Impact of FRSs and Amendments to FRSs adopted cont’d3.3.3 FRS 5: Non-Current Assets Held for Sale and Discontinued Operations cont’dThis change in accounting policy has been applied prospectively in accordance with the transitional provisions and there isno restatement of comparative amounts.The financial impacts for the adoption of FRS 5 for the current financial year are as follows:Group2007RM’000Balance sheetDecrease in property, plant and equipment (1,959)Decrease in land held for property development (11,231)Increase in non-current assets held for sale 13,1903.3.4 FRS 101: Presentation of Financial Statementsi. Disclosure and presentation of minority interestsPrior to 1 July 2006, minority interests were presented in the consolidated balance sheets separately from liabilitiesand equity. Upon the adoption of the revised FRS 101, minority interests are now presented within total equity. In theconsolidated income statements, minority interests are presented as an allocation of the profit or loss for the period. Asimilar requirement is also applicable to the statements of changes in equity. FRS 101 also requires disclosure, on theface of the statements of changes in equity, total recognised income and expenses for the period, showing separatelythe amounts attributable to equity holders of the Company and minority interests.ii.Presentation of share of tax of associatesPrior to 1 July 2006, the Group’s share of taxation of associates accounted for using the equity method was includedas part of the Group’s taxation in the consolidated income statements. Upon the adoption of FRS 101, the share oftaxation of associates accounted for using the equity method is now included in the respective share of profit or lossreported in the consolidated income statements before arriving at the Group’s profit or loss before taxation.iii.Disclosure of judgements and estimatesFRS 101 requires disclosures of judgements made by management in the process of applying accounting policies andthe key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date.These disclosures are made in Note 4.137ANNUAL REPORT 2007IOI Corporation Berhad
Notes To The Financial Statements cont’d3. ADOPTION OF NEW AND REVISED FINANCIAL REPORTING STANDARDS (“FRSs”) AND AMENDMENTS TO FRSscont’d3.3 Impact of FRSs and Amendments to FRSs adopted cont’d3.3.4 FRS 101: Presentation of Financial Statements cont’dThese changes in presentation have been applied retrospectively. The presentation of the Group’s financial statements of thecurrent period is based on the revised requirements of FRS 101, with the comparatives restated to conform to the currentperiod’s presentation. These changes in presentation have no financial impact on the financial statements of the Company.The requirement of FRS 101 for a separate line item with disclosure on “Biological Assets” has not been dealt with ascurrently there is no operative accounting standard in Malaysia that provides the definition of “Biological Assets”.3.3.5 FRS 117: LeasesPrior to 1 July 2006, leasehold land and leasehold plantations land were classified as property, plant and equipment andwere stated at cost less accumulated amortisation and impairment loss, if any. In addition, prepaid lease rental was classifiedas other receivables and was carried at anticipated realisable value.Under FRS 117, leasehold land, leasehold plantations land and prepaid lease rental are classified as operating lease andthe up-front payments made represent prepaid lease payments.In accordance with the transitional provisions of FRS 117, the following unamortised amount of leasehold land, leaseholdplantations land and prepaid lease rental as at 1 July 2006 are retained as the surrogate carrying amount of prepaid leasepayments and presented as a separate line item under non-current assets and are amortised on a straight-line basis over theremaining lease terms:Group CompanyRM’000 RM’000Long term leasehold plantations land 721,117 8,136Long term leasehold land 6,545 -Short term leasehold land 35,494 -Prepaid lease rental 27,353 -790,509 8,136The reclassifications have been accounted for retrospectively. Accordingly, certain comparatives have been restated asdisclosed in Note 3.5. There is no financial impact on the income statement of the Group and of the Company.IOI Corporation BerhadANNUAL REPORT 2007 138
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Our Vision... is to be a leading co
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Chairman’s StatementDear Valued S
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Responsibility“ Today, more than
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Group Performance Highlights2007 20
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Efficiency“The future belongs to
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PALM OIL BUSINESS STREAMManagement
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KepongKLCCKL SentralPetaling JayaKu
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Corporate InformationBOARD OF DIREC
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Profile of Directors cont’dDATO
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Excellence in ExecutionOur commitme
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Audit Committee Report cont’dTERM
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Corporate GovernanceINTRODUCTIONThe
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RECURRENT RELATED PARTY TRANSACTION
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Group PropertiesA. PLANTATION ESTAT
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Group Properties cont’dA. PLANTAT
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Group Properties cont’dB. DEVELOP
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Group Properties cont’dC. INVESTM
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Notice of Annual General MeetingNOT
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fold herestampThe Company Secretary
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Eng - IOI Group

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