Annual Report 2012 - IOI Group

3. ADOPTION OF NEW FRSs AND AMENDMENT TO FRSs (Continued)3.2 New FRSs that have been issued, but not yet effective and not yet adopted (Continued)TitleEffective DateAmendments to FRS 10, FRS 11 and FRS 12 Consolidated Financial Statements, Joint Arrangements and 1 January 2013Disclosure of Interests in Other Entities: Transition GuidanceFRS 3 Business Combinations (IFRS 3 Business Combinations issued by the IASB in March 2004) 1 January 2013FRS 127 Consolidated and Separate Financial Statements (IAS 27 Consolidated and Separate Financial1 January 2013Statements revised by the IASB in December 2003)IC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine 1 January 2013Amendments to FRS 132 Offsetting Financial Assets and Financial Liabilities 1 January 2014FRS 9 Financial Instruments (IFRS 9 Financial Instruments issued by the International Accounting1 January 2015Standards Board (‘IASB’) in November 2009)FRS 9 Financial Instruments (IFRS 9 Financial Instruments issued by the IASB in November 2010) 1 January 2015The Group is in the process of assessing the impact of the adoption of these FRSs, Amendments to FRSs and IC Interpretationssince the effects would only be observable in the future financial years.3.3 New Malaysian Financial Reporting Standards (“MFRSs”) that have been issued, but not yet effective and not yetadopted, for annual periods beginning on or after 1 January 2014On 19 November 2011, the Malaysian Accounting Standards Board (“MASB”) announced the issuance of the new MFRSframework that is applicable to entities other than private entities. However, based on the MASB announcement on 30 June2012 that defer the effective date of MFRS framework for transitioning entities (i.e. entities affected by MFRS 141 Agricultureand/or IC Interpretation 15 Agreements for Construction of Real Estate) from 1 January 2013 to 1 January 2014, the Group haselected for the continued use of FRS for the financial years ending 30 June 2013 and 30 June 2014 as a transitioning entity.The Group would subsequently adopt the MFRS framework for the financial year ending 30 June 2015.The subsequent adoption of the MFRS framework would result in the Group preparing an opening MFRS statement of financialposition as at 1 July 2013, which adjusts for differences between the classification and measurement bases in the existing FRSframework versus that in the new MFRS framework. This would also result in a restatement of the annual and quarterlyfinancial performance for the financial year ending 30 June 2015 in accordance with MFRS, which would form the MFRScomparatives for the annual and quarterly financial performance for the financial year ending 30 June 2015 respectively.The MFRSs and IC Interpretations expected to be adopted are as follows:MFRS 1 First-time Adoption of Malaysian Financial Reporting StandardsMFRS 2 Share-based PaymentMFRS 3 Business CombinationsMFRS 4 Insurance ContractsMFRS 5 Non-current Assets Held for Sale and Discontinued OperationsMFRS 6 Exploration for and Evaluation of Mineral ResourcesMFRS 7 Financial Instruments: DisclosuresMFRS 8 Operating SegmentsMFRS 9 Financial InstrumentsAnnual Report 2012IOI CORPORATION BERHAD 125