Full Version Guinness Anchor Berhad Annual Report 2007 - Gab

Notes to the Financial Statementsfor the year ended 30 June 2007Guinness Anchor Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Board of Bursa Malaysia Securities Berhad.The address of its registered office and principal place of business is as follows:Sungei Way Brewery,Lot 1135, Batu 9, Jalan Klang Lama,P.O. Box 144,46710 Petaling Jaya,Selangor Darul Ehsan.The consolidated financial statements as at and for the financial year ended 30 June 2007 comprise the Company and its subsidiaries (together referred to as the Group).The Company is principally engaged in the production, packaging and distribution of Guinness Stout, Guinness Draught, Anchor Smooth, Anchor Strong Beer, Tiger Beer,Heineken Beer, Kilkenny Draught, Anglia Shandy and Malta while the principal activities of the other Group entities are as stated in Note 6 to the financial statements.The Directors regard GAPL Pte Ltd, a company incorporated in the Republic of Singapore, as the ultimate holding company. GAPL Pte Ltd is a joint venture company whoseultimate owners are Diageo Plc, a company incorporated in England and Wales, and Asia Pacific Breweries Limited, a company incorporated in the Republic of Singapore.1. Basis of preparation(a)Statement of complianceThe financial statements of the Group and of the Company have been prepared in accordance with applicable approved accounting standards for entities otherthan private entities issued by the Malaysian Accounting Standards Board (MASB), accounting principles generally accepted in Malaysia and the provisions ofthe Companies Act, 1965. These financial statements also comply with the applicable disclosure provisions of the Listing Requirements of the Bursa MalaysiaSecurities Berhad.The MASB has issued the following Financial Reporting Standards (FRSs) and Interpretations that are effective for annual periods beginning after 1 January 2006,and that have not been applied in preparing these financial statements:FRSs / InterpretationsEffective dateFRS 124, Related Party Disclosures 1 October 2006FRS 139, Financial Instruments: Recognition and MeasurementTo be announcedAmendment to FRS 119 2004, Employee Benefits – Actuarial Gains and Losses, Group Plans and Disclosures 1 January 2007FRS 6, Exploration for and Evaluation of Mineral Resources 1 January 2007Amendment to FRS 121, The Effects of Changes in Foreign Exchange Rates – Net Investment in a Foreign Operation 1 July 2007IC Interpretation 1, Changes in Existing Decommissioning, Restoration and Similar Liabilities 1 July 2007IC Interpretation 2, Members’ Shares in Co-operative Entities and Similar Instruments 1 July 2007IC Interpretation 5, Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds 1 July 2007IC Interpretation 6, Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment 1 July 2007IC Interpretation 7, Applying the Restatement Approach under FRS 129 2004Financial Reporting in Hyperinflationary Economies 1 July 2007IC Interpretation 8, Scope of FRS 2, Share-based Payment 1 July 2007FRS 107, Cash Flow Statements 1 July 2007FRS 111, Construction Contracts 1 July 2007Guinness Anchor Berhad (Company No. 5350-X) Annual Report 200798