cont'd - KNM Steel Sdn Bhd

54KNM GROUP BERHAD I Annual Report 2012Notes to the Financial Statements (cont’d)1. Basis of preparation (Cont’d)(a)Statement of compliance (cont’d)MFRS, Interpretations and amendments effective for annual periods beginning on or after 1January 2013 (cont’d)• Amendments to MFRS 101, Presentation of Financial Statements (Annual Improvements 2009-2011 Cycle)• Amendments to MFRS 116, Property, Plant and Equipment (Annual Improvements 2009-2011Cycle)• Amendments to MFRS 132, Financial Instruments: Presentation (Annual Improvements 2009-2011Cycle)• Amendments to MFRS 134, Interim Financial Reporting (Annual Improvements 2009-2011 Cycle)• Amendments to MFRS 10, Consolidated Financial Statements: Transition Guidance• Amendments to MFRS 11, Joint Arrangements: Transition Guidance• Amendments to MFRS 12, Disclosure of Interests in Other Entities: Transition GuidanceMFRS, Interpretations and amendments effective for annual periods beginning on or after 1January 2014• Amendments to MFRS 10, Consolidated Financial Statements: Investment Entities• Amendments to MFRS 12, Disclosure of Interests in Other Entities: Investment Entities• Amendments to MFRS 127, Separate Financial Statements (2011): Investment Entities• Amendments to MFRS 132, Financial Instruments: Presentation – Offsetting Financial Assets andFinancial LiabilitiesMFRS, Interpretations and amendments effective for annual periods beginning on or after 1January 2015• MFRS 9, Financial Instruments (2009)• MFRS 9, Financial Instruments (2010)• Amendments to MFRS 7, Financial Instruments: Disclosures – Mandatory Effective Date of MFRS9 and Transition DisclosuresThe Group and the Company plan to apply the abovementioned standards, amendments andinterpretations:• from the annual period beginning on 1 January 2013 for those standards, amendments orinterpretations that are effective for annual periods beginning on or after 1 July 2012 and 1 January2013, except for IC Interpretation 20 and Amendments to MFRS 1 which are not applicable to theGroup and the Company.• from the annual period beginning on 1 January 2014 for those standards, amendments orinterpretations that are effective for annual periods beginning on or after 1 January 2014.• from the annual period beginning on 1 January 2015 for those standards, amendments orinterpretations that are effective for annual periods beginning on or after 1 January 2015.Material impacts of initial application of a standard, an amendment or an interpretation are discussedbelow:MFRS 9, Financial InstrumentsMFRS 9 replaces the guidance in MFRS 139, Financial Instruments: Recognition and Measurement onthe classification and measurement of financial assets. Upon adoption of MFRS 9, financial assets willbe measured at either fair value or amortised cost.The adoption of MFRS 9 will result in a change in accounting policy. The Group is currently assessingthe financial impact of adopting MFRS 9.