LEEKEE INDUSTRIES (M) SDN - teo seng capital berhad

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TEO SENG CAPITAL BERHAD(Incorporated In Malaysia)Company No : 732762 - TNOTES TO THE FINANCIAL STATEMENTSFOR THE FINANCIAL PERIOD FROM 1 APRIL 2012 TO 31 DECEMBER 20124. ACCOUNTING POLICIES AND STANDARDS (CONT’D)4.2 Summary of Significant Accounting Policies (Cont’d)(h)Financial instrumentsFinancial instruments are recognised in the statements of financial position when theGroup has become a party to the contractual provisions of the instruments.Financial instruments are classified as liabilities or equity in accordance with thesubstance of the contractual arrangement. Interest, dividends, gains and lossesrelating to a financial instrument classified as a liability, are reported as an expenseor income. Distributions to holders of financial instruments classified as equity arecharged directly to equity.Financial instruments are offset when the Group has a legally enforceable right tooffset and intends to settle either on a net basis or to realise the asset and settle theliability simultaneously.A financial instrument is recognised initially, at its fair value plus, in the case of afinancial instrument not at fair value through profit or loss, transaction costs that aredirectly attributable to the acquisition or issue of the financial instrument.Financial instruments recognised in the statements of financial position are disclosedin the individual policy statement associated with each item.(i)Financial assetsOn initial recognition, financial assets are classified as either financial assets atfair value through profit or loss, held-to-maturity investments, loans andreceivables financial assets, or available-for-sale financial assets, asappropriate.• Financial assets at fair value through profit or lossFinancial assets are classified as financial assets at fair value through profitor loss when the financial asset is either held for trading or is designated toeliminate or significantly reduce a measurement or recognition inconsistencythat would otherwise arise. Derivatives are also classified as held for tradingunless they are designated as hedges.Financial assets at fair value through profit or loss are stated at fair value,with any gains or losses arising on remeasurement recognised in profit orloss. Dividend income from this category of financial assets is recognised inprofit or loss when the Group’s right to receive payment is established.Page 33
TEO SENG CAPITAL BERHAD(Incorporated In Malaysia)Company No : 732762 - TNOTES TO THE FINANCIAL STATEMENTSFOR THE FINANCIAL PERIOD FROM 1 APRIL 2012 TO 31 DECEMBER 20124. ACCOUNTING POLICIES AND STANDARDS (CONT’D)4.2 Summary of Significant Accounting Policies (Cont’d)(h)Financial instruments (cont’d)(i)Financial assets (cont’d)• Held-to-maturity investmentsHeld-to-maturity investments are non-derivative financial assets with fixed ordeterminable payments and fixed maturities that the management has thepositive intention and ability to hold to maturity. Held-to-maturity investmentsare measured at amortised cost using the effective interest method less anyimpairment loss, with revenue recognised on an effective yield basis.• Loans and receivables financial assetsTrade receivables and other receivables that have fixed or determinablepayments that are not quoted in an active market are classified as loans andreceivables financial assets. Loans and receivables financial assets aremeasured at amortised cost using the effective interest method, less anyimpairment loss. Interest income is recognised by applying the effectiveinterest rate, except for short-term receivables when the recognition ofinterest would be immaterial.• Available-for-sale financial assetsAvailable-for-sale financial assets are non-derivative financial assets that aredesignated in this category or are not classified in any of the othercategories.After initial recognition, available-for-sale financial assets are remeasured totheir fair values at the end of each reporting period. Gains and losses arisingfrom changes in fair value are recognised in other comprehensive incomeand accumulated in the fair value reserve, with the exception of impairmentlosses. On derecognition, the cumulative gain or loss previouslyaccumulated in the fair value reserve is reclassified from equity into profit orloss. Interest calculated for a debt instrument using the effective interestmethod is recognised in profit or loss.Dividends on available-for-sale equity instruments are recognised in profit orloss when the Group’s right to receive payments is established.Investments in equity instruments whose fair value cannot be reliablymeasured are measured at cost less accumulated impairment losses, if any.Page 34
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LEEKEE INDUSTRIES (M) SDN - teo seng capital berhad

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