LEEKEE INDUSTRIES (M) SDN - teo seng capital berhad

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)4.3 During the current financial period, the Group has adopted the following new accountingstandards and interpretations (including the consequential amendments) :FRSs and IC Interpretations (including the Consequential Amendments)FRS 124 (Revised): Related party DisclosuresAmendments to FRS 1 : Severe Hyperinflation and Removal of Fixed Dates for(Revised)First-time AdoptersAmendments to FRS 7 : Disclosures – Transfers of Financial AssetsAmendments to FRS 101 : Presentation of Items of Other Comprehensive Income(Revised)Amendments to FRS 112 : Recovery of Underlying AssetsIC Interpretation 19Amendments toIC Interpretation 14: Extinguishing Financial Liabilities with Equity Instruments: Prepayments of a Minimum Funding RequirementThe adoption of the above accounting standards and interpretations (including theconsequential amendments) did not have any material impact on the Group’s financialstatements, other than the following :(a) FRS 124 (Revised) simplifies the definition of a related party and introduces a partialexemption from the disclosure requirements for government-related entities. Theapplication of this revised standard has resulted in the identification of related partiesthat were not identified as related parties under the previous standard. There will beno financial impact on the financial statements of the Group upon its initial applicationbut may impact its future disclosures.(b) The amendments to FRS 7 (Transfers of Financial Assets) intend to provide greatertransparency around risk exposures of transactions when a financial asset istransferred but the transferor retains some level of continuing exposure in the asset.The amendments also require disclosures where transfers of financial assets are notevenly distributed throughout the period. There will be no financial impact on thefinancial statements of the Group upon its initial application but may impact its futuredisclosures.Page 42