annual report - Tenaga Nasional Berhad

Notes To The Financial Statements2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d.)(a)Basis of preparation (Cont’d.)(i)Standards, amendments to published standards and interpretations that are effective and applicable. (Cont’d.)IC Interpretation 8 – Scope of FRS 2Amendments to FRS 121 – The Effects of Changes in Foreign Rates – Net Investment in a ForeignOperationsAmendment to FRS 1192004 Employee Benefits – Actuarial Gains and Losses, Group Plans and DisclosuresAll changes in accounting policies have been made in accordance with the transitional provisions in therespective standards and amendments to published standards. All standards (which are applicable) adopted bythe Group and the Company require retrospective application.The above standards, amendments to published standards and interpretations do not have material impacton the financial statements and policies of the Group and the Company except for additional disclosurerequirements under FRS 124 as detailed in Note 40.(ii)(iii)Standards, amendments to published standards and interpretations to existing standards that are not yeteffective and have not been early adopted.FRS 139 – Financial Instruments: Recognition and Measurement (effective date yet to be determined byMalaysian Accounting Standards Board). This new standard establishes principles for recognisingand measuring financial assets, financial liabilities and certain contracts to buy and sell nonfinancialitems. Hedge accounting is permitted only under strict circumstances. The Group hasapplied the transitional provision in FRS 139 which exempts entities from disclosing the possibleimpact arising from the initial application of this standard on the financial statements of theCompany. The Group and the Company will apply this standard when it becomes effective.Standards, amendments to published standards and interpretations that are effective but not relevant.FRS 6– Exploration for and Evaluation of Mineral ResourcesFRS 120FRS 134– Accounting for Government Grants and Disclosure of Government Assistance– Interim Financial Reporting[ Tenaga Nasional Berhad ] [ Annual Report 2008 ]188IC Interpretation 1 – Changes in Existing Decommissioning, Restoration and Similar LiabilitiesIC Interpretation 2 – Members’ Shares in Co-operative Entities and Similar InstrumentsIC Interpretation 5 – Rights to Interests arising from Decommissioning, Restoration and EnvironmentRehabilitation FundsIC Interpretation 6 – Liabilities arising from Participating in a Specific Market – Waste Electrical and ElectronicEquipmentIC Interpretation 7 – Applying the Restatement Approach under FRS 1292004 Financial Reporting inHyperinflationary Economies