Pg 108 - Berjaya Corporation Berhad

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Notes To The Financial Statements30 April 20082 SIGNIFICANT ACCOUNTING POLICIES (CONT’D)2.3 Changes in Accounting Policies and Effects Arising From Application of New and Revised FRSsOn 1 May 2007, the Group and the Company adopted the following revised FRSs:FRS 117: LeasesFRS 124: Related Party DisclosuresAmendment to FRS 119 2004: Employee Benefits - Actuarial Gains and Losses, Group Plans DisclosuresThe Malaysian Accounting Standards Board has also issued FRS 6 : Exploration for and Evaluation of Mineral Resourceswhich will be effective for annual periods beginning on or after 1 January 2007. This FRS is, however, not applicable to theGroup or the Company.The adoption of the revised FRS 124 and Amendment to FRS 119 2004give rise to additional disclosures but did not result insignificant changes in accounting policies of the Group and of the Company. The principal changes in accounting policiesand their effects resulting from the adoption of the revised FRS 117 are discussed below:(a) Leasehold land held for own usePrior to 1 May 2007, leasehold land held for own use was classified as property, plant and equipment and was statedat cost less accumulated depreciation and impairment losses. The adoption of the revised FRS 117 has resulted in achange in the accounting policy relating to the classification of leases of land and buildings. Leases of land and buildingsare classified as operating or finance leases in the same way as leases of other assets and the land and buildingselements of a lease of land and buildings are considered separately for the purposes of lease classification. Leaseholdland held for own use is now classified as operating lease and where necessary, the minimum lease payments or theup-front payments made are allocated between the land and the buildings elements in proportion to the relative fairvalues for leasehold interests in the land element and buildings element of the lease at the inception of the lease. Theup-front payment represents prepaid lease payments and are amortised on a straight-line basis over the lease term.There were no material effects on the consolidated balance sheet as at 30 April 2008. The adoption of FRS 117 hasresulted in the amortisation of prepaid land lease premium of RM19,000 in the consolidated income statement for thefinancial year ended 30 April 2008.There were no effects on the Company’s financial statements.(b) Initial direct costsPrior to 1 May 2007, the Group, as a lessor in operating lease arrangements, recognised initial direct costs incurredin negotiating and arranging leases as an expense in the income statement in the period in which they were incurred.The revised FRS 117 requires such costs to be added to the carrying amount of the leased asset and recognised asan expense over the lease term on the same basis as the lease income. According to revised FRS 117, this changein accounting policy should be applied retrospectively. In general, the Group does not incur significant initial directcosts on negotiating and arranging leases and as a result, this change in accounting policy did not materially affectthe financial statements of the Group and the Company.2.4 Standards and Interpretations Issued but Not Yet EffectiveAt the date of authorisation of these financial statements, the following FRSs, amendments to FRSs and Interpretationswere issued but not yet effective and have not been applied by the Group and the Company:FRSs, Amendments to FRSs and InterpretationsEffective forfinancial periodsbeginning onor afterFRS 107 : Cash Flow Statements 1 July 2007FRS 111 : Construction Contracts 1 July 2007FRS 112 : Income Taxes 1 July 2007FRS 118 : Revenue 1 July 200756 Berjaya Sports Toto Berhad (9109-K) Annual Report 2008
Notes To The Financial Statements30 April 20082 SIGNIFICANT ACCOUNTING POLICIES (CONT’D)2.4 Standards and Interpretations Issued but Not Yet Effective (Cont’d)FRSs, Amendments to FRSs and InterpretationsEffective forfinancial periodsbeginning onor afterFRS 120 : Accounting for Government Grants and Disclosure of Government Assistance 1 July 2007FRS 134 : Interim Financial Reporting 1 July 2007FRS 137 : Provisions, Contingent Liabilities and Contingent Assets 1 July 2007FRS 139 : Financial Instruments : Recognition and MeasurementDeferredAmendment to FRS 121 : The Effects of Changes in Foreign Exchange Rates - Net Investment in a 1 July 2007Foreign OperationIC 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 1 July 2007Rehabilitation FundsIC Interpretation 6 : Liabilities arising from Participating in a Specific Market - Waste Electrical and 1 July 2007Electronic EquipmentIC Interpretation 7 : Applying the Restatement Approach under FRS 129 2004: - Financial Reporting in 1 July 2007Hyperinflationary EconomiesIC Interpretation 8 : Scope of FRS 2 1 July 2007The FRSs, Amendments to FRSs and Interpretations are expected to have no significant impact on the financial statementsof the Group and the Company upon initial application except for the following:Amendment to FRS 121 : The Effects of Changes in Foreign Exchange Rates - Net Investment in a Foreign OperationThis amendment requires that where an entity has a monetary item that forms part of its net investment in a foreign operation,the exchange differences arising from such monetary items should always be recognised in equity in the consolidatedfinancial statements and should not be dependent on the currency of the monetary item. Prior to this amendment, exchangedifferences arising on a monetary item that forms part of the Group’s net investment in a foreign operation are recognised inequity in the consolidated financial statements only when that monetary item is denominated either in the functional currencyof the reporting entity or the foreign operation. The Group will apply this amendment from financial periods beginning 1 May2008.The new and revised FRSs, amendments to FRSs and Interpretations are expected to have no significant impact on thefinancial statements of the Group and the Company upon their initial application.The Group and the Company have not early adopted FRS 139 and are exempted from disclosing the possible impact, ifany, to the financial statements upon the initial application of this Standard.Berjaya Sports Toto Berhad (9109-K) Annual Report 2008 57
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LAPORAN TAHUNAN2008 ANNUAL REPORT
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Corporate InformationBOARD OF DIREC
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Profile of DirectorsHe was appointe
Page 8 and 9: Profile of DirectorsHe was appointe
Page 10 and 11: Toto Draw in Progress.Chairman’s
Page 12 and 13: A voter inserting a complete paper
Page 14 and 15: Ms. Nerine Tan and YB Dato’ Dr. N
Page 16 and 17: 14 Berjaya Sports Toto Berhad (9109
Page 18 and 19: Significant Events of the Year12573
Page 20 and 21: Group Financial SummaryDescription
Page 22 and 23: Group Financial HighlightsRevenue (
Page 24: Audit Committee ReportThe Board of
Page 27 and 28: Statement on Corporate GovernanceTh
Page 29 and 30: Statement on Internal ControlThe Bo
Page 31 and 32: Directors’ Reportfor the year end
Page 37 and 38: Statement by DirectorsPursuant To S
Page 39 and 40: Independent Auditors’ ReportTo Th
Page 41 and 42: Balance Sheetsas at 30 April 2008 (
Page 43 and 44: Statement of Changes in Equityfor t
Page 45 and 46: Statement of Changes in Equityfor t
Page 47 and 48: Cash Flow Statementfor the financia
Page 49 and 50: Notes To The Financial Statements30
Page 57: Notes To The Financial Statements30
Page 93 and 94: List of Propertiesas at 30 April 20
Page 95 and 96: Recurrent Related Party Transaction
Page 97 and 98: Statement of Directors’ Sharehold
Page 99 and 100: Statistics on Shareholdingsas at 22
Page 101 and 102: Notice of Annual General MeetingNOT
Page 103 and 104: Notice of Annual General MeetingAND
Page 105 and 106: Form of Proxyberjaya sports toto be
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Pg 108 - Berjaya Corporation Berhad

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