Directors - Boustead Holdings Berhad

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Notes to the Financial Statements 1. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d.) Fair values (cont’d.) The fair values of long term borrowings are estimated using discounted cash flow analysis. Based on the prevailing borrowing rates of similar borrowings obtainable by the Group and the Company, the carrying values of the long term borrowings approximate their fair values. 2. CHANGES IN ACCOUNTING POLICIES On 1 January 2006, the Group and the Company adopted the following FRSs which are mandatory for financial periods beginning on or after 1 January 2006: 90 FRS 2 Share-based payment FRS 3 Business combinations FRS 5 Non-current assets held for sale and discontinued operations FRS 101 Presentation of financial statements FRS 102 Inventories FRS 108 Accounting policies, changes in accounting estimates and errors FRS 110 Events after the balance sheet date FRS 116 Property, plant and equipment FRS 121 The effects of changes in foreign exchange rates FRS 127 Consolidated and separate financial statements FRS 128 Investments in associates FRS 131 Interests in joint ventures FRS 132 Financial instruments: disclosure and presentation FRS 133 Earnings per share FRS 136 Impairment of assets FRS 138 Intangible assets FRS 140 Investment property The adoption of FRS 2, 5, 102, 108, 110, 116, 121, 127, 128, 131, 132, 133 and 138 does not have significant financial impact on the Group. The principal effects of the changes in accounting policies and their effects resulting from the adoption of the other new and revised FRSs are discussed below: (a) FRS 3: Business combinations and FRS136: Impairment of assets Prior to 1 January 2006, goodwill was amortised on a straight line basis over the estimated useful life of up to twenty years. The adoption of these new FRSs have resulted in the Group ceasing annual amortisation of goodwill. Goodwill is carried at cost less accumulated impairment losses and is now tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. Any impairment loss is recognised in profit or loss and subsequent reversal is not allowed. The Group has also ceased to include annual amortisation of goodwill included in the carrying amount of investments in Associates in the determination of the Group’s share of profits or losses of Associates. The net carrying amount of goodwill included in investments in Associates as at 1 January 2006 was RM202.11 million.
2. CHANGES IN ACCOUNTING POLICIES (cont’d.) (a) FRS 3: Business combinations and FRS 136: Impairment of assets (cont’d.) Prior to 1 January 2006, negative goodwill was recognised to the extent of the future losses and expenses that are identified in the acquirer’s plan for the acquisition, and is recognised as income in the income statement when the future losses and expenses are recognised. Under FRS 3, negative goodwill is now recognised immediately in profit or loss. In accordance with the transitional provisions of FRS 3, the negative goodwill as at 1 January 2006 of RM19.36 million was derecognised with a corresponding increase in retained earnings. The transitional provisions of FRS 3 have required the Group to eliminate at 1 January 2006 the carrying amount of the accumulated amortisation of RM53.20 million against the gross amount of goodwill. The carrying amount of goodwill as at 1 January 2006 of RM107.95 million ceased to be amortised. Because these accounting policies have been applied prospectively, the change has had no impact on the amounts reported for 2005 or prior periods. The effects are set out in Note 2(d). (b) FRS 140: Investment property Prior to 1 January 2006, investment properties were stated at valuation. Revaluations were carried out at least once every five years. Surpluses arising from such valuations are credited to shareholders’ equity as revaluation reserve, and any deficit that offset previous surpluses are charged against the revaluation reserve. Upon the adoption of FRS 140, investment properties are now stated at fair value and gains and losses arising from changes in fair value are recognised in the income statement in the year in which they arise. Prior to 1 January 2006, the Group’s hotel properties were classified as investment properties and were stated at valuation. The Group has adopted FRS 140 prospectively in accordance with the transitional provisions. Upon the adoption of FRS 140, the carrying amount as at 1 January 2006 of the hotels and properties which do not meet the definition of investment properties was reclassified as property, plant and equipment and depreciated on a straight-line basis to write off the carrying amount of the assets to their residual values, over the term of their estimated useful lives of up to eighty years. Depreciation charge for the current year taken to the income statement was RM4.77 million. The comparatives as at 31 December 2005 are not restated. Instead the changes have been accounted for by restating the following opening balances in the balance sheet as at 1 January 2006: As at 1 January 2006 RM’000 Increase in retained earnings 65,221 Decrease in revaluation reserve 11,484 Increase in minority interests 25,024 Increase in property, plant and equipment 260,072 Decrease in investment properties 180,282 Increase in deferred tax liabilities 1,029 91
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www.boustead.com.my Boustead Holdin
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annual report
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Standing from left Y. BHG. LT. GEN.
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Y. BHG. TAN SRI DATO’ LODIN WOK K
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Y. BHG. DATUK AZZAT KAMALUDIN Non-I
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Corporate Calendar FINANCIAL YEAR 1
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En Hussin Abdul Jalil Boustead Esta
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Puan Azizah Aris Boustead Emasewa P
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Audit Committee Report Attendance N
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ACTIVITIES DURING THE FINANCIAL YEA
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THE BOARD OF DIRECTORS IS COMMITTED
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The composition of the Board and th
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Remuneration Committee The Board ha
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Internal Control The information on
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RISK MANAGEMENT The Board recognise
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MONITORING AND REVIEW OF THE ADEQUA
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2006 2005 2004 2003 2002 Gearing Bo
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It is often said that change is the
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AL-HADHARAH BOUSTEAD REIT The key h
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OUTLOOK AND PROSPECTS Barring unfor
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Boustead Group 140 Group Interest %
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Boustead Group 142 Group Interest %
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Additional Disclosure (Pursuant to
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Recurrent Related Party Transaction
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Recurrent Related Party Transaction
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Shareholding Statistics 166 AS AT 3
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Statement of Directors’ Interest
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Boustead Management Services Sdn Bh
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Directors - Boustead Holdings Berhad

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