FORGING AHEAD - Tradewinds Plantation Berhad

5. ADOPTION OF NEW FRSs AND AMENDMENTS TO FRSs (continued)
5.1 New FRSs adopted during the current financial year (continued)
(m) FRS 101 Presentation of Financial Statements is mandatory for annual periods beginning on or after 1 January
2010.
FRS 101 sets out the overall requirements for the presentation of financial statements, guidelines for their structure
and minimum requirements for their content.
This Standard introduces the titles ‘statement of financial position’ and ‘statement of cash flows’ to replace the
current titles ‘balance sheet’ and ‘cash flow statement’ respectively. A new statement known as the ‘statement of
comprehensive income’ is also introduced in this Standard whereby all non-owner changes in equity are required
to be presented in either one statement of comprehensive income or in two statements (i.e. a separate income
statement and a statement of comprehensive income). Components of comprehensive income are not permitted to
be presented in the statement of changes in equity.
This Standard also introduces a new requirement to present a statement of financial position as at the beginning
of the earliest comparative period if there are applications of retrospective restatements that are defined in FRS
108, or when there are reclassifications of items in the financial statements.
Additionally, FRS 101 requires the disclosure of reclassification adjustments and income tax relating to each component
of other comprehensive income, and the presentation of dividends recognised as distributions to owners together with
the related amounts per share in the statement of changes in equity or in the notes to the financial statements.
This Standard introduces a new requirement to disclose information on the objectives, policies and processes for
managing capital based on information provided internally to key management personnel as defined in FRS 124
Related Party Disclosures. Additional disclosures are also required for puttable financial instruments classified as
equity instruments.
Following the adoption of this Standard, the Group has reflected the new format of presentation and additional
disclosures warranted in the primary financial statements and relevant notes to the financial statements.
(n) Amendments to FRS 139, FRS 7 and IC Interpretation 9 are mandatory for annual periods beginning on or after
1 January 2010.
These amendments permit reclassifications of non-derivative financial assets (other than those designated at fair
value through profit or loss upon initial recognition) out of the fair value through profit or loss category in rare
circumstances. Reclassifications from the available-for-sale category to the loans and receivables category are
also permitted provided there is intention and ability to hold that financial asset for the foreseeable future. All of
these reclassifications shall be subjected to subsequent reassessments of embedded derivatives.
These amendments also clarifies the designation of one-sided risk in eligible hedged items and streamlines the
terms used throughout the Standards in accordance with the changes resulting from FRS 101.
There is no impact upon adoption of these amendments during the financial year.
FINANCIAL STATEMENTS
TRADEWINDS PLANTATION BERHAD
Annual Report 2010
135