FORGING AHEAD - Tradewinds Plantation Berhad

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FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2010
5. ADOPTION OF NEW FRSs AND AMENDMENTS TO FRSs (continued)
5.1 New FRSs adopted during the current financial year (continued)
(o) Amendments to FRS 132 Financial Instruments: Presentation is mandatory for annual periods beginning on or
after 1 January 2010.
These amendments require certain puttable financial instruments, and financial instruments that impose an
obligation to deliver to counterparties a pro rata share of the net assets of the entity only on liquidation to be
classified as equity.
Puttable financial instruments are defined as financial instruments that give the holder the right to put the instrument
back to the issuer for cash, or another financial asset, or are automatically put back to the issuer upon occurrence
of an uncertain future event or the death or retirement of the instrument holder.
There is no impact upon adoption of these amendments during the financial year.
(p) Improvements to FRSs (2009) are mandatory for annual periods beginning on or after 1 January 2010.
Amendment to FRS 5 Non-current Assets Held for Sale and Discontinued Operations clarifies that the disclosure
requirements of this Standard specifically apply to non-current assets (or disposal groups) classified as held for
sale or discontinued operations. There is no impact upon adoption of this amendment during the financial year.
Amendment to FRS 8 clarifies the consistency of disclosure requirement for information about profit or loss, assets
and liabilities. There is no impact upon adoption of this amendment during the financial year.
Amendment to FRS 107 Statement of Cash Flows clarifies the classification of cash flows arising from operating
activities and investing activities. Cash payments to manufacture or acquire assets held for rental to others and
subsequently held for sale, and the related cash receipts, shall be classified as cash flows from operating activities.
Expenditures that result in a recognised asset in the statement of financial position are eligible for classification as
cash flows from investing activities. There is no impact upon adoption of this amendment during the financial year.
Amendment to FRS 108 Accounting Policies, Changes in Accounting Estimates and Errors clarifies that only
Implementation Guidance issued by the MASB that are integral parts of FRSs is mandatory. There is no impact
upon adoption of this amendment during the financial year.
Amendment to FRS 110 Events after the Reporting Period clarifies the rationale for not recognising dividends
declared after the reporting period but before the financial statements are authorised for issue. There is no impact
upon adoption of this amendment during the financial year.
Amendment to FRS 116 Property, Plant and Equipment removes the definition pertaining the applicability of this
Standard to property that is being constructed or developed for future use as investment property but do not yet
satisfy the definition of ‘investment property’ in FRS 140 Investment Property. This amendment also replaces the
term ‘net selling price’ with ‘fair value less costs to sell’, and clarifies that proceeds arising from routine sale of
items of property, plant and equipment shall be recognised as revenue in accordance with FRS 118 Revenue
rather than FRS 5. There is no impact upon adoption of this amendment during the financial year.
TRADEWINDS PLANTATION BERHAD
Annual Report 2010