FORGING AHEAD - Tradewinds Plantation Berhad

138
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)
(p) Improvements to FRSs (2009) are mandatory for annual periods beginning on or after 1 January 2010. (continued)
Amendment to FRS 131 Interests in Joint Ventures clarifies that venturers’ interests in jointly controlled entities held
by venture capital organisations, or mutual funds, unit trusts and similar entities shall make disclosures on related
capital commitments. This amendment also clarifies that a listing and description of interests in significant joint
ventures and the proportion of ownership interest held in jointly controlled entities shall be made. There is no
impact upon adoption of this amendment during the financial year.
Amendment to FRS 134 Interim Financial Reporting clarifies the need to present basic and diluted earnings per
share for an interim period when the entity is within the scope of FRS 133 Earnings Per Share. There is no impact
upon adoption of this amendment during the financial year.
Amendment to FRS 136 clarifies the determination of allocation of goodwill to each cash-generating unit whereby
each unit shall not be larger than an operating segment as defined in FRS 8 before aggregation. This amendment
also requires additional disclosures if the fair value less costs to sell is determined using discounted cash flow
projections. There is no impact upon adoption of this amendment during the financial year.
Amendment to FRS 138 Intangible Assets clarifies the examples provided in this Standard in measuring the fair
value of an intangible asset acquired in a business combination. This amendment also removes the statement on
the rarity of situations whereby the application of the amortisation method for intangible assets results in a lower
amount of accumulated amortisation than under the straight line method. There is no impact upon adoption of this
amendment during the financial year.
Amendment to FRS 140 clarifies that properties that are being constructed or developed for future use as
investment property are within the definition of ‘investment property’. This amendment further clarifies that if
the fair value of such properties cannot be reliably determinable but it is expected that the fair value would be
readily determinable when construction is complete, the properties shall be measured at cost until either its fair
value becomes reliably determinable or construction is completed, whichever is earlier. There is no impact upon
adoption of this amendment during the financial year.
(q) Amendments to FRS 132 is mandatory for annual periods beginning on or after 1 January 2010 and 1 March
2010 in respect of the transitional provisions in accounting for compound financial instruments and classification
of rights issues respectively.
These amendments remove the transitional provisions in respect of accounting for compound financial instruments
issued before 1 January 2003 pursuant to FRS 132 2004 Financial Instruments: Disclosure and Presentation. Such
compound financial instruments shall be classified into its liability and equity components when FRS 139 first
applies.
There is no impact upon adoption of these amendments during the financial year.
TRADEWINDS PLANTATION BERHAD
Annual Report 2010