FORGING AHEAD - Tradewinds Plantation Berhad

5. ADOPTION OF NEW FRSs AND AMENDMENTS TO FRSs (continued)
5.2 New FRSs that have been issued, but not yet effective and not yet adopted (continued)
FINANCIAL STATEMENTS
(j) Amendments to FRS 1 Additional Exemptions for First-time Adopters are mandatory for annual periods beginning
on or after 1 January 2011.
These amendments permits a first-time adopter of FRSs to apply the exemption of not restating the carrying
amounts of oil and gas assets determined under previous GAAP.
The Group does not expect any impact on the financial statements arising from the adoption of these amendments.
(k) Amendments to FRS 7 Improving Disclosures about Financial Instruments are mandatory for annual periods
beginning on or after 1 January 2011.
These amendments require enhanced disclosures of fair value of financial instruments based on the fair value
hierarchy, including the disclosure of significant transfers between Level 1 and Level 2 of the fair value hierarchy
as well as reconciliations for fair value measurements in Level 3 of the fair value hierarchy.
By virtue of the exemption provided under paragraph 44G of FRS 7, the impact of applying these amendments
on the financial statements upon first adoption of FRS 7 as required by paragraph 30(b) of FRS 108 are not
disclosed.
(l) Amendments to FRS 2 Group Cash-settled Share-based Payment Transactions are mandatory for annual periods
beginning on or after 1 January 2011.
These amendments clarify the scope and the accounting for group cash-settled share-based payment transactions
in the separate financial statements of the entity receiving the goods or services when that entity has no obligation
to settle the share-based payment transaction.
Consequently, IC Interpretation 8 Scope of FRS 2 and IC Interpretation 11 have been superseded and withdrawn.
The Group does not expect any impact on the financial statements arising from the adoption of these amendments.
The effects of adopting IC Interpretation 11 have been disclosed in Note 5.1(j) to the financial statements.
(m) IC Interpretation 4 Determining whether an Arrangement contains a Lease is mandatory for annual periods
beginning on or after 1 January 2011.
This Interpretation requires the determination of whether an arrangement is, or contains, a lease based on
an assessment of whether the fulfilment of the arrangement is dependent on the use of a specific asset and
whether the arrangement conveys a right to use the asset. This assessment shall be made at the inception of the
arrangement and subsequently reassessed if certain condition(s) in the Interpretation is met.
The Group does not expect any impact on the financial statements arising from the adoption of this amendment
because there are no arrangements dependent on the use of specific assets in the Group.
TRADEWINDS PLANTATION BERHAD
Annual Report 2010
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