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
(p) Improvements to FRSs (2010) are mandatory for annual periods beginning on or after 1 January 2011. (continued)
Amendments to FRS 3 clarifies that for each business combination, the acquirer shall measure at the acquisition
date non-controlling interests that consists of the present ownership interests and entitle holders to a proportionate
share of the entity’s net assets in the event of liquidation. Un-replaced and voluntarily replaced share-based
payment transactions shall be measured using the market-based measurement method in accordance with FRS 2
at the acquisition date. The Group does not expect any impact on the consolidated financial statements arising
from the adoption of these amendments.
Amendments to FRS 7 clarifies that quantitative disclosures of risk concentrations are required if the disclosures
made in other parts of the financial statements are not readily apparent. The disclosure on maximum exposure to
credit risk is not required for financial instruments whose carrying amount best represents the maximum exposure
to credit risk. The Group expects to improve the disclosures on maximum exposure to credit risk upon adoption of
these amendments.
Amendments to FRS 101 clarify that a statement of changes in equity shall be presented as part of a complete
set of financial statements. The Group does not expect any impact on the financial statements arising from the
adoption of these amendments.
Amendments to FRS 121 The Effects of Changes in Foreign Exchange Rates clarify that the accounting treatment
for cumulative foreign exchange differences in other comprehensive income for the disposal or partial disposal
of a foreign operation shall be applied prospectively. The Group does not expect any impact on the financial
statements arising from the adoption of these amendments.
Amendments to FRS 128 clarify that the accounting treatment for the cessation of significant influence over an
associate shall be applied prospectively. The Group does not expect any impact on the consolidated financial
statements arising from the adoption of these amendments.
Amendments to FRS 131 clarify that the accounting treatment for the cessation of joint control over an entity shall
be applied prospectively. The Group does not expect any impact on the consolidated financial statements arising
from the adoption of these amendments.
Amendments to FRS 132 clarify that contingent consideration from a business combination that occurred before
the effective date of the revised FRS 3 of 1 July 2010 shall be accounted for prospectively. The Group does not
expect any impact on the financial statements arising from the adoption of these amendments.
Amendments to FRS 134 Interim Financial Reporting clarify that updated information on significant events and
transactions since the end of the last annual reporting period shall be included in the Group’s interim financial
report. Although the Group does not expect any impact on the financial statements arising from the adoption
of these amendments, it is expected that additional disclosures would be made in the quarterly interim financial
statements of the Group.
TRADEWINDS PLANTATION BERHAD
Annual Report 2010
145