FORGING AHEAD - Tradewinds Plantation Berhad

146
FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2010
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)
(p) Improvements to FRSs (2010) are mandatory for annual periods beginning on or after 1 January 2011. (continued)
Amendments to FRS 139 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 IC Interpretation 13 clarify that the fair value of award credits takes into account, amongst others,
the amount of the discounts or incentives that would otherwise be offered to customers who have not earned
award credits from an initial sale. The Group does not expect any impact on the financial statements arising from
the adoption of these amendments.
(q) Amendments to IC Interpretation 14 FRS 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements
and their Interaction are mandatory for annual periods beginning on or after 1 July 2011.
These amendments clarify that if there is a minimum funding requirement for contributions relating to future
service, the economic benefit available as a reduction in future contributions shall include any amount that
reduces future minimum funding requirement contributions for future service because of the prepayment made.
The Group does not expect any impact on the financial statements arising from the adoption of these amendments.
(r) IC Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments is mandatory for annual periods
beginning on or after 1 July 2011.
This Interpretation applies to situations when equity instruments are issued to a creditor to extinguish all or part
of a recognised financial liability. Such equity instruments shall be measured at fair value, and the difference
between the carrying amount of the financial liability extinguished and the consideration paid shall be recognised
in profit or loss.
The Group does not expect any impact on the financial statements arising from the adoption of this Interpretation.
(s) FRS 124 Related Party Disclosures and the consequential amendments to FRS 124 are mandatory for annual
periods beginning on or after 1 January 2012.
This revised Standard simplifies the definition of a related party and eliminates certain inconsistencies within the
superseded version. In addition to this, transactions and balances with government-related entities are broadly
exempted from the disclosure requirements of the Standard.
The Group does not expect any impact on the financial statements arising from the adoption of this Standard.
TRADEWINDS PLANTATION BERHAD
Annual Report 2010