Annual Report
2015
|
DAYANG ENTERPRISE HOLDINGS BHD
(712243-U)
71
1.
Basis of preparation (cont’d)
(a) Statement of compliance (cont’d)
MFRS / Amendment / Interpretation
Effective Date
Amendments to MFRS 127,
Separate Financial Statements -
Equity Method in Separate Financial Statements
1 January 2016
Amendments to MFRS 134,
Interim Financial Reporting
(Annual Improvements 2012-2014 Cycle)
1 January 2016
MFRS 9,
Financial Instruments (2015)
1 January 2018
MFRS 15,
Revenue from Contracts with Customers
1 January 2018
Amendments to MFRS 10,
Consolidated Financial
Statements and MFRS 128, Investments in Associates
and Joint Ventures - Sale or Contribution of
Assets between an Investor and its Associate or
Joint Venture
To be determined
The Group and the Company plan to apply:
• from the annual period beginning on 1 January 2016 for those accounting standards,
amendments or interpretations that are effective for annual period beginning on or after 1
January 2016, except for Amendments to MFRS 5, Amendments to MFRS 11, MFRS 14 and
Amendments to MFRS 141, which are assessed as presently not applicable to the Group and
the Company.
• from the annual period beginning on 1 January 2018 for those accounting standards,
amendments or interpretations that are effective for annual period beginning on or after 1
January 2018.
The initial application of the abovementioned accounting standards, amendments or interpretations
are not expected to have any material financial impacts to the financial statements of the Group
and the Company except as mentioned below:
(i) MFRS 15, Revenue from Contracts with Customers
MFRS 15 replaces the guidance in MFRS 111,
Construction Contracts,
MFRS 118,
Revenue,
IC Interpretation 13,
Customer Loyalty Programmes,
IC Interpretation 15,
Agreements for
Construction of Real Estate,
IC Interpretation 18,
Transfers of Assets from Customers
and IC
Interpretation 131,
Revenue Barter Transactions Involving Advertising Services.
The adoption of MFRS 15 will result in a change in accounting policy. The Group and the
Company are currently assessing the financial impact that may arise from adoption of MFRS
15.
(ii) MFRS 9, Financial Instruments
MFRS 9 replaces theguidance inMFRS 139,
Financial Instruments: RecognitionandMeasurement
on the classification and measurement of financial assets and financial liabilities, and on
hedge accounting.
The adoption of MFRS 9 will result in a change in accounting policy. The Group and the
Company are currently assessing the financial impact that may arise from the adoption of
MFRS 9.
Notes to the
Financial Statements
(cont’d)
