NOTES TO THE FINANCIAL STATEMENTS
For The Financial Period From 1 January 2014 To 31 March 2015 (Cont’d)
61
Datasonic Group Berhad
(Company No. 809759-X)
3.
BASIS OF PREPARATION (CONT’D)
3.1 BASIS OF ACCOUNTING (CONT’D)
(b) The Group has not applied in advance the following accounting standard(s) and/or
interpretation(s) (including the consequential amendments, if any) that have been issued
by the Malaysian Accounting Standards Board (MASB) but are not yet effective for the
current financial period:-
MFRSs and/or IC Interpretations (Including The
Effective Date
Consequential Amendments)
MFRS 9 Financial Instruments (IFRS 9 issued by IASB in July 2014)
1 January 2018
MFRS 15 Revenue from Contracts with Customers
1 January 2017
Amendments to MFRS 10 and MFRS 128 (2011): Sale or
Contribution of Assets between an Investor and its Associate
or Joint Venture
1 January 2016
Amendments to MFRS 11: Accounting for Acquisitions of Interests
in Joint Operations
1 January 2016
Amendments to MFRS 10, MFRS 12 and MFRS 128 (2011):
Investment Entities – Applying the Consolidation Exception
1 January 2016
Amendments to MFRS 101: Presentation of Financial Statements
– Disclosure Initiative
1 January 2016
Amendments to MFRS 116 and MFRS 138: Clarification of
Acceptable Methods of Depreciation and Amortisation
1 January 2016
Amendments to MFRS 116 and MFRS 141: Agriculture –
Bearer Plants
1 January 2016
Amendments to MFRS 119: Defined Benefit Plans – Employee
Contributions
1 July 2014
Amendments to MFRS 127 (2011): Equity Method in Separate
Financial Statements
1 January 2016
Annual Improvements to MFRSs 2010 – 2012 Cycle
1 July 2014
Annual Improvements to MFRSs 2011 – 2013 Cycle
1 July 2014
Annual Improvements to MFRSs 2012 – 2014 Cycle
1 January 2016
The adoption of the above accounting standard(s) and/or interpretation(s) (including
the consequential amendments, if any) is expected to have no material impact on the
financial statements of the Group upon their initial application except as follows:-
MFRS 9 (IFRS 9 issued by IASB in July 2014) replaces the existing guidance in MFRS 139
and introduces a revised guidance on the classification and measurement of financial
instruments, including a single forward-looking ‘expected loss’ impairment model for
calculating impairment on financial assets, and a new approach to hedge accounting.
Under this MFRS 9, the classification of financial assets is driven by cash flow characteristics
and the business model in which a financial asset is held. Therefore, it is expected that the
Group’s investments in unquoted shares that are currently stated at cost less accumulated
impairment losses will be measured at fair value through other comprehensive income
upon the adoption of MFRS 9. The Group is currently assessing the financial impact of
adopting MFRS 9.
MFRS 15 establishes a single comprehensive model for revenue recognition and will
supersede the current revenue recognition guidance and other related interpretations
when it becomes effective. Under MFRS 15, an entity shall recognise revenue when (or as)
a performance obligation is satisfied, i.e. when ‘control’ of the goods or services underlying
the particular performance obligation is transferred to the customers. In addition, extensive
disclosures are required by MFRS 15. The Group anticipates that the application of MFRS
15 in the future may have a material impact on the amounts reported and disclosures
made in the financial statements. However, it is not practicable to provide a reasonable
estimate of the financial impacts of MFRS 15 until the Group performs a detailed review.
