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GHL Systems Berhad
(293040-D)
Annual report 2015
Notes to the Financial Statements
31 December 2015 (continued)
5.
ADOPTION OF NEW MFRSs AND AMENDMENT TO MFRSs
5.1 New MFRSs adopted during the financial year
The Group and Company adopted the following Standards of the MFRS Framework that were issued
by the Malaysian Accounting Standards Board (“MASB”) during the financial year.
Title
Effective Date
Amendments to MFRS 119
Defined Benefit Plans: Employee Contributions
1 July 2014
Amendments to MFRSs
Annual Improvements 2010 - 2012 Cycle
1 July 2014
Amendments to MFRSs
Annual Improvements 2011 - 2013 Cycle
1 July 2014
There is no material effect upon the adoption of the above amendments during the financial year.
5.2 NewMFRSs that have been issued, but only effective for annual periods beginning on or after 1 January
2016
The following are Standards of the MFRS Framework that have been issued by the Malaysian
Accounting Standards Board (“MASB”) but have not been early adopted by the Group and the
Company.
Title
Effective Date
MFRS 14
Regulatory Deferral Accounts
1 January 2016
Amendments to MFRS 10, MFRS 12 and MFRS 128
Investment Entities: Applying
the Consolidation Exception
1 January 2016
Amendments to MFRS 101
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 11
Accounting for Acquisitions of Interests in Joint
Operations
1 January 2016
Amendments to MFRS 116 and MFRS 141
Agriculture: Bearer Plants
1 January 2016
Amendments to MFRS 127
Equity Method in Separate Financial Statements
1 January 2016
Amendments to MFRSs
Annual Improvements to 2012-2014 Cycle
1 January 2016
MFRS 9
Financial Instruments (IFRS as issued by IASB in July 2014)
1 January 2018
MFRS 15
Revenue from Contracts with Customers
1 January 2018
Amendments to MFRS 10 and MFRS 128
Sale or Contribution of Assets between
an Investor and its Associates or Joint Venture
Deferred
The Group is in the process of assessing the impact of implementing these accounting standards and
amendments, since the effects would only be observable for the future financial years.
6.
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
6.1 Changes in estimates
Estimates are continually evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.
The Directors are of the opinion that there are no significant changes in estimates at the end of the
reporting period.