GHL System Berhad Annual Report 2018

a n n u a l r e p o r t 2 0 1 8 149 NOT ES TO THE F I NANC I A L STAT EMENTS 3 1 D e c e m b e r 2 0 1 8 C O N T ’ D 35. ADOPTION OF NEW MFRSs AND AMENDMENTS TO MFRSs (cont’d) 35.1 New MFRSs adopted during the financial year (cont’d) (b) MFRS 15 Revenue from Contracts with Customers MFRS 15 establishes a comprehensive framework for revenue recognition and measurement. It replaces MFRS 118 Revenue , MFRS 111 Construction Contracts , and related Interpretations. Under MFRS 15, revenue is recognised when a customer obtains control of the goods or services. Determining the timing of the transfer of control, at a point in time or over time, requires significant judgement. The adoption of MFRS 15 has no material impact to the Group and the Company. 35.2 New MFRSs that have been issued, but only effective for annual periods beginning on or after 1 January 2019 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 16 Leases 1 January 2019 IC Interpretation 23 Uncertainty over Income Tax Treatments 1 January 2019 Amendments to MFRS 128 Long-term Interests in Associates and Joint Ventures 1 January 2019 Amendments to MFRS 9 Prepayment Features with Negative Compensation 1 January 2019 Amendments to MFRS 3 Annual Improvements to MFRS Standards 2015 - 2017 Cycle 1 January 2019 Amendments to MFRS 11 Annual Improvements to MFRS Standards 2015 - 2017 Cycle 1 January 2019 Amendments to MFRS 112 Annual Improvements to MFRS Standards 2015 - 2017 Cycle 1 January 2019 Amendments to MFRS 123 Annual Improvements to MFRS Standards 2015 - 2017 Cycle 1 January 2019 Amendments to MFRS 119 Plan Amendment, Curtailment or Settlement 1 January 2019 Amendments to References to the Conceptual Framework in MFRS Standards 1 January 2020 Amendments to MFRS 3 Definition of Business 1 January 2020 Amendments to MFRS 101 and MFRS 108 Definition of Material 1 January 2020 MFRS 17 Insurance Contracts 1 January 2021 Amendments to MFRS 10 and MFRS 128 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Deferred The Group does not expect the adoption of the above Standards to have a significant impact on the financial statements. s