Sasbadi Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS 74 SASBADI HOLDINGS BERHAD (1022660-T) I BER AD (10 2 60-T) 1. Basis of preparation (continued) (a) Statement of compliance (continued) The Group and the Company plan to apply the abovementioned accounting standards, amendments and interpretations, where applicable: x from the annual period beginning on 1 September 2017 for those accounting standards, amendments or interpretations that are effective for annual periods beginning on or after 1 January 2017; x from the annual period beginning on 1 September 2018 for those accounting standards, amendments or interpretations that are effective for annual periods beginning on or after 1 January 2018; x from the annual period beginning on 1 September 2019 for those accounting standards, amendments or interpretations that are effective for annual periods beginning on or after 1 January 2019; and x from the annual period beginning on 1 September 2021 for those accounting standards, amendments or interpretations that are effective for annual periods beginning on or after 1 January 2021. The initial application of the accounting standards, amendments or interpretations are not expected to have any material financial impact to the current period and prior period 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 Group is currently assessing the financial impact that may arise from the adoption of MFRS 15. (ii) MFRS 9, Financial Instruments MFRS 9 replaces the guidance in MFRS 139, Financial Instruments: Recognition and Measurement on the classification and measurement of financial assets and financial liabilities, and on hedge accounting. The Group is currently assessing the financial impact that may arise from the adoption of MFRS 9.