Yinson Annual Report 2018

3. STANDARDS, AMENDMENTS TO PUBLISHED STANDARDS AND INTERPRETATIONS, WHICH ARE APPLICABLE AND ADOPTED BY THE GROUP AND THE COMPANY The Group and the Company have applied the following amendments for the first time for the financial year beginning on 1 February 2017: (i) Amendments to MFRS 107 “Statement of Cash Flows - Disclosure Initiative” (ii) Amendments to MFRS 112 “Income Taxes - Recognition of Deferred Tax Assets for Unrealised Losses” (iii) Annual Improvements to MFRSs 2014 – 2016 Cycle: MFRS 12 “Disclosures of Interests in Other Entities” The adoption of Amendments to MFRS 107 has required additional disclosure of changes in liabilities arising from financing activities as disclosed in Statements of Cash Flows. Other than that, the adoption of these amendments did not have any impact on the current period or any prior period and is not likely to affect future periods. 4. STANDARDS, AMENDMENTS TO PUBLISHED STANDARDS AND INTERPRETATIONS TO EXISTING STANDARDS THAT ARE APPLICABLE TO THE GROUP AND THE COMPANY BUT NOT YET EFFECTIVE (a) Financial year beginning on/after 1 February 2018 (i) Annual Improvements to MFRS 1 “First-time Adoption of Malaysian Financial Reporting Standards” (ii) Amendments to MFRS 2 “Classification and Measurement of Share-based Payment Transactions” (iii) Annual Improvements to MFRS 128 “Investments in Associates and Joint Ventures” (iv) Amendments to MFRS 140 “Clarification on ‘Change in Use’ - Assets transferred to, or from Investment Properties” Amendments to MFRS 140 clarify that to transfer to, or from investment properties there must be a change in use. A change in use would involve an assessment of whether a property meets, or has ceased to meet, the definition of investment property. The change must be supported by evidence that the change in use has occurred and a change in management’s intention in isolation is not sufficient to support a transfer of property. The amendments also clarify the same principle applies to assets under construction. (v) IC Interpretation 22 “Foreign Currency Transactions and Advance Consideration” IC Interpretation 22 applies when an entity recognises a non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration. MFRS 121 requires an entity to use the exchange rate at the ‘date of the transaction’ to record foreign currency transactions. IC Interpretation 22 provides guidance how to determine ‘the date of transaction’ when a single payment/ receipt is made, as well as for situations where multiple payments/receipts are made. The date of transaction is the date when the payment or receipt of advance consideration gives rise to the non-monetary asset or non- monetary liability when the entity is no longer exposed to foreign exchange risk. If there are multiple payments or receipts in advance, the entity should determine the date of the transaction for each payment or receipt. IC Interpretation 22 has the option to be applied retrospectively or prospectively. Notes to the Financial Statements (Cont’d) For the financial year ended 31 January 2018 126 Yinson Holdings Berhad Annual Report 2018 Accountability