Page 100 - S P Setia Annual Report 2013
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98 | Financial Statements S P SETIA BERHAD GROUP Annual Report 2013





nOteS tO tHe

Financial StatementS

FOR THE YEAR ENDED 31 OCTOBER 2013



1. SiGniFicant accOUntinG POlicieS

(a) Basis of preparation
The fnancial statements comply with applicable approved Financial Reporting Standards (“FRSs”) issued by the Malaysian Accounting
Standards Board (“MASB”) and with the provisions of the Companies Act, 1965.
The measurement bases applied in the preparation of the fnancial statements include cost, recoverable value, realisable value and fair
value. Estimates are used in measuring these values.

The fnancial statements are presented in Ringgit Malaysia (“RM”), which is also the Company’s functional currency. Unless otherwise
indicated, the amounts in these fnancial statements have been rounded to the nearest thousand.

(b) changes in accounting policies

The accounting policies adopted by the Group and the Company are consistent with those of the previous fnancial year except for the
adoption of the following new/revised FRS and Amendments to FRS:

FRS 124 Related Party Disclosures (revised)
Amendments to FRS 7 Disclosures – Transfer of Financial Assets
Amendments to FRS 101 Presentation of Items of Other Comprehensive Income

The adoption of the above new FRS and Amendments to FRS does not have any material impact on the fnancial statements of the
Group and the Company.

The following are the Amendments to FRSs which are effective but were not applicable to the Group and the Company for the fnancial
year ended 31 October 2013:
Amendment to FRS 1 Severe Hyperinfation and Removal of Fixed Dates for First-time Adopters
Amendments to FRS 112 Deferred Tax: Recovery of Underlying Assets

(c) new/Revised FRSs, amendments to FRSs and ic interpretations that are not yet effective
The Group and the Company have not applied the following new/revised FRSs, Amendments to FRSs and IC Interpretations that have
been issued by MASB but are not yet effective:
Effective for fnancial
periods beginning on
new/Revised FRSs, amendments to FRSs and ic interpretations or after
FRS 9 Financial Instruments (IFRS 9 issued by IASB in November 2009) 1 January 2015
FRS 9 Financial Instruments (IFRS 9 issued by IASB in October 2010) 1 January 2015
FRS 10 Consolidated Financial Statements 1 January 2013
FRS 11 Joint Arrangements 1 January 2013
FRS 12 Disclosures of Interests in Other Entities 1 January 2013
FRS 13 Fair Value Measurement 1 January 2013
FRS 119 Employee Benefts 1 January 2013
FRS 127 Separate Financial Statements 1 January 2013
FRS 128 Investments in Associates and Joint Ventures 1 January 2013
Amendments to FRSs Improvements to FRSs (2012) 1 January 2013
Amendments to FRS 1 Government Loans 1 January 2013
Amendments to FRS 7 Disclosures – Offsetting Financial Assets and Financial Liabilities 1 January 2013
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