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Annual Report 2014 | S P SETIA BERHAD GROUP | 115

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 October 2014

V. FINANCIAL STATEMENTS

1. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

(b) Changes in accounting policies (cont’d)

FRS 12, Disclosure of Interests in Other Entities

FRS 12 provides disclosure requirements for all forms of interests in subsidiaries, joint arrangements, associates and unconsolidated

structured entities. Disclosures include significant judgements and assumptions made in determining the nature of the entity’s

interest in another entity and the risks associated with those interests.

The financial effects arising from the adoption of FRS 10 and FRS 11 are as disclosed in note 50 to the financial statements. The

change in accounting policies has been applied retrospectively from 1 November 2013. Accordingly, the comparatives have been

restated.

FRS 13, Fair Value Measurement

FRS 13 defines fair value and sets out a framework for measuring fair value, and the disclosure requirements about fair value.

This standard is intended to address the inconsistencies in the requirements for measuring fair value across different accounting

standards. As defined in this standard, fair value is the price that would be received to sell an asset or paid to transfer a liability in

an orderly transaction between market participants at the measurement date. As a result of the guidance in FRS 13, the Group and

the Company reassessed their policies for measuring fair values.

Application of FRS 13 has not materially impacted the fair value measurements of the Group and the Company. FRS 13 requires

more extensive disclosures. Additional disclosures where required, are provided in the individual notes relating to the assets and

liabilities whose fair values were determined.

(c) New/Revised FRSs, Amendments to FRSs and IC Interpretation that are not yet effective

The Group and the Company have not applied the following new/revised FRSs, Amendments to FRSs and IC Interpretation that have

been issued by MASB but are not yet effective:

Effective for financial periods

beginning on or after

New/Revised FRSs, Amendments to FRSs and IC Interpretation

FRS 14

Regulatory Deferral Accounts

1 January 2016

Amendments to FRS 10, FRS 12

and FRS 127

Investment Entities

1 January 2014

Amendments to FRS 11

Accounting for Acquisitions of Interests in Joint

Operations

1 January 2016

Amendments to FRS 116 and FRS 138 Clarification of Acceptable Methods of

Depreciation and Amortisation

1 January 2016

Amendments to FRS 119

Defined Benefits Plans: Employee Contributions

1 July 2014

Amendments to FRS 132

Financial Instruments: Presentation – Offsetting

Financial Assets and Financial Liabilities

1 January 2014

Amendments to FRS 127

Equity Method in Separate Financial Statements

1 January 2016

Amendments to FRS 10 and FRS 128 Sale or Contribution of Assets between an

Investor and its Associate or Joint Venture

1 January 2016

Amendments to FRS 5, FRS 7,

FRS 119 and FRS 134

Annual Improvements to FRSs 2012-2014 Cycle

1 January 2016

Amendments to FRS 136

Recoverable Amount Disclosures for Non-Financial

Assets

1 January 2014