Basic HTML Version
Annual Report 2012 KPJ Healthcare Berhad
159
Notes to the financial statements
31 December 2012
1. Corporate information
The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of Bursa Malaysia Securities
Berhad.
The registered office of the Company is located at Suite 12B, Level 12, Menara Ansar, 65 Jalan Trus, 80000 Johor Bahru, Johor. The principal place of
business of the Company is located at Level 12, Menara 238, Jalan Tun Razak, 50400 Kuala Lumpur.
The principal activities of the Company are investment holding and provision of management services to subsidiaries. The principal activities of the subsidiaries
are mainly the operation of specialist hospitals. The details of the principal activities of the subsidiaries are set out in Note 16. There were no significant
changes in the nature of these activities during the financial year ended 31 December 2012.
The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the Directors on 27 March 2013.
2. Summary of significant accounting policies
2.1 Basis of preparation
The financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRSs”),
International Financial Reporting Standards and the requirements of the Companies Act, 1965 in Malaysia.
The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below.
The financial statements are presented in Ringgit Malaysia (RM) and all values are rounded to the nearest thousand (RM’000) except when otherwise
indicated.
2.2 First time adoption of MFRS
These financial statements are the Group’s and the Company’s first MFRS financial statements for the year ended 31 December 2012 and MFRS 1
First-Time Adoption of Malaysian Financial Reporting Standards (“MFRS 1”) has been applied.
In the previous years, the financial statements of the Group and of the Company were prepared in accordance with Financial Reporting Standards
(“FRSs”) in Malaysia. Except for certain differences, the requirements under FRSs and MFRSs are similar.
Accordingly, the Group and the Company have prepared its financial statements which comply with MFRSs applicable for period ended 31 December
2012, together with the comparative period data as at and for the year ended 31 December 2011, as described in the summary of significant
accounting policies. In preparing these financial statements, the Group’s and the Company’s opening statements of financial position were prepared as
at 1 January 2011, the Group’s and the Company’s date of transition to MFRSs.
The significant accounting policies adopted in preparing these financial statements are consistent with those of the audited financial statements for the
year ended 31 December 2011. The transition from FRSs to MFRSs did not have any material impact on the financial statements of the Group and of
the Company, except for those discussed below. Accordingly, no notes related to the statement of financial position as at the date of transition to MFRSs
are presented.
(a) Business combination
MFRS 1 provides the option to apply MFRS 3 Business Combinations, prospectively from the date of transition or from a specific date prior to the
date of transition. This provides relief from full retrospective application of MFRS 3 which would require restatement of all business combinations
prior to the date of transition.