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161
Notes to the financial statements
31 December 2012
(continued)
Annual Report 2012 KPJ Healthcare Berhad
2. Summary of significant accounting policies (continued)
2.3 Standards issued but not yet effective (continued)
Effective for
annual periods
beginning
Description
on or after
Amendment to IC Interpretation 2 Members’ Shares in Co-operative Entities and Similar Instruments
1 January 2013
(Annual Improvements 2009-2011 Cycle)
IC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine
1 January 2013
Amendments to MFRS 7: Disclosures – Offsetting Financial Assets and Financial Liabilities
1 January 2013
Amendments to MFRS 1: First-time Adoption of Malaysian Financial Reporting Standards (Government Loans)
1 January 2013
Amendments to MFRS 1: First-time Adoption of Malaysian Financial Reporting Standards
1 January 2013
(Annual Improvements 2009-2011 Cycle)
Amendments to MFRS 116: Property, Plant and Equipment (Annual Improvements 2009-2011 Cycle)
1 January 2013
Amendments to MFRS 132: Financial Instruments: Presentation (Annual Improvements 2009-2011 Cycle)
1 January 2013
Amendments to MFRS 134: Interim Financial Reporting (Annual Improvements 2009-2011 Cycle)
1 January 2013
Amendments to MFRS 10: Consolidated Financial Statements: Transition Guidance
1 January 2013
Amendments to MFRS 11: Joint Arrangements: Transition Guidance
1 January 2013
Amendments to MFRS 12: Disclosure of Interests in Other Entities: Transition Guidance
1 January 2013
Amendments to MFRS 132: Offsetting Financial Assets and Financial Liabilities
1 January 2014
Amendments to MFRS 10, MFRS 12 and MFRS 127: Investment Entities
1 January 2014
MFRS 9 Financial Instruments
1 January 2015
The directors expect that the adoption of the above standards and interpretations will have no material impact on the financial statements in the period
of initial application except as discussed below:
(a) MFRS 10 Consolidated Financial Statements
MFRS 10 replaces part of MFRS 127 Consolidated and Separate Financial Statements that deals with consolidated financial statements and IC
Interpretation 112 Consolidation – Special Purpose Entities.
Under MFRS 10, an investor controls an investee when (a) the investor has power over an investee, (b) the investor has exposure, or rights, to
variable returns from its involvement with the investee, and (c) the investor has ability to use its power over the investee to affect the amount of
the investor’s returns. Under MFRS 127 Consolidated and Separate Financial Statements, control was defined as the power to govern the financial
and operating policies of an entity so as to obtain benefits from its activities.
MFRS 10 includes detailed guidance to explain when an investor has control over the investee. MFRS 10 requires the investor to take into account
all relevant facts and circumstances. The Group is currently assessing the impact of adoption of MFRS 10.
(b) MFRS 12 Disclosures of Interests in Other Entities
MFRS 12 includes all disclosure requirements for interests in subsidiaries, associates and structured entities. A number of new disclosures are
required. This standard affects disclosures only and has no impact on the Group’s financial position or performance.
(c) MFRS 13 Fair Value Measurement
MFRS 13 establishes a single source of guidance under MFRS for all fair value measurements. MFRS 13 does not change when an entity is
required to use fair value, but rather provides guidance on how to measure fair value under MFRS when fair value is required or permitted. The
Group is currently assessing the impact of adoption of MFRS 13.