Basic HTML Version
Annual Report 2013
KPJ HEALTHCARE BERHAD
178
2.
Summary of signi cant accounting policies (continued)
2.2
Changes in accounting policies (continued)
MFRS 128 Investments in Associates and Joint Ventures
As a consequence of the new MFRS 11 and MFRS 12, MFRS 128 is renamed as MFRS 128 Investments in Associates and Joint
Ventures. This new standard describes the application of the equity method to investments in joint ventures in addition to associates.
This standard affects disclosures only and has no impact on the Group’s nancial position or performance.
2.3
Standards issued but not yet effective
The standards and interpretations that are issued but not yet effective up to the date of issuance of the Group’s and of the Company’s
nancial statements are disclosed below. The Group and the Company intend to adopt these standards, if applicable, when they
become effective.
Effective for annual
periods beginning
Description
on or after
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
Amendments to MFRS 136: Recoverable Amount Disclosures for Non-Financial Assets
1 January 2014
Amendments to MFRS 139: Novation of Derivatives and Continuation of Hedge Accounting
1 January 2014
IC Interpretation 21 Levies
1 January 2014
Amendments to MFRS 119: De ned Bene t Plans: Employee Contributions
1 July 2014
Annual Improvements to MFRSs 2010–2012 Cycle
1 July 2014
Annual Improvements to MFRSs 2011–2013 Cycle
1 July 2014
MFRS 9 Financial Instruments (IFRS 9 issued by IASB in November 2009)
To be announced
MFRS 9 Financial Instruments (IFRS 9 issued by IASB in October 2010)
To be announced
MFRS 9 Financial Instruments: Hedge Accounting and amendments
to MFRS 9, MFRS 7 and MFRS 139
To be announced
The directors expect that the adoption of the above standards and interpretations will have no material impact on the nancial
statements in the period of initial application except as discussed below:
MFRS 9 Financial Instruments
MFRS 9 re ects the rst phase of work on the replacement of MFRS 139 and applies to classi cation and measurement of nancial
assets and nancial liabilities as de ned in MFRS 139. The standard was initially effective for annual periods beginning on or after
1 January 2013, but Amendments to MFRS 9: Mandatory Effective Date of MFRS 9 and Transition Disclosures, issued in March 2012,
moved the mandatory effective date to 1 January 2015. Subsequently, on 14 February 2014, it was announced that the new effective
date will be decided when the project is closer to completion. The adoption of the rst phase of MFRS 9 will have an effect on the
classi cation and measurement of the Group’s nancial assets, but will not have an impact on classi cation and measurements
of the Group’s nancial liabilities. The Group will quantify the effect in conjunction with the other phases, when the nal standard
including all phases is issued.
Notes to the
Financial Statements
For the financial year ended 31 December 2013
(continued)