TAN CHONG MOTOR HOLDINGS BERHAD
Annual Report 2014
53
NOTES TO THE FINANCIAL STATEMENTS
1.
Basis of preparation (continued)
(a) Statement of compliance (continued)
MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2016
(continued)
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Consolidated Financial Statements
, MFRS 12,
Disclosure of Interests in Other
Entities
and MFRS 128,
Investments in Associates and Joint Ventures – Investment Entities: Applying the
Consolidation Exception
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Joint Arrangements – Accounting for Acquisitions of Interests in Joint Operations
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Regulatory Deferral Accounts
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Presentation of Financial Statements – Disclosure Initiative
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Property, Plant and Equipment
and MFRS 138,
Intangible Assets – Clarification
of Acceptable Methods of Depreciation and Amortisation
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Property, Plant and Equipment
and MFRS 141,
Agriculture – Agriculture: Bearer
Plants
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Employee Benefits (Annual Improvements 2012 – 2014 Cycle)
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Separate Financial Statements – Equity Method in Separate Financial Statements
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Interim Financial Reporting (Annual Improvements 2012 – 2014 Cycle)
MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2017
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Revenue from Contracts with Customers
MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2018
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Financial Instruments (2014)
The Group and the Company plan to apply the abovementioned accounting standards, amendments and
interpretations:
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interpretations that are effective for annual periods beginning on or after 1 July 2014.
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interpretations that are effective for annual periods beginning on or after 1 January 2016.
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interpretations that are effective for annual periods beginning on or after 1 January 2017.
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interpretations that are effective for annual periods beginning on or after 1 January 2018.
The initial application of the accounting standards, amendments or interpretations are not expected to have
any material financial impacts to the current period and prior period financial statements of the Group and the
Company except as mentioned below:
MFRS 15, Revenue from Contracts with Customers
MFRS 15 replaces the guidance in MFRS 111,
Construction Contracts,
MFRS 118,
Revenue
, IC Interpretation 13,
Customer Loyalty Programmes,
IC Interpretation 15,
Agreements for Construction of Real Estate
, IC Interpretation
18,
Transfers of Assets from Customers
and IC Interpretation 131,
Revenue – Barter Transactions Involving
Advertising Services
.
The Group is currently assessing the financial impact that may arise from the adoption of MFRS 15.
