Chemical Company of Malaysia Berhad Annual Report 2018

Notes to the Financial Statements 30. KEYMANAGEMENT PERSONNEL COMPENSATION (CONTINUED) Other key management personnel comprise of certain members of senior management of Group entities, having authority and responsibility for planning, directing and controlling the activities of the entity either directly or indirectly. 31. SIGNIFICANT CHANGES IN ACCOUNTING POLICIES During the year, the Group and the Company adopted MFRS 15, Revenue from Contracts with Customers and MFRS 9, Financial Instruments on their financial statements. The Group and the Company generally applied the requirements of these accounting standards retrospectively with practical expedients and transitional exemptions as allowed by the standards. Nevertheless, as permitted by MFRS 9, the Group and the Company have elected not to restate the comparatives. 31.1 Impacts on financial statements No significant impact arising from the adoption of MFRS 15 on the Group’s and the Company’s financial statements. The following tables summarise the impacts arising from the adoption of MFRS 9 on the Group’s financial statements. No significant impact arising from the adoption of MFRS 9 on the Company’s financial statements. a. Statement of financial position As previously MFRS 9 As reported adjustments restated Group 1 January 2018 Deferred tax assets 2,321 – 2,321 Inventories 39,277 – 39,277 Trade and other receivables 136,005 (3,063) 132,942 Others 683,757 – 683,757 Total assets 861,360 (3,063) 858,297 Deferred tax liabilities (24,044) – (24,044) Others (556,412) – (556,412) Total liabilities (580,456) – (580,456) Retained earnings (36,923) 3,063 (33,860) Non-controlling interests 1,360 – 1,360 Others (245,341) – (245,341) Total equity (280,904) 3,063 (277,841) Total equity and liabilities (861,360) 3,063 (858,297) 190 ANNUAL REPORT 2018