p 189 MISC BERHAD - Annual Report 2014 2. Significant accounting policies (cont’d.) 2.3 Summary of significant accounting policies (cont’d.) (aa) Fair value measurements (cont’d.) (ii) Non-financial assets For a non-financial asset, the fair value measurement takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. When measuring the fair value of an asset or a liability, the Group and Corporation use observable market data as far as possible. Fair value are categorised into different levels in a fair value hierarchy based on the input used in the valuation technique as follows: • Level 1 - Quoted pries (unadjusted) in active markets for identifical assets and liabilities. • Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable input). The fair value of an asset to be transferred between levels is determined as of the date of the event or change in circumstances that caused the transfer. 2.4 Pronouncements not yet in effect The following pronouncements that have been issued by the MASB will become effective in future financial reporting periods and have not been adopted by the Group and/or the Corporation: Effective for annual periods beginning on or after 1 July 2014: • Amendments to MFRS 2: Share-based Payment (Annual Improvements 2010-2012 Cycle) • Amendments to MFRS 3: Business Combinations (Annual Improvements 2010-2012 Cycle and 2011-2013 Cycle) • Amendments to MFRS 8: Operating Segments (Annual Improvements 2010-2012 Cycle) • Amendments to MFRS 13: Fair Value Measurement (Annual Improvements 2011-2013 Cycle) • Amendments to MFRS 116: Property, Plant and Equipment (Annual Improvements 2010-2012 Cycle) • Amendments to MFRS 119: Employee Benefits - Defined Benefit Plans: Employee Contributions • Amendments to MFRS 124: Related Party Disclosures (Annual Improvements 2010-2012 Cycle) • Amendments to MFRS 138: Intangible Assets (Annual Improvements 2010-2012 Cycle) • Amendments to MFRS 140: Investment Property (Annual Improvements 2011-2013 Cycle)
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