175 MISC BERHAD Annual Report 2015 2. Significant accounting policies (cont’d.) 2.3 Summary of significant accounting policies (cont’d.) (aa) Fair value measurements (cont’d.) 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 prices (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 January 2016: • MFRS 14: Regulatory Deferral Accounts • Amendments to MFRS 5: Non-current Assets Held for Sale and Discontinued Operations (Annual Improvements 2012-2014 Cycle) • Amendments to MFRS 7: Financial Instruments - Disclosures (Annual Improvements 2012-2014 Cycle) • Amendments to MFRS 10: Consolidated Financial Statements: Investment Entities - Applying the Consolidation Exception • Amendments to MFRS 11: Joint Arrangements: Accounting for Acquisitions of Interests in Joint Operations • Amendments to MFRS 12: Disclosure of Interests in Other Entities - Investment Entities: Applying the Consolidation Exception • Amendments to MFRS 101: Presentation of Financial Statements - Disclosure Initiative • Amendments to MFRS 116: Property, Plant and Equipment - Clarification of Acceptable Methods of Depreciation and Amortisation • Amendments to MFRS 116: Property, Plant and Equipment - Bearer Plants • Amendments to MFRS 119: Employee Benefits (Annual Improvements 2012-2014 Cycle) • Amendments to MFRS 127: Consolidated and Separate Financial Statements - Equity Method in Separate Financial Statements • Amendments to MFRS 128: Investment in Associates and Joint Venture - Investment Entities - Applying the Consolidation Exception
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