2. Significant accounting policies (cont’d.) 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 2017: • Amendments to MFRS 12: Disclosure of Interests in Other Entities (Annual Improvements 2014–2016 Cycle) • Amendments to MFRS 107: Statement of Cash Flows: Disclosure Initiative • Amendments to MFRS 112: Income Taxes: Recognition of Deferred Tax Assets for Unrealised Losses Effective for annual periods beginning on or after 1 January 2018: • Amendments to MFRS 1: First-time Adoption of Malaysian Financial Reporting Standards (Annual Improvements 2014-2016 Cycle) • Amendments to MFRS 2: Shared-based Payment: Classification and Measurement of Share-based Payment Transactions • MFRS 9: Financial Instruments • MFRS 15: Revenue from Contracts with Customers • Amendments to MFRS 15: Revenue from Contracts with Customers: Clarifications • Amendments to MFRS 128: Investments in Associates and Joint Ventures (Annual Improvements 20142016 Cycle) • Amendments to MFRS 140: Investment Property: Transfer of Investment Property • IC Interpretation: Foreign Currency Transactions and Advance Consideration Effective for annual periods beginning on or after 1 January 2019: • MFRS 16: Leases Effective for a date yet to be confirmed: • Amendments to MFRS 10 and 128: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The Group and the Corporation are expected to apply the above mentioned pronouncements beginning from the respective dates the pronouncements become effective. The initial application of the abovementioned pronouncements is not expected to have any material impact to the financial statements of the Group and the Corporation except as mentioned below: (i) MFRS 9: Financial Instruments MFRS 9 replaces the guidance in MFRS 139: Financial Instruments: Recognition and Measurement on the classification and measurement of financial assets and financial liabilities, and on hedge accounting. The adoption of MFRS 9 will have an effect on the classification and measurement of the Group’s financial assets, but no impact on the classification and measurement of the Group’s financial liabilities. The Group is currently assessing the financial impact that may arise from the adoption of MFRS 9. MISC BERHAD • Annual Report 2016 200 notes to the financial statements - 31 december 2016
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