MISC Annual Report 2017

MISC BERHAD | Annual Report 2017 176 1. CORPORATE INFORMATION The Corporation is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of Bursa Malaysia Securities Berhad ("Bursa Malaysia"). The registered office of the Corporation is located at Level 25, Menara Dayabumi, Jalan Sultan Hishamuddin, 50050 Kuala Lumpur. The immediate and ultimate holding company of the Corporation is Petroliam Nasional Berhad ("PETRONAS"), a company incorporated and domiciled in Malaysia. The principal activities of the Corporation consist of shipowning, ship operating and other activities related to shipping services and operating offshore floating terminals. The principal activities of the subsidiaries, associates and joint arrangements are described in Notes 39, 40 and 41 respectively. There have been no significant changes in the nature of the principal activities during the financial year. The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors on 21 February 2018. 2. SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of preparation The financial statements of the Group and of the Corporation comply with Malaysian Financial Reporting Standards ("MFRS"), International Financial Reporting Standards ("IFRS") and the requirements of the Companies Act, 2016 in Malaysia. These financial statements also comply with the applicable disclosure provisions of the Listing Requirements of the Bursa Malaysia Securities Berhad. The financial statements of the Group and of the Corporation have been prepared on a historical cost basis unless otherwise indicated in the accounting policies below. The functional currency of the Corporation is United States Dollar ("USD"). The individual financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The Group and the Corporation's financial statements are presented in Ringgit Malaysia ("RM"). 2.2 Changes in accounting policies and effects arising from the adoption of New and Revised MFRSs The Group and the Corporation had on 1 January 2017 adopted the following new and amended MFRSs (collectively referred to as "pronouncements") that have been issued by the Malaysian Accounting Standards Board ("MASB"): • 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 The adoption of the above pronouncements did not have any significant financial impact to the Group and the Corporation. NOTES TO THE FINANCIAL STATEMENTS 31 December 2017