MISC Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS MISC BERHAD | Annual Report 2017 258 27. OTHER RESERVES (CONT'D.) Fair value reserve Currency translation reserve Total RM'000 RM'000 RM'000 Corporation At 1 January 2017 56,009 6,039,954 6,095,963 Currency translation differences - (4,111,231) (4,111,231) Fair value loss on non-current investments (2,973) - (2,973) At 31 December 2017 53,036 1,928,723 1,981,759 At 1 January 2016 65,566 4,933,839 4,999,405 Currency translation differences - 1,106,115 1,106,115 Fair value loss on non-current investments (9,557) - (9,557) At 31 December 2016 56,009 6,039,954 6,095,963 The nature and purpose of each category of reserves are as follows: (a) Revaluation reserve Revaluation reserve represents surplus arising from revaluation of certain freehold land. (b) Capital reserve Capital reserve represents reserve arising from bonus issue by subsidiaries. (c) Other capital reserve Other capital reserve represents the Group’s share of its subsidiaries' reserve. (d) Statutory reserve Statutory reserve is maintained by overseas subsidiaries and joint ventures in accordance with the laws of the host countries. (e) Fair value reserve This reserve records changes in available-for-sale financial assets until they are disposed off or impaired. (f) Hedging reserve Hedging reserve represents the effective portion of the gain or loss on hedging instruments in the Group's cash flow hedges and includes the Group's share of hedging reserve of joint ventures.