E X C E L F O R C E M S C B E R H A D • A N N U A L R E P O R T 2 0 1 4
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NOTES TO THE FINANCIAL STATEMENTS
31 December 2014
1.
CORPORATE INFORMATION
Excel Force MSC Berhad (‘the Company’) is a public limited liability company, incorporated and domiciled
in Malaysia, and is listed on the Main Market of Bursa Malaysia Securities Berhad.
The registered office of the Company is located at Level 15-2, Bangunan Faber Imperial Court, Jalan Sultan
Ismail, 50250 Kuala Lumpur.
The principal place of business of the Company is located at Unit TA-13-1, Level 13, Tower A, Plaza 33, No.
1, Jalan Kemajuan, Seksyen 13, 46200 Petaling Jaya, Selangor Darul Ehsan.
The consolidated financial statements for the financial year ended 31 December 2014 comprise the
Company and its subsidiaries. These financial statements are presented in Ringgit Malaysia (‘RM’), which is
also the functional currency of the Company.
The financial statements were authorised for issue in accordance with a resolution by the Board of Directors
on 10 April 2015.
2.
PRINCIPAL ACTIVITIES
The principal activities of the Company are the development, provision and maintenance of computer
software application solutions for the financial services industry. The principal activities of the subsidiaries
are set out in Note 11 to the financial statements. There have been no significant changes in the nature of
these activities during the financial year.
3.
BASIS OF PREPARATION
The financial statements of the Group and of the Company set out on pages 40 to 106 have been
prepared in accordance with Malaysian Financial Reporting Standards (‘MFRSs’), International Financial
Reporting Standards (‘IFRSs’) and the provisions of the Companies Act, 1965 in Malaysia. However, Note
37 to the financial statements set out on page 107 has been prepared in accordance with Guidance on
Special Matter No. 1, Determination of Realised and Unrealised Profits or Losses in the Context of Disclosure
Pursuant to Bursa Malaysia Securities Berhad Listing Requirements, as issued by the Malaysian Institute of
Accountants (‘MIA Guidance’) and the directive of Bursa Malaysia Securities Berhad.
4.
SIGNIFICANT ACCOUNTING POLICIES
4.1 Basis of accounting
The financial statements of the Group and of the Company have been prepared under the historical
cost convention except as otherwise stated in the financial statements.
The preparation of these financial statements in conformity with MFRSs and IFRSs requires the Directors
to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue
and expenses and disclosure of contingent assets and contingent liabilities. In addition, the Directors
are also required to exercise their judgement in the process of applying the accounting policies. The
areas involving such judgements, estimates and assumptions are disclosed in Note 6 to the financial
statements. Although these estimates and assumptions are based on the Directors’ best knowledge
of events and actions, actual results could differ from those estimates.
