NOTES TO THE FINANCIAL STATEMENTS
31 December 2014
(cont’d)
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
62
4.
SIGNIFICANT ACCOUNTING POLICIES (cont’d)
4.21 Fair value measurements (cont’d)
The fair value measurement for a non-financial asset takes into account the ability of the market
participant to generate economic benefits by using the asset in its highest and best use or by selling
it to another market participant that would use the asset in its highest and best use.
The fair value of a financial or non-financial liability or an entity’s own equity instrument assumes that:
(a) A liability would remain outstanding and the market participant transferee would be required
to fulfil the obligation. The liability would not be settled with the counterparty or otherwise
extinguished on the measurement date; and
(b) An entity’s own equity instrument would remain outstanding and the market participant
transferee would take on the rights and responsibilities associated with the instrument. The
instrument would not be cancelled or otherwise extinguished on the measurement date.
5.
ADOPTION OF NEW MFRSs AND AMENDMENT TO MFRSs
5.1 New MFRSs adopted during the financial year
The Group and Company adopted the following Standards of the MFRS Framework that were issued
by the Malaysian Accounting Standards Board (‘MASB’) during the financial year.
Title
Effective Date
Amendments to MFRS 10
Consolidated Financial Statements: Investment Entities
1 January 2014
Amendments to MFRS 12
Disclosure of Interest in Other Entities:
Investment Entities
1 January 2014
Amendments to MFRS 127
Separate Financial Statements (2011):
Investment Entities
1 January 2014
Amendments to MFRS 132
Offsetting Financial Assets and Financial Liabilities
1 January 2014
Amendments to MFRS 136
Recoverable Amount Disclosures for
Non-Financial Assets
1 January 2014
Amendments to MFRS 139
Novation of Derivatives and Continuation
of Hedge Accounting
1 January 2014
IC Interpretation 21
Levies
1 January 2014
There is no material effect upon the adoption of these Amendments and Interpretation during the
financial year.
