Excel Force MSC Berhad Annual Report 2016

EXCEL FORCE MSC BERHAD ANNUAL REPORT 2016 70 Notes to the Financial Statements 31 December 2016 (cont’d) 5. ADOPTION OF NEW MFRSs AND AMENDMENT TO MFRSs 5.1 New MFRSs adopted during the financial year The accounting policies adopted are consistent with those of the previous financial year except as follows: On 1 January 2016, the Group and the Company adopted the following Standards and Amendments that are mandatory for annual financial periods beginning on or after 1 January 2016. Title Effective Date MFRS 14 Regulatory Deferral Accounts 1 January 2016 Amendments to MFRS 10, MFRS 12, MFRS 128 Investment Entities: Applying the Consolidation Exception 1 January 2016 Amendments to MFRS 11 Accounting for Acquisitions of Interests in Joint Operations 1 January 2016 Amendments to MFRS 101 Disclosure Initiative 1 January 2016 Amendments to MFRS 116 and MFRS 138 Clarification of Acceptable Methods of Depreciation and Amortisation 1 January 2016 Amendments to MFRS 116 and MFRS 141 Agriculture: Bearer Plants 1 January 2016 Amendments to MFRS 127 Equity Method in Separate Financial Statements 1 January 2016 Amendments to MFRSs Annual Improvements to MFRSs 2012 - 2014 Cycle 1 January 2016 Adoption of the above Standards did not have any material effect on the financial performance or position of the Group and the Company. 5.2 New MFRSs that have been issued, but only effective for annual periods beginning on or after 1 January 2017 The Standards and Amendments that are issued but not yet effective up to the date of issuance of financial statements of the Group and the Company are disclosed below. The Group and the Company intend to adopt these Standards and Amendments, if applicable, when they become effective. Title Effective date Amendments to MFRS 12 Annual Improvements to MFRS Standards 2014 - 2016 Cycle 1 January 2017 Amendments to MFRS 107 Disclosure Initiative 1 January 2017 Amendments to MFRS 112 Recognition of Deferred Tax Assets for Unrealised Losses 1 January 2017 Amendments to MFRS 1 Annual Improvements to MFRS Standards 2014 - 2016 Cycle 1 January 2018 MFRS 9 Financial Instruments (IFRS 9 as issued by IASB in July 2014) 1 January 2018 MFRS 15 Revenue from Contracts with Customers 1 January 2018 Clarifications to MFRS 15 1 January 2018 Amendments to MFRS 2 Classification and Measurement of Share-based Payment Transactions 1 January 2018 Amendments to MFRS 128 Annual Improvements to MFRS Standards 2014 - 2016 Cycle 1 January 2018 Amendments to MFRS 140 Transfers of Investment Property 1 January 2018 IC Interpretation 22 Foreign Currency Transactions and Advance Consideration 1 January 2018 Amendments to MFRS 4 Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts See MFRS 4 Paragraphs 46 and 48 MFRS 16 Leases 1 January 2019 Amendments to MFRS 10 and MFRS 128 Sale or Contribution of Assets between an Investor and its Associates or Joint Venture Deferred The Group and the Company are in the process of assessing the impact of implementing these Amendments and Standards, since the effects would only be observable for the future financial years.