Maxis Berhad | Annual Report 2012

Maxis Berhad // Annual Report 2012 105 FINANCIAL STATEMENTS CORPORATE GOVERNANCE ANALYSIS OF SHAREHOLDINGS OTHER INFORMATION ANNUAL GENERAL MEETING 2 BASIS OF PREPARATION (CONTINUED) Standards and amendments to published standards that are applicable to the Group and the Company but not yet effective (continued) The Group and the Company will apply the new standards and amendments to published standards in the following periods: (continued) (i) Financial year beginning on or after 1 January 2013 (continued) • Amendments to MFRS 101 “Presentation of Items of Other Comprehensive Income” (effective from 1 July 2012) requires entities to separate items presented in ‘other comprehensive income’ in the statement of comprehensive income into two groups, based on whether or not they may be recycled to income statement in the future. The amendments do not address which items are presented in other comprehensive income. Save for the presentation of other comprehensive income, these amendments are not expected to have any significant impact on the financial results and position of the Group and of the Company. • Certain amendments to MFRSs contained in a document entitled “Annual Improvements 2009-2011 Cycle” (effective from 1 January 2013) are applicable to the Group and the Company but are not expected to have any significant impact on the financial results and position of the Group and of the Company. (ii) Financial year beginning on or after 1 January 2014 • Amendments to MFRS 132 “Financial Instruments: Presentation” (effective from 1 January 2014) does not change the current offsetting model in MFRS 132. It clarifies the meaning of ‘currently has a legally enforceable right of set- off’, that the right of set-off must be available today (not contingent on a future event) and legally enforceable for all counterparties in the normal course of business. It clarifies that some gross settlement mechanisms with features that are effectively equivalent to net settlement will satisfy the MFRS 132 offsetting criteria. The Group and the Company are currently assessing the impact of this amendment. (iii) Financial year beginning on or after 1 January 2015 • MFRS 9 “Financial instruments - classification and measurement of financial assets and financial liabilities” (effective from 1 January 2015) replaces the multiple classification and measurement models in MFRS 139 with a single model that has only two classification categories: amortised cost and fair value. The basis of classification depends on the entity’s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. The accounting and presentation for financial liabilities and for de-recognising financial instruments has been relocated from MFRS 139, without change, except for financial liabilities that are designated at fair value through profit or loss. Entities with financial liabilities designated at fair value through profit or loss recognise changes in the fair value due to changes in the liability’s credit risk directly in other comprehensive income. There is no subsequent recycling of the amounts in other comprehensive income to income statement, but accumulated gains or losses may be transferred within equity. The guidance in MFRS 139 on impairment of financial assets and hedge accounting continues to apply. MFRS 7 requires disclosures on transition from MFRS 139 to MFRS 9. The Group and the Company are currently assessing MFRS 9’s full impact.