Maxis Berhad | Annual Report 2013

85 OVERVIEW OUR BUSINESS STRATEGIC REVIEW CORPORATE GOVERNANCE FINANCIAL STATEMENTS Maxis Berhad Annual Report 2013 OTHER INFORMATION 2 BASIS OF PREPARATION (CONTINUED) (a) Standards and amendments to published standards that are effective and applicable to the Group and the Company The new standards, amendments and improvements to published standards that are effective for the Group’s and the Company’s financial year beginning on or after 1 January 2013 are as follows: • MFRS 10 “Consolidated Financial Statements” • MFRS 12 “Disclosure of Interests in Other Entities” • MFRS 13 “Fair Value Measurement” • MFRS 119 “Employee Benefits” • MFRS 127 “Separate Financial Statements” • Amendments to MFRS 7 “Financial Instruments: Disclosures – Offsetting Financial Assets and Financial Liabilities” • Amendments to MFRS 10, MFRS 11 and MFRS 12 “Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance” • Amendments to MFRS 101 “Presentation of Items of Other Comprehensive Income” • Annual Improvements 2009-2011 Cycle The adoption of the above new standards, amendments and improvements to published standards did not have any significant impact on the financial results and position of the Group and the Company upon their initial application except for the disclosure requirements under the MFRS 12 “Disclosure of Interests in Other Entities” and Amendments to MFRS 7 “Financial Instruments: Disclosures – Offsetting Financial Assets and Financial Liabilities” as disclosed in Notes 18 and 33(f) respectively. (b) Standards, amendments to published standards and Issues Committee (“IC”) Interpretations to existing standards that are applicable to the Group and the Company but not yet effective The Group and the Company will apply the new standards, amendments to published standards and IC Interpretations to existing standards in the following periods: (i) Early adoption for the financial year beginning on or after 1 January 2013 • Amendments to MFRS 136 “Impairment of Assets” (effective from 1 January 2014) removed certain disclosures of the recoverable amount of cash-generating units (“CGUs”) which had been included in MFRS 136 by the issuance of MFRS 13. The amendment is not mandatory for the Group until 1 January 2014. However, the Group has decided to early adopt the amendment as of 1 January 2013. The early adoption of this amendment did not have any impact on the financial results and position of the Group and of the Company apart from the disclosures. (ii) Financial year beginning on or after 1 January 2014 • Amendments to MFRS 10 “Consolidated Financial Statements”, MFRS 12 “Disclosure of Interests in Other Entities” and MFRS 127 “Separate Financial Statements” (effective from 1 January 2014) introduce an exception to consolidation for investment entities. Investment entities are entities whose business purpose is to invest funds solely for returns from capital appreciation, investment income or both and evaluate the performance of its investments on fair value basis. The amendments require investment entities to measure particular subsidiaries at fair value instead of consolidating them. These amendments are not expected to have any impact on the financial results and position of the Group and of the Company. • 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. These amendments are not expected to have significant impact on the financial results and position of the Group and of the Company.