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ANNUAL REPORT 2014
55
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
1. Corporate information
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 No. 1 - 9, Pusat
Suria Permata, Lorong Upper Lanang 10A, 96000 Sibu, Sarawak, Malaysia.
The principal activities of the Company are investment holding, provision of management services, extraction and
sale of logs. The principal activities of the subsidiaries extend to the development of oil palm plantations and its
related activities. Details of principal activities of subsidiaries are set out in Note 18 to the financial statements.
There have been no significant changes in the nature of the principal activities of the Group and of the Company
during the financial year.
2. Summary of significant accounting policies
2.1 Basis of preparation
The financial statements of the Group and of the Company have been prepared in accordance
with Financial Reporting Standards (“FRS”) and the Companies Act, 1965 in Malaysia. At the beginning of the
current financial year, the Group and the Company adopted new and revised FRS which are mandatory for
financial periods beginning on or after 1 July 2013 as described fully in Note 2.2.
The financial statements have been prepared on the historical cost basis except as disclosed in the accounting
policies below.
The financial statements are presented in Ringgit Malaysia (“RM”).
2.2 Changes in accounting policies
The accounting policies adopted are consistent with those of the previous financial year except as follows:
On 1 July 2013, the Group adopted the following amended FRS standard mandatory for annual financial
periods beginning on or after 1 July 2013:
•
FRS 10, Consolidated Financial Statements
•
FRS 11, Joint Arrangements
•
FRS 12, Disclosure of Interest in Other Entities
•
FRS 13, Fair Value Measurement
•
FRS 119, Employees Benefits
•
FRS 127, Separate Financial Statements
•
FRS 128, Investment in Associate and Joint Ventures (IAS 28 as amended by IASB in May 2011)
•
IC Interpretation 20, Stripping Costs in the Production Phase of a Surface Mine
•
Amendments to FRS 7, Disclosures – Offsetting Financial Assets and Financial Liabilities
•
Amendments to FRS 1, FRS 101, FRS 116, FRS 132 and FRS 134 (Improvements to FRSs (2012))
•
Amendment to IC Interpretation 2, Members’ Shares in Co-operative Entities and Similar Instruments
(Improvements to FRSs (2012))
•
Amendments to FRS 1, Government Loans
•
Amendments to FRS 10, FRS 11 and FRS 12, Consolidated Financial Statements, Joint Arrangements
and Disclosure of Interest in Other Entities: Transition Guidance