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JAYA TIASA HOLDINGS BERHAD
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 2014 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 2014, the Group and the Company adopted the following amended FRSs and IC Interpretation
mandatory for annual financial periods beginning on or after 1 July 2014.
Effective for annual
periods beginning
Description
on or after
Amendments to FRS 132: Offsetting Financial Assets and Financial Liabilities
1 January 2014
Amendments to FRS 10, FRS 12 and FRS 127: Investment Entities
1 January 2014
Amendments to FRS 136: Recoverable Amount Disclosures for Non-Financial Assets
1 January 2014
Amendments to FRS 139: Novation of Derivatives and Continuation of Hedge
Accounting
1 January 2014
IC Interpretation 21 Levies
1 January 2014
Annual Improvements to FRSs 2010-2012 Cycle
1 July 2014
Annual Improvements to FRSs 2011-2013 Cycle
1 July 2014
Amendments to FRS 119: Defined Benefits Plans: Employee contributions
1 July 2014
The nature and impact of the new and amended FRSs and IC Interpretation are described below:
Amendments to FRS 132: Offsetting Financial Assets and Financial Liabilities
The amendments clarify the meaning of “currently has a legally enforceable right to set-off” and “simultaneous
realisation and settlement”. These amendments are to be applied retrospectively. These amendments have
no impact on the Group, since none of the entities in the Group has any offsetting arrangements.
Notes to the
Financial Statements
for the financial year ended 30 June 2015
