58
JAYA TIASA HOLDINGS BERHAD
Notes to the Financial Statements (cont’d)
for the financial year ended 30 June 2015
2.
Summary of significant accounting policies (cont’d)
2.2 Changes in accounting policies (cont’d)
Annual Improvements to FRSs 2010–2012 Cycle (cont’d)
(ii)
FRS 8: Operating Segments
The amendments are to be applied retrospectively and clarify that:
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an entity must disclose the judgements made by management in applying the aggregation criteria
in FRS 8, including a brief description of operating segments that have been aggregated and the
economic characteristics used to assess whether the segments are similar; and
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the reconciliation of segment assets to total assets is only required to be disclosed if the
reconciliation is reported to the chief operating decision maker.
(iii) FRS 116: Property, Plant and Equipment and FRS 138: Intangible Assets
The amendments remove inconsistencies in the accounting for accumulated depreciation or amortisation
when an item of property, plant and equipment or an intangible asset is revalued. The amendments clarify
that the gross carrying amount is adjusted in a manner consistent with the revaluation of the carrying
amount of the asset and that accumulated depreciation/amortisation is the difference between the gross
carrying amount and the carrying amount after taking into account accumulated impairment losses.
(iv) FRS 124: Related Party Disclosures
The amendments clarify that a management entity providing key management personnel services to a
reporting entity is a related party of the reporting entity. The reporting entity should disclose as related
party transactions the amounts incurred for the service paid or payable to the management entity for
the provision of key management personnel services.
Annual Improvements to FRSs 2011–2013 Cycle
The Annual Improvements to FRSs 2011-2013 Cycle include a number of amendments to various FRSs,
which are summarised below. The application of these amendments have no impact on the Group’s and the
Company’s financial statements.
(i)
FRS 3: Business Combinations
The amendments to FRS 3 clarify that the standard does not apply to the accounting for formation of all
types of joint arrangement in the financial statements of the joint arrangement itself. This amendment is
to be applied prospectively.
(ii)
FRS 13: Fair Value Measurement
The amendments to FRS 13 clarify that the portfolio exception in FRS 13 can be applied not only to
financial assets and financial liabilities, but also to other contracts within the scope of FRS 9 (or FRS
139 as applicable).
(iii) FRS 140: Investment Property
The amendments to FRS 140 clarify that an entity acquiring investment property must determine whether:
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the property meets the definition of investment property in terms of FRS 140; and
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the transaction meets the definition of a business combination under FRS 3,
to determine if the transaction is a purchase of an asset or is a business combination.
