CAHYA MATA SARAWAK ANNUAL REPORT 2016

105 Cahya Mata Sarawak Berhad A N N U A L R E P O R T 2 0 1 6 Section 07 Financial StatementS NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2016 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.) 2.3 Standards issued but not yet effective The standards and interpretations that are issued but not yet effective up to the date of issuance of the Group’s and the Company’s financial statements are disclosed below. The Group and the Company intend to adopt these standards, if applicable, when they become effective. Effective for annual periods beginning on or after Description 1 January 2017 Amendments to MFRS 107: Disclosures Initiatives 1 January 2017 Amendments to MFRS 112: Recognition of Deferred Tax Assets for Unrealised Losses Annual Improvements to MFRSs 2014 - 2016 Cycle: 1 January 2017 (i) Amendments to MFRS 12: Disclosure of Interests in Other Entities 1 January 2018 (ii) Amendments to MFRS 1: First-time Adoption of Malaysian Financial Reporting Standards 1 January 2018 (iii) Amendments to MFRS 128: Investments in Associates and Joint Ventures 1 January 2018 Amendments to MFRS 2: Classification and Measurement of Share-based Payment Transactions 1 January 2018 Amendments to MFRS 140: Transfers of Investment Property 1 January 2018 MFRS 15: Revenue from Contracts with Customers 1 January 2018 MFRS 9: Financial Instruments 1 January 2018 IC Interpretation 22: Foreign Currency Transactions and Advance Consideration 1 January 2018 Amendments to MFRS 4: Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts 1 January 2019 MFRS 16: Leases Deferred Amendments to MFRS 10 and MFRS 128: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (a) Amendments to MFRS 107: Disclosures Initiatives The amendments to MFRS 107 Statement of Cash Flows require an entity to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. On initial application of this amendment, entities are not required to provide comparative information for preceding periods. These amendments are effective for annual periods beginning on or after 1 January 2017, with early application permitted. Application of amendments will result in additional disclosures to be provided by the Group and the Company. (b) Amendments to MFRS 112: Recognition of Deferred Tax Assets for Unrealised Losses The amendments clarify that an entity needs to consider whether tax law restricts the sources of taxable profits against which it may make deductions on the reversal of that deductible temporary difference. Furthermore, the amendments provide guidance on how an entity should determine future taxable profits and explain the circumstances in which taxable profit may include the recovery of some assets for more than their carrying amount.