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FRS 111 Construction Contracts. This revised standard has no significant changes as compared to the
original standard.
FRS 118 Revenue. This revised standard has no significant changes as compared to the original
standard.
FRS 120 Accounting for Government Grants and Disclosure of Government Assistance. This revised
standard allows alternative treatment for non-monetary government grants to be recorded at nominal
amount.
Amendment to FRS 121 The Effects of Changes in Foreign Exchange Rates – Net Investment in Foreign
Operation. This amendment requires exchange differences on monetary items that form part of the net
investment in a foreign operation to be recognised in equity instead of in profit or loss regardless of the
currency in which these items are denominated in.
FRS 124 ‘Related Party Disclosures’ (effective for accounting periods beginning on or after 1 October
2006). This standard will affect the identification of related parties and some other related party
disclosures. The Group will apply this standard from financial periods beginning 1 July 2007.
FRS 134 Interim Financial Reporting. This revised standard has no significant changes as compared to
the original standard.
FRS 137 Provisions, Contingent Liabilities and Contingent Assets. This revised standard has no significant
changes as compared to the original standard.
FRS 139 ‘Financial Instruments: Recognition and Measurement’ (effective date yet to be determined by
Malaysian Accounting Standards Board). This new standard establishes principles for recognising and
measuring financial assets, financial liabilities and some contracts to buy and sell non-financial items.
Hedge accounting is permitted only under strict circumstances. The Group will apply this standard
when effective.
IC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities. This
interpretation deals with changes in the estimated timing or amount of the outflow of resources
required to settle the obligation, or a change in the discount rate.
98 > AIRASIA BERHAD > annual report 2007
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SCONT’DT
(a) Basis of preparation of the financial statements (cont’d)
(iii) Standards, amendments to published standards and IC interpretations to existing standards that are not yet
effective and have not been early adopted (cont’d)
IC Interpretation 2 Members’ Shares in Co-operative Entities and Similar Instruments. This interpretation
deals with liabilities or equity classification of financial instruments which give the holder the right to
request redemption, but subject to limits on whether it will be redeemed.
IC Interpretation 5 Rights to Interests arising from Decommissioning, Restoration and Environmental
Rehabilitation Funds. This interpretation deals with accounting in the financial statements of a
contributor for its interests arising from decommissioning funds.
IC Interpretation 6 Liabilities arising from Participating in a Specific Market – Waste Electrical and
Electronic Equipment. This interpretation provides guidance on the recognition, in the financial
statements of producers, of liabilities for waste management under the EU Directive in respect of sales
of historical household equipment.
IC Interpretation 7 Applying the Restatement Approach under FRS 1292004 Financial Reporting in
Hyperinflationary Economies. This interpretation provides guidance on how to apply the requirement of
FRS 129 in a reporting period in which an entity identifies the existence of hyperinflation in the
economy of its functional currency, when that economy was not hyperinflationary in the prior period.
IC Interpretation 8 Scope of FRS 2. This Interpretation clarifies that FRS 2 Share-based Payment applies
even in the absence of specifically identifiable goods or services.
Other than the FRS 117, 124 and 139, for which entities are exempted from disclosing the impact on the
financial statements prior to the effective date, the above standards, amendments to published standards
and IC interpretations to existing standards are not anticipated to have a significant impact to the financial
statements of the Group.
(iv) Standards that are yet to be effective and not relevant or material for the Group’s operations
FRS 6 ‘Exploration for and Evaluation of Mineral Resources’ (effective for accounting periods beginning
on or after 1 January 2007). FRS 6 is not relevant to the Group’s operations as the Group does not carry
out exploration for an evaluation of mineral resources.
FRS 117 ‘Leases’ (effective for accounting periods beginning on or after 1 October 2006). This standard
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