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The Agreement will provide a positive impact on the Company from the third year of FAX’s operations and the
ensuing years by guaranteeing a minimum of RM680,000.00 fees per annum with the opportunity for greater
revenue if certain revenue threshold is met.
142 > AIRASIA BERHAD > annual report 2007
38 SUBSEQUENT EVENTS SCONT’DT
(a) Acquisition shares in Fly Asian Xpress Sdn Bhd (‘FAX’) (cont’d)
On September 2007, the Company entered into a definitive agreement for the subscription of shares with FAX for
the Company to subscribe a total of 26,666,667 redeemable convertible preference shares Series 1 (‘RCPS’) of
RM1.00 each at par in the capital of FAX, which will constitute 20.0% of the enlarged share capital of FAX
following FAX’s proposed capitalisation exercise. The subscription of the RCPS will be paid wholly in cash and is
entirely funded from internal sources.
FAX is currently 80% owned by Aero Ventures Sdn Bhd (formerly known as Mangkin Masyhur Sdn Bhd), a
company which both Dato’ Anthony Francis Fernandes and Dato’ Kamarudin Bin Meranun are substantial
shareholders.
The Company also maintains an option to exercise a right to acquire additional shares in FAX to bring the
Company’s shareholding in FAX to thirty percent (30%). However, the additional 10% shares will be priced at the
market valuation and not at par value.
(b) Acquisition of additional shares in AA International Limited
On 8 August 2007, the Company acquired the remaining balance of 10,000 shares representing 0.2% of the issued
and paid up share capital in AA International Ltd for USD1.00. As a result AA International Ltd is now a wholly
subsidiary of the Company.
39 CHANGES IN ACCOUNTING POLICIES
The following describes the impact of changes in accounting policies and of the new accounting standards,
amendments to the published standards and IC interpretations adopted by the Group for financial year beginning on
1 July 2006 as listed in note 2(a) of the summary of significant accounting policies on basis of preparation of the
financial statements.
(a) Irrelevant or immaterial effect on financial statements
The adoption of FRS 1, 2, 5, 102, 108, 110, 121, 127, 128, 131, 132, 133, 140 and the ‘assets ceiling’ amendments to
FRS 119 did not result in significant changes to the Group’s accounting policies. In summary:
FRS 1 and 5 are not relevant to the Group's operation.
FRS 2 requires recognition of share-based payment transactions including the value of share options in the
financial statements. There was no financial impact following the propective application of FRS 2 with effect
from 1 July 2006.
FRS 102, 108, 110, amendment to FRS 119, 121, 127, 128, 131, 132, 133 and 140 and IC interpretations had
no material impact on the Group’s accounting policies.
(b) Reclassification of prior year comparatives
Set out below are changes in accounting policies that resulted in the reclassification of prior year comparatives
but did not affect the recognition and measurement of Group’s net assets:
FRS 101 has affected the presentation of minority interests. Minority interests are now presented within total
equity, separately from the parent shareholders equity in the consolidated balance sheet and as an allocation
from net profit for the year in the consolidated income statement. The movement of minority interests is
now presented in the consolidated statement of changes in equity.
Under FRS 101, the Group’s share of results of jointly controlled entities and associates are now presented
net of tax in the consolidated income statement.
NOT E S TO T H E F I N A N C I A L S TAT EME N T S 30 June 2007 (cont’d)
AIRASIA BERHAD > annual report 2007 > 143
39 CHANGES IN ACCOUNTING POLICIES SCONT’DT
(c) Relevant effect from adoption of new accounting policies or changes in accounting policies
(i) FRS 3 ‘Business Combination’, FRS 136 ‘Impairment of Assets’ and FRS 138 ‘Intangible Assets’
The adoption of FRS 3, FRS 136 and FRS 138 has resulted in changes in accounting policy for goodwill. The
accounting policy for goodwill is now extended to cover the following:
Recognition of contingent liabilities and intangible assets as part of allocation of the cost of acquisition
in determining goodwill arising from acquisition;
Recognition of the excess in fair value of the net identifiable assets acquired over the cost of acquisition
immediately to the consolidated income statement;
Allocation of goodwill to cash generating units for the purpose of impairment testing. Each cashgenerating
unit represents the lowest level within the Group at which goodwill is monitored for internal
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