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management purposes and which are expected to benefit from the synergies of the combination;
Impairment of goodwill is charged to the consolidated income statement as and when it arises and
reversal is not allowed;
The accounting for goodwill and fair value adjustment arising from the acquisition of a foreign entity
are treated as assets and liabilities of the acquiring entity and are recorded at the exchange rate at the
date of acquisition. This change is in accordance with the transitional provision of FRS 121.
The above changes in accounting policy have been applied prospectively for business combinations with
agreements dated on or after 1 January 2006.
(ii) FRS 116 ‘Property, Plant and Equipment’
The adoption of FRS 116 has resulted in extension of the accounting policy on property, plant and
equipment as follows:
The cost of property, plant and equipment includes costs of dismantling, removal and restoration, the
obligation incurred as a consequence of installing the assets;
The assets’ residual values and useful life are reviewed and adjusted as appropriate at least at each
financial year-end;
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to
the Group and the cost of the item can be measured reliably.
The Group has applied the aforesaid and no material adjustment resulted from this assessment.
(iii) Repair and maintenance expenditure
Aircraft maintenance and overhaul costs of leased aircraft were previously expensed as incurred. The Group
has now changed the accounting policy for maintenance and overhaul costs for leased aircrafts by accruing
these costs upfront on the basis of hours flown. The change is consistent with current industry practices
based on a comparison with the practices of a number of airlines.
This change constitutes a change in accounting policy which has been applied in accordance with FRS108
‘Accounting Policies, Changes in Accounting Estimates and Errors’, i.e. applied retrospectively by recording a
prior year adjustment for the accrual of repairs and maintenance expenses calculated in respect of hours
already flown for prior periods. The effect of this change is detailed in Note 39(c)(v).
144 > AIRASIA BERHAD > annual report 2007
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)
39 CHANGES IN ACCOUNTING POLICIES SCONT’DT
(c) Relevant effect from adoption of new accounting policies or changes in accounting policies (cont’d)
(iv) FRS 112 ‘Income Taxes’
With the removal of the relevant provisions in FRS1122004 which explicitly prohibit the recognition of deferred
tax on reinvestment allowance or other allowances in excess of capital allowance, entities can now account
for these items either as tax credits or investment tax credits.
The Group has early adopted the revised standard and now accounts for investment tax allowances received
upon acquisition of qualifying assets. The effect of this change is outlined in Note 39(c)(v).
(v) Effects of change in accounting policies
The effects of the change in accounting policies as mentioned in (iii) and (iv) above for the financial year
ended 30 June 2006 is illustrated below:
Effects of change in
accounting policies
Repair and Early
As maintenance adoption
previously Reclassification for leased of As
reported (Note 4) aircraft FRS 112 restated
RM’000 RM’000 RM’000 RM’000 RM’000
Group
Income statement for
the financial year
ended 30 June 2006
Revenue 862,880 208,075 – – 1,070,955
Cost of sales (603,597) (208,075) (22,763) – (834,435)
Gross profit 259,283 – (22,763) – 236,520
Profit from operations 96,909 – (22,763) – 74,146
Share of results of jointly
controlled entity 6,006 – (6,580) – (574)
Profit before taxation 115,517 – (29,343) – 86,174
Taxation
– Deferred taxation (24,916) – – 142,619 117,703
Profit after taxation 88,426 (29,343) 142,619 201,702
Earnings per share (sen)
– basic 3.8 (1.2) 6.0 8.6
– diluted 3.7 (1.2) 6.0 8.5
AIRASIA BERHAD > annual report 2007 > 145
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)
39 CHANGES IN ACCOUNTING POLICIES SCONT’DT
(c) Relevant effect from adoption of new accounting policies or changes in accounting policies (cont’d)
(v) Effects of change in accounting policies (cont’d)
Effects of change in
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