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stated in Note 39.
(a) Basis of preparation of the financial statements
The financial statements of the Group and the Company have been prepared in accordance with Financial
Reporting Standards (‘FRSs’), the Malaysian Accounting Standards Board (‘MASB’) approved accounting standards
in Malaysia for Entities Other Than Private Entities and the provisions of the Companies Act, 1965. During the
financial year, the Group and the Company had adopted new and revised FRSs which are mandatory for the
financial year beginning on 1 July 2006 as described in Note 2(a)(i) below.
The financial statements have been prepared under the historical cost convention except as disclosed in the
Significant Accounting Policies below.
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
AIRASIA BERHAD > annual report 2007 > 95
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SCONT’DT
(a) Basis of preparation of the financial statements (cont’d)
The preparation of financial statements in conformity with FRSs, the MASB approved accounting standards in
Malaysia for Entities Other Than Private Entities, requires the use of certain critical accounting estimates and
assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during
the reported period. It also requires Directors to exercise their judgement in the process of applying the Group’s
accounting policies. Although these estimates and judgement are based on the Directors’ best knowledge of
current events and actions, actual results may differ.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the Group’s and the Company’s financial statements are disclosed in Note 3 to the financial
statements.
(i) Standards, amendments to published standards and Interpretations Committee (IC) interpretations that are
effective
The new accounting standards, amendments to published standards and IC interpretations to existing
standards effective for the Group’s and the Company’s financial year beginning on 1 July 2006 are as follows:
FRS 1 First-time Adoption of Financial Reporting Standards
FRS 2 Share-based Payment
FRS 3 Business Combinations
FRS 5 Non-Current Assets Held for Sale and Discontinued Operations
FRS 101 Presentation of Financial Statements
FRS 102 Inventories
FRS 108 Accounting Policies, Changes in Estimates and Errors
FRS 110 Events after the Balance Sheet Date
FRS 116 Property, Plant and Equipment
FRS 121 The Effects of Changes in Foreign Exchange Rates
FRS 127 Consolidated and Separate Financial Statements
FRS 128 Investments in Associates
FRS 131 Interests in Joint Ventures
FRS 132 Financial Instruments: Disclosure and Presentation
FRS 133 Earnings per Share
FRS 136 Impairment of Assets
FRS 138 Intangible Assets
FRS 140 Investment Property
Amendment to FRS 1192004 Employee Benefits, Actuarial Gains and Losses, Group Plans and Disclosures – in
relation to the 'asset ceiling' test
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)
96 > AIRASIA BERHAD > annual report 2007
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SCONT’DT
(a) Basis of preparation of the financial statements (cont’d)
(i) Standards, amendments to published standards and Interpretations Committee (IC) interpretations that are
effective (continued)
IC 107 Introduction of the Euro
IC 110 Government Assistance – No specific relation to Operating Activities
IC 112 Consolidation – Special Purpose Entities
IC 113 Jointly Controlled Entities – Non-Monetary Contributions by Venturers
IC 115 Operating Leases – Incentives
IC 121 Income Taxes – Recovery of Revalued Non-Depreciable Assets
IC 125 Income Taxes – Changes in the Tax Status of an Entity or its Shareholders
IC 127 Evaluating the Substance of Transactions Involving the Legal Form of a Lease
IC 129 Disclosure – Service Concession Arrangements
IC 131 Revenue – Barter Transactions Involving Advertising Services
IC 132 Intangible Assets – Web Site Costs
All changes in the accounting policies have been made in accordance with the transitional provisions in the
respective standards, amendments to the published standards and IC interpretations.
A summary of the impact of the new accounting standards, amendments to the published standards and IC
interpretations to existing standards on the financial statements of the Group and Company is set out in
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AirAsia Berhad annual report 2007 FINANCIAL STATEMENTS(6)
