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Note 39.
(ii) Standards early adopted by the Group
On 15 June 2007, MASB issued FRS112 ‘Income Taxes’ to revise the existing FRS1122004 ‘Income Taxes’. The
revised FRS will be effective for financial statements covering periods beginning on or after 1 July 2007.
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 now early adopted the revised standard and this change constitutes a change in accounting
policy which will be applied in accordance with FRS108 ‘Accounting Policies, Changes in Accounting
Estimates and Errors’, i.e. applied retrospectively by recording a prior year adjustment. The details and effect
of this change is outlined in Note 39(c)(v).
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 > 97
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)
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
The new standards, amendments to published standards and interpretations that are mandatory for the
Group’s financial periods beginning on 1 July 2007 unless otherwise stated, but which the Group has not
early adopted, are as follows:
FRS 107 Cash Flows Statements. This revised standard has no significant changes as compared to the
original standard.
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
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AirAsia Berhad annual report 2007 FINANCIAL STATEMENTS(7)
