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Wonderful Malaysia Berhad 2012 2Nd Edition KPMG IN MALAYSIA Wonderful Malaysia Berhad 2012 2nd Edition Illustrative Financial Statements for first-time adopters of Malaysian Financial Reporting Standards September 2012 kpmg.com/my Wonderful Malaysia Berhad and its subsidiaries: Illustrative Financial Statements 2012 (2nd Edition) Company No. IX0IX0 – X (Incorporated in Malaysia) Foreword We are pleased to present Wonderful Malaysia Berhad 2012, the second edition of KPMG in Malaysia’s illustrative financial statements for first-time adopters of the Malaysian Financial Reporting Standards (MFRS). You would be aware that there have been significant developments in the financial reporting framework over the past year, since the first edition of our publication was released in September 2011. In July 2012, the Malaysian Accounting Standards Board (MASB) issued Amendments to MFRSs under the Annual Improvements 2009-2011 Cycle. As part of the Annual Improvements issued, MFSR 1, First-time Adoption of Malaysian Financial Reporting Standards was amended to require the presentation of related notes for all statements presented. At KPMG in Malaysia, we are committed to guiding our clients through the various changes in the business landscape. Accordingly, our second edition of Wonderful Malaysia Berhad 2012 reflects the latest amendments to the accounting standards, whilst incorporating additional enhancements to the earlier edition. As trusted advisors, we aim to cut through the complexity that characterises the new and aggressive rules of today’s commercial environment. We stand for a value adding, forward thinking and passionate people, delivering informed perspectives and demonstrating The KPMG Difference in all we do. It is our hope that you will find this publication an insightful reference, particularly in your transition to MFRS. Johan Idris Partner, Head of Audit Wonderful Malaysia Berhad and its subsidiaries: Illustrative Financial Statements 2012 (2nd Edition) Company No. IX0IX0 – X (Incorporated in Malaysia) This page has been left blank intentionally. 1 Wonderful Malaysia Berhad and its subsidiaries: Illustrative Financial Statements 2012 (2nd Edition) Company No. IX0IX0 – X (Incorporated in Malaysia) Contents Page About this publication 2 Abbreviations 5 Illustrative financial statements Directors’ Report 7 Index to the illustrative financial statements 13 Statements of financial position 15 Statements of profit or loss and other comprehensive income 19 Statements of changes in equity 23 Statements of cash flows 31 Notes to the financial statements 37 Statement by Directors 244 Statutory Declaration 244 Independent Auditors’ Report 245 Appendices 1. Specimen: Statements of profit or loss and Statements of comprehensive income (Two-statement approach) 247 2. Specimen: Statements of cash flows (direct method) 249 3. Disclosure requirements of MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards 250 2 Wonderful Malaysia Berhad and its subsidiaries: Illustrative Financial Statements 2012 (2nd Edition) Company No. IX0IX0 – X (Incorporated in Malaysia) About this publication This Illustrative Financial Statements has been produced by KPMG in Malaysia and the views expressed herein are those of KPMG in Malaysia. Content On 19 November 2011, the MASB issued a new MASB approved accounting framework, the Malaysian Financial Reporting Standards (MFRS Framework). The issuance finalised MASB Exposure Draft 75, IFRS-compliant Financial Reporting Standards exposed in June 2011. The MFRS Framework is effective on 1 January 2012. The purpose of this publication is to assist entities in Malaysia which are currently preparing their financial statements in accordance with Malaysian Financial Reporting Standards (“MFRSs”). It illustrates one possible format for full financial statements, based on a fictitious multinational corporation involved in general business and adopting MFRSs as its primary basis of accounting for the financial year ending 31 December 2012. MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards has been applied in making the transition from existing FRSs to MFRSs. In the case of MFRS 1, a number of implementation choices exist and only one possible combination is illustrated. The publication does not repeat all of the requirements of MFRS 1 and should be read in connection with the standard and related implementation guidance. This publication also reflects the disclosure requirements of the Companies Act, 1965. However, it does not reflect the current Listing Requirements of Bursa Malaysia Securities Berhad and the requirements of the Malaysian Code on Corporate Governance 2012 issued by the Securities Commission in Malaysia on 29 March 2012. While this publication is up to date at the time of printing, MFRSs and their interpretations change over time. Accordingly, this Illustrative Financial Statements should not be used as a substitute for referring to the standards and interpretations themselves, particularly when a specific requirement is not addressed in this publication or when there is uncertainty regarding the correct interpretation of a MFRS. What’s new in the 2nd Edition of Illustrative Financial Statements 2012 Major changes from the Illustrative Financial Statements 2012 issued in September 2011 include the following: • Related notes for the statement of financial position as at 1 January 2011 have been presented following the consequential amendment to MFRS 1 in the “Annual Improvements 2009 – 2011 Cycle”. These have been highlighted by a double line border running down the left margin of the text within this document. • The early adoption of Presentation of Items of Other Comprehensive Income (amendments to MFRS 101) which is applicable for annual period beginning on or after 1 July 2012 is highlighted by a thick line border running down the left margin of the text within this document. Choice of accounting policies The accounting policies disclosed in the Illustrative Financial Statements reflect the facts and circumstances of the fictitious entity on which these financial statements are based. They should not be relied upon for a complete understanding of the requirements of MFRSs and should not be used as a substitute for referring to the standards and interpretations themselves. The accounting policy disclosures appropriate for an entity depend on the facts and circumstances of that entity and may differ from the disclosures presented in these Illustrative Financial Statements. 3 Wonderful Malaysia Berhad and its subsidiaries: Illustrative Financial Statements 2012 (2nd Edition) Company No. IX0IX0 – X (Incorporated in Malaysia) About this publication (continued) References The Illustrative Financial Statements is presented on the odd-numbered pages of this publication. The even-numbered pages contain explanatory comments and notes on disclosure requirements. The explanatory comments are not intended to be an exhaustive commentary. To the left of each item disclosed, a reference to the relevant standard is provided. For example, the reference 101.11 means paragraph 11 of MFRS 101. Generally the references relate only to disclosure requirements. Other KPMG publications Other ways KPMG can help Copies of this publication are available from the We have a range of publications that can assist you Professional Practice Department of KPMG in further, including: Malaysia. Please contact us at: • Insights into IFRS KPMG • IFRS Handbook: First-time adoption of IFRS Professional Practice Department Level 10, KPMG Tower • First Impressions publications, which discuss 8, First Avenue new pronouncements Bandar Utama • New on the Horizon publications, which discuss 47800 Petaling Jaya, Selangor consultation papers and exposure drafts Malaysia • IFRS Disclosure Checklist Phone: +60 (3) 7721 3680 Email: [email protected] IFRS related technical information is also available at kpmg.com/ifrs For access to an extensive range of accounting, auditing and financial reporting guidance and literature, visit KPMG’s Accounting Research Online. This web-based subscription service can be a valuable tool for anyone who wants to stay informed in today’s dynamic environment. For a free 15-day trial, go to aro.kpmg.com and register today. Your conversion to MFRS/IFRS As part of a global network of member firms with experience in more than 1,500 IFRS convergence projects around the world, we can help to determine that the issues are identified early and can share leading practices to help avoid the many pitfalls of such projects. KPMG has extensive experience and the capabilities to help support you through your MFRS/IFRS assessment and conversion process. Our experienced professionals can advise you on your MFRS/IFRS conversion process, including training company personnel and transitioning financial reporting processes. For further assistance with your conversion to MFRS/IFRS, please speak to your usual KPMG contact. 4 Wonderful Malaysia Berhad and its subsidiaries: Illustrative Financial Statements 2012 (2nd Edition) Company No. IX0IX0 – X (Incorporated in Malaysia) This page has been left blank intentionally. 5 Wonderful Malaysia Berhad and its subsidiaries: Illustrative Financial Statements 2012 (2nd Edition) Company No. IX0IX0 – X (Incorporated in Malaysia) Abbreviations The following abbreviations are used for the purpose of referencing: Bursa Dir Directive issued by Bursa Malaysia Securities Berhad Bursa Malaysia Bursa Malaysia Securities Berhad CCM Companies Commission of Malaysia or Suruhanjaya Syarikat Malaysia
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