Tag: Sample Disclosure in Financial Statements

Sample Disclosure – Note On Review Of Useful Life Of Intangible Assets (14 October 2009)

 

Review Of Useful Life Of Intangible Assets 

FRS 138: Intangible Assets requires that the useful life of an intangible asset with an indefinite useful life to be reviewed annually to determine whether the useful life assessment continues to be supportable. An assessment has been carried out and the directors, having considered the useful life of the intangible assets, concluded that that they are unable to determine the foreseeable limit to the period over which these assets are expected to generate net cash inflows to the Group.

Sample Disclosure – Note On Review Of Residual Values And Remaining Useful Life Of Property, Plant And Equipment (14 October 2009)

Review Of Residual Values And Remaining Useful Life Of Property, Plant And Equipment

FRS 116: Property, Plant and Equipment requires that the review of the residual values and remaining useful life of an item of property, plant and equipment to be conducted at least at each financial year end. Such review has been completed and the directors have concluded that there were no revisions required to be made this year.

Sample Disclosure – Segmental Information Change In Accounting Policy And Note (13 October 2009)

SEGMENTAL INFORMATION

a)       Change in accounting policy

 

Prior to 30 April 2008, the Group presented its segmental information only by geographical segment as the Group’s activities were predominantly in the sector of property development and manufacturing of environmental friendly industrial disposal bins. The directors decided that changes to its group activities of venturing into trading of consumer healthcare products and discontinued of manufacturing segment warrant a change in presentation of its segmental information to give a fairer presentation of the results and the financial position of the Group.

 

This change in accounting policy did not give rise to any adjustments to the opening balances of retained profits of the prior and current year and comparative figures and presentation of previous year’s segmental information have not been restated as the Group’s activities in prior year were predominantly in predominantly in the sector of property development and manufacturing of environmental friendly industrial disposal bins.

 

b)       Reporting segment

 

The primary and only segment reporting format for the current financial year is determined to be business segments as the Group’s risk and return in its business activities engaged are predominantly determined by differences in its products and services. No segment is presented in respect of the Group geographically segment, as the Group operated principally now in Malaysia.

 

The directors are of the opinion that all inter-segment transactions entered into are in the normal courses of business and have been established on terms and conditions that are not materially different from those obtainable in transactions with third parties.

Sample Disclosure Of Notes To Financial Statements On Change In Accounting Policy On Segmental Information

Click Here For Note In Excel Format

Change In Accounting Policy Segmental Information 13 October 2009

Sample Disclosure – Note On Disposal Of Subsidiary (1 October 2009)

DISPOSAL OF A SUBSIDIARY

During the financial year, the Company disposed of its subsidiary company, ABC Sdn. Bhd.. The fair values of assets and liabilities disposed are as follows:

 

2009
 

RM
Property, plant and equipment

5,500,000
Receivables

1,200,000
Cash and cash equivalents

135,000
Payables

(1,500,000)
Tax recoverable

900,000
Total net assets disposed

6,235,000
Goodwill on consolidation

500,000
Minority interests

(200,000)
Transfer from translation reserves

(400,000)
Gain on disposal of the subsidiary

1,365,000
Total disposal proceeds

7,500,000
Cash and cash equivalents in subsidiary disposed of

(135,000)
Net cash inflow to the Group

7,365,000