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Asia Media Group Berhad
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Annual Report 2015
Notes to the Financial Statements
(continued)
pg.
77
3.
Summary of significant accounting policies (cont’d)
(g) Financial assets (cont’d)
(i) Initial recognition and subsequent measurement (cont’d)
(1) Financial assets at fair value through profit or loss (“FVTPL”) (cont’d)
Subsequent to initial recognition, financial assets at FVTPL are measured at
fair value. Any gains or losses arising from changes in fair value are recognised
in profit or loss. Net gains or net losses on financial assets at FVTPL do not
includeexchangedifferences, interestanddividend income. Exchangedifferences,
interest and dividend income on financial assets at FVTPL are recognised
separately in profit or loss as part of other losses or other income.
Financial assets at FVTPL could be presented as current or non-current.
Financial assets that are held primarily for trading purposes are presented as
current whereas financial assets that are not held primarily for trading purposes
are presented as current or non-current based on the settlement date.
The Group and the Company have not designated any financial assets as
FVTPL.
(2) Loans and receivables
Non-derivative financial assets with fixed or determinable payments that are not
quoted in an active market are classified as loans and receivables. Loans and
receivables are initially recognised at fair value including direct and incremental
transaction costs.
Subsequent to initial recognition, loans and receivables are measured at
amortised cost using the effective interest method, less any accumulated
impairment losses. Gains and losses are recognised in profit or loss when
the loans and receivables are derecognised or impaired, and through the
amortisation process.
Loans and receivables are classified as current assets, except for those having
maturity dates later than 12 months after the reporting date which are classified
as non-current.
Financial assets classified in this category include cash and bank balances,
trade receivables, sundry receivables, tax refundable, refundable deposits and
advances due from staff.