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Asia Media Group Berhad
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Annual Report 2015
Notes to the Financial Statements
(continued)
pg.
79
3.
Summary of significant accounting policies (cont’d)
(g) Financial assets (cont’d)
(i) Initial recognition and subsequent measurement (cont’d)
(4) Available-for-sale (“AFS”) financial assets (cont’d)
AFS financial assets are classified as non-current assets unless they are
expected to be realised within 12 months after the reporting date.
The Group and the Company have not designated any financial assets as AFS
financial assets.
(ii) Derecognition
A financial asset is derecognised when the contractual right to receive cash flows
from the asset has expired and the Group or the Company has transferred its rights
to receive cash flows from the financial asset or has assumed an obligation to pay
the received cash flows in full without material delay to a third party under a “pass
through” arrangement; and either:
(1) the Group or the Company has transferred substantially all the risks and rewards
of the financial asset, or
(2) the Group or the Company has neither transferred nor retained substantially
all the risks and rewards of the financial asset, but has transferred control of
the financial asset.
When the Group or the Company has transferred its rights to receive cash flows from
a financial asset or have entered into a “pass through” arrangement and has neither
transferred nor retained substantially all the risks and rewards of the financial asset
nor transferred control of the financial asset, the financial asset is recognised to the
extent of the Group or the Company’s continuing involvement in the financial asset.
In that case, the Group or the Company also recognises an associated financial
liability. The transferred financial asset and associated financial liability are measured
on a basis that reflect the rights and obligations that the Group or the Company has
retained.
On derecognition of a financial asset in its entirety, the difference between the carrying
amount and the sum of the consideration received and any cumulative gain or loss that
had been recognised in other comprehensive income is recognised in profit or loss.