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Asia Media Group Berhad
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Annual Report 2015
Notes to the Financial Statements
(continued)
pg.
89
3.
Summary of significant accounting policies (cont’d)
(u) Related parties (cont’d)
(vi) the party is an entity that is controlled, joint controlled or significantly influenced by,
or for which significant voting power in such entity resides with, directly or indirectly,
any individual referred to in (iv) or (v); or
(vii) the party is a post-employment benefit plan for the benefit of employees of the entity,
or of any entity that is a related party of the entity.
(viii) the party, or any member of a group of which the party is a part of, provides key
management personnel services to the Company.
Close members of the family of an individual are those family members who may be
expected to influence, or be influenced by, that individual in their dealings with the entity.
4. Significant accounting judgements, estimates and assumptions
The preparation of the Group’s and the Company’s financial statements requires management
to make judgements, estimates and assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities, and the disclosure of contingent liabilities at the reporting
date. Although these estimates and judgements are based on management’s best knowledge
of current events and actions, actual results may differ. Uncertainty about these judgements,
estimates and assumptions could result in outcomes that could require a material adjustment
to the carrying amount of the asset or liability in the future.
The most significant uses of judgements, estimates and assumptions are as follows:
(a) Going concern
The Group’s and the Company’s management have made an assessment of its ability to
continue as a going concern and is satisfied that they have the resources to continue in
business for the foreseeable future. Furthermore, management is not aware of any material
uncertainties that may cast significant doubt upon the Group’s and the Company’s ability to
continue as a going concern. Therefore, the financial statements continue to be prepared
on the going concern basis.