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Annual Report 2016
ASIA MEDIA GROUP Berhad
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Notes to the Financial Statements
(continued)
3.
Summary of significant accounting policies (cont’d)
3.20 Related parties (cont’d)
A party is related to an entity if: (cont’d)
(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.
3.21 Goods and services tax (“GST”)
Revenue, expenses and assets are recognised net of GST, unless the GST is not
recoverable from the tax authority. The amount of GST not recoverable from the tax authority
is recognised as an expense or as part of cost of acquisition of an asset. Receivables and
payables that relate to such revenue, expenses or acquisitions of assets are presented in
the statements of financial position inclusive of GST recoverable or GST payable.
GST recoverable from or payable to the tax authority may be presented on net basis should
such amounts are related to GST levied by the same tax authority and the taxable entity
has a legally enforceable right to set off such amounts.
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.