Asia Media Annual Report 2017

ASIA MEDIA GROUP BERHAD Annual Report 2017 70 2. Basis of Preparation (cont’d) (a) Statement of compliance (cont’d) Standards issued but not yet effective (cont’d) Effective dates for financial periods beginning on or after Annual Improvements to MFRSs 2015 – 2017 Cycle: • Amendments to MFRS 3 1 January 2019 • Amendments to MFRS 11 1 January 2019 • Amendments to MFRS 112 1 January 2019 • Amendments to MFRS 123 1 January 2019 MFRS 17 Insurance Contracts 1 Janaury 2021 Amendments to MFRS 10 and MFRS 128 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Deferred until further notice Note: * Entities that meet the specific criteria in MFRS 4, paragraph 20B, may choose to defer the application of MFRS 9 until that earlier of the application of the forthcoming insurance contracts standard or annual periods beginning before 1 January 2021. The Group and the Company intend to adopt above MFRSs when they become effective. The initial application of the abovementioned MFRSs is not expected to have any significant impacts of the financial statements of the Group and of the Company except as mentioned below: (i) MFRS 9 Financial Instruments (IFRS 9 issued by IASB in July 2014) MFRS 9 (IFRS 9 issued by IASB in July 2014) replaces earlier versions of MFRS 9 and introduces a package of improvements which includes a classification and measurement model, a single forward looking ‘expected loss’ impairment model and a substantially reformed approach to hedge accounting. MFRS 9 when effective will replace MFRS 139 Financial Instruments: Recognition and Measurement . NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2017 (cont’d)