Professional Documents
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The financial statements of the Group and the Company have been
prepared in accordance with the Malaysian Financial Reporting Standards
(MFRS), International Financial Reporting Standards and the requirements
of the Companies Act, 1965 in Malaysia. The financial statements have
been prepared under the historical cost convention, as modified by the
revaluation of available-for-sale financial assets, and financial assets and
financial liabilities at fair value through profit or loss. The financial
statements are presented in Ringgit Malaysia (RM) and all values are
rounded to the nearest thousand (RM000) except when otherwise
indicated.
The financial statements of Media Prima Berhad have been prepared
by using applicable MFRS for certain items in the financial statements. For
preparation of financial statements as a whole, Media Prima Berhad
applies MFRS 101 Presentation of Financial Statements. While for its noncurrent assets such as property, plant and equipment, MFRS 116 Property,
Plant and Equipment had been used. MFRS 138 Intangible Assets is used
for disclosure of Media Prima Berhads intangible assets.
Based on statement of financial position as at 31 December 2015,
one of Media Prima Berhad major assets is subsidiaries which are all those
entities over which the Group has control. The Group applies the
acquisition
method
to
account
for
business
combinations.
The
assets acquired is recorded as goodwill. If this is less than the fair value of
the net assets of the subsidiary acquired in the case of a bargain
purchase, the difference is recognised in profit or loss.
Non-controlling interest is the equity in a subsidiary not attributable,
directly or indirectly, to a parent. On an acquisition-by-acquisition basis,
the Group measures any non-controlling interest in the acquiree either at
fair value or at the non-controlling interests proportionate share of the
recognised amounts of acquirees identifiable net assets. At the end of
reporting period, non-controlling interest consists of amount calculated on
the date of combinations and its share of changes in the subsidiarys
equity since the date of combination. If the business combination is
achieved in stages, the acquisition date fair value of the acquirers
previously held equity interest in the acquiree is remeasured to fair value
at the acquisition date, any gains or losses arising from such remeasurement are recognised in profit or loss.
The Group applies predecessor accounting to account for business
combinations under common control. Under the predecessor accounting
assets and liabilities acquired are not restated to their respective fair
values but at the carrying amounts from the consolidated financial
statements of the ultimate holding company of the Group and adjusted to
ensure uniform accounting policies of the Group. The difference between
any consideration given and the aggregate carrying amounts of the assets
and liabilities of the acquired entity is recorded as an adjustment to
retained earnings. The acquired entitys results, assets and liabilities are
consolidated from the date on which the business combination between
entities under common control occurred.
Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by the Group.
When the Group ceases to consolidate because of a loss of control, any
retained interest in the entity is remeasured to its fair value with the
change in carrying amount recognised in profit or loss. This fair value
becomes the initial carrying amount for the purposes of subsequently
costs
that
are
directly
attributable
to
the
acquisition,
are ready for their intended use. Depreciation on the other property, plant
and equipment is calculated so as to write off the cost or valuation of the
assets to their residual values on a straight line basis over the expected
useful lives of the assets. Leasehold land is amortised over the remaining
period of the respective leases ranging from 40 and 96 years. At each
financial position date, the Group assesses whether there is any indication
of impairment. If such indications exist, an analysis is performed to assess
whether the carrying amount of the asset is fully recoverable. A write
down is made if the carrying amount exceeds the recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with
carrying amounts and are included in the profit or loss.