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2.
Summary of significant accounting policies (cont’d.)
2.3 Standards issued but not yet effective (cont’d.)
The standards and interpretations that are issued but not yet effective up to the date of issuance of the Group’s and of the
Company’s financial statements are disclosed below.The Group and the Company intend to adopt these standards, if applicable,
when they become effective.
Description
Effective for
annual periods
beginning on or
after
MFRS 2 Classification and Measurement of Share-based Payment Transactions (Amendments to MFRS 2) 1 January 2018
MFRS 9 Financial Instruments
1 January 2018
MFRS 15 Revenue from Contracts with Customers
1 January 2018
MFRS 140 Transfers of Investment Property (Amendments to MFRS 140)
1 January 2018
Annual Improvements to MFRS Standards 2014 – 2016 Cycle
1 January 2018
IC Interpretation 22 Foreign Currency Transactions and Advance Consideration
1 January 2018
MFRS 9 Prepayment Features with Negative Compensation (Amendments to MFRS 9)
1 January 2019
MFRS 16 Leases
1 January 2019
MFRS 128 Long-term Interests in Associates and Joint Ventures (Amendments to MFRS 128)
1 January 2019
Annual Improvements to MFRS Standards 2015–2017 Cycle
1 January 2019
MFRS 119 Plan Amendment, Curtailment or Settlement (Amendments to MFRS 119)
1 January 2019
IC Interpretation 23 Uncertainty over Income Tax Treatments
1 January 2019
MFRS 17 Insurance Contracts
1 January 2021
Amendments to MFRS 10 and MFRS 128: Sale or Contribution of Assets between an Investor and its
Associate or Joint Venture
Deferred
The directors of the Company expect that the adoption of the above standards and interpretations will have no material impact
on the financial statements in the period of initial application, other than those described below:
MFRS 15 Revenue from Contracts with Customers
MFRS 15 establishes a new five-step model that will apply to revenue arising from contracts with customers. MFRS 15 will
supersede the current revenue recognition guidance including MFRS 118 Revenue, MFRS 111 Construction Contracts and the
related interpretations when it becomes effective.
The core principle of MFRS 15 is that an entity should recognise revenue which depict the transfer of promised goods or
services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for
those goods or services.
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249
AirAsia Berhad
REPORTS AND FINANCIAL STATEMENTS