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Kumpulan Fima Berhad

(11817-V)

132

Notes to the

financial statements

31 March 2017

1.

Corporate information

The principal activities of the Company are those of investment and property holding. The principal activities of the subsidiaries

and the associates are described in Notes 39 and 40, respectively.

The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of

Bursa Malaysia Securities Berhad. The principal place of business of the Company is located at Suite 4.1, Level 4, Block C, Plaza

Damansara, No. 45, Jalan Medan Setia 1, Bukit Damansara, 50490 Kuala Lumpur.

The holding company is BHR Enterprise Sdn. Bhd., a company incorporated in Malaysia.

2.

Significant accounting policies

2.1 Basis of preparation

The financial statements of the Group and of the Company have been prepared in accordance with Financial Reporting

Standards (“FRSs”) and the requirements of the Companies Act, 2016 in Malaysia.

The Companies Act 2016 (“New Act”) was enacted to replace the Companies Act 1965 in Malaysia with the objectives

of creating a legal and regulatory structure that will facilitate business and promote accountability as well as protection

of corporate directors and shareholders, taking into consideration the interest of other stakeholders. The New Act was

passed on 4 April 2016 by the Dewan Rakyat (House of Representatives) and gazetted on 15 September 2016. On 26

January 2017, the Minister of Domestic Trade, Co-operatives and Consumerism announced that the date on which the

New Act comes into operation, except section 241 and Division 8 of Part III of the New Act, becomes effective on 31

January 2017.

Amongst the key changes introduced in the New Act which will affect the financial statements of the Group and of the

Company upon the commencement of the New Act on 31 January 2017 are:

(a)

Removal of the authorised share capital;

(b)

Shares of the Company will cease to have par or nominal value; and

(c)

the Company’s share premium account will become part of the Company’s share capital.

The adoption of the above do not have significant impact on the financial statements of the Group and of the Company.

The financial statements of the Group and of the Company have been prepared on a historical cost basis except as

disclosed in the accounting policies below.

The financial statements are expressed in Ringgit Malaysia (“RM”) and all values are rounded to the nearest thousand

(RM’000) except where otherwise indicated.

2.2 Changes in accounting policies arising from adoption of new FRSs and amendments to FRSs

(a)

Changes in accounting policies

The accounting policies adopted are consistent with those of the previous financial year except as follows:

On 1 April 2016, the Group and the Company adopted the following new and amended FRSs and IC Interpretation

mandatory for annual financial periods beginning on or after 1 January 2016.