Fraser & Neave Holdings Bhd Annual Report 2019

WWW . F N . C O M . M Y 208 F R A S E R & N E A V E H O L D I N G S B H D NOTES TO THE FINANCIAL STATEMENTS 34. SIGNIFICANT CHANGES IN ACCOUNTING POLICIES During the financial year, the Group and the Company adopted MFRS 15, Revenue from Contracts with Customers and MFRS 9, Financial Instruments on their financial statements. The Group and the Company generally applied the requirements of these accounting standards retrospectively with practical expedients and transitional exemptions as allowed by the standards. Nevertheless, as permitted by MFRS 9, the Group and the Company have elected not to restate the comparatives. (A) IMPACT ON FINANCIAL STATEMENTS The following tables summarise the impact arising from the adoption of MFRS 15 and MFRS 9 on the Group’s financial statements. (i) Statement of financial position Group As previously reported RM’000 MFRS 15 adjustments RM’000 As restated RM’000 1 October 2017 Trade and other payables 628,685 8,335 637,020 Equity attributable to owners of the Company 2,132,558 (8,335) 2,124,223 Retained earnings 1,218,891 (8,335) 1,210,556 30 September 2018 1 October 2018 Group As previously reported RM’000 MFRS 15 adjustments RM’000 As restated RM’000 MFRS 9 adjustments RM’000 As restated RM’000 Trade and other payables 620,310 6,920 627,230 – 627,230 Reserves 2,312,336 (6,920) 2,305,416 (2,003) 2,303,413 Retained earnings 1,393,615 (6,920) 1,386,695 (2,003) 1,384,692 (ii) Statement of profit or loss and other comprehensive income for the financial year ended 30 September 2018 Group As previously reported RM’000 MFRS 15 adjustments RM’000 As restated RM’000 Revenue 4,109,859 (238,905) 3,870,954 Cost of sales (2,727,681) 6,409 (2,721,272) Distribution expenses (407,221) 64,693 (342,528) Marketing expenses (430,578) 169,218 (261,360) Group As previously reported As restated Basic earnings per ordinary share (sen) 104.9 105.3 Diluted earnings per ordinary share (sen) 104.5 104.9 (iii) Statement of cash flows for the financial year ended 30 September 2018 Group As previously reported RM’000 MFRS 15 adjustments RM’000 As restated RM’000 Profit before tax 422,729 1,415 424,144 Changes in trade and other payables (10,289) (1,415) (11,704)