131 / 284
FINANCIAL STATEMENTS
Axiata Group Berhad | Annual Report 2016
129
1.
GENERAL INFORMATION
The principal activities of the Group are the provision of mobile communication services and network transmission related services.
The principal activities of the Company are investment holding and provision of technical and management services on an international scale, where
it has investments in subsidiaries, joint ventures and associates.
The principal activities of the subsidiaries are set out in Note 40 to the financial statements. There has been no significant change in the nature of
the activities of the Group and the Company during the financial year.
The address of the registered office of the Company is Level 5, Corporate Headquarters, Axiata Tower, 9 Jalan Stesen Sentral 5, Kuala Lumpur
Sentral, 50470 Kuala Lumpur.
The address of the principal place of business of the Company is Corporate Headquarters, Axiata Tower, 9 Jalan Stesen Sentral 5, Kuala Lumpur
Sentral, 50470 Kuala Lumpur.
The financial statements have been approved for issuance in accordance with a resolution of the Board of Directors on 22 February 2017.
2.
BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
The financial statements of the Group and the Company have been prepared in accordance with the provisions of 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 except as disclosed in the summary of significant accounting
policies.
The financial statements are presented in Ringgit Malaysia (“RM”) and all values are rounded to the nearest thousand (RM’000) except when otherwise
indicated.
The preparation of financial statements in conformity with MFRS requires the use of certain critical accounting estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the
reported amounts of the revenues and expenses during the reported period. It also requires Directors to exercise their judgement in the process of
applying the Group’s and the Company’s accounting policies. Although these estimates and judgement are based on the Directors’ best knowledge
of current events and actions, actual results may differ.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the Group’s and the
Company’s financial statements are disclosed in Note 4 to the financial statements.
(a) Standards and amendments to published standards that are applicable to the Group and the Company that are effective
New and amendments to published standards
The following standards and amendments to published standards have been adopted by the Group and the Company for the first time for the
financial year beginning on or after 1 January 2016:
•
Amendments to MFRS 101 “Presentation of Financial Statements” on Disclosure Initiative aim to improve the effectiveness of disclosures
and are designed to encourage companies to apply professional judgment in determining the information to be disclosed in the financial
statements.
•
Amendment to MFRS 11 “Joint Arrangements” requires an investor to apply the principles of MFRS 3 “Business Combinations” when it
acquires an interest in a joint operation that constitutes a business. The amendments are applicable to both the acquisition of the initial
interest in a joint operation and the acquisition of additional interest in the same joint operation. However, a previously held interest is
not re-measured when the acquisition of an additional interest in the same joint operation results in retaining joint control.
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016