MISC Annual Report 2017

MISC BERHAD | Annual Report 2017 176 1. CORPORATE INFORMATION The Corporation is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of %XUVD 0DOD\VLD 6HFXULWLHV %HUKDG %XUVD 0DOD\VLD 7KH UHJLVWHUHG RIƓFH RI WKH &RUSRUDWLRQ LV ORFDWHG DW /HYHO 0HQDUD 'D\DEXPL -DODQ 6XOWDQ +LVKDPXGGLQ .XDOD /XPSXU The immediate and ultimate holding company of the Corporation is Petroliam Nasional Berhad ("PETRONAS"), a company LQFRUSRUDWHG DQG GRPLFLOHG LQ 0DOD\VLD The principal activities of the Corporation consist of shipowning, ship operating and other activities related to shipping services and RSHUDWLQJ RIIVKRUH ŴRDWLQJ WHUPLQDOV 7KH SULQFLSDO DFWLYLWLHV RI WKH VXEVLGLDULHV DVVRFLDWHV DQG MRLQW DUUDQJHPHQWV DUH GHVFULEHG LQ 1RWHV DQG UHVSHFWLYHO\ 7KHUH KDYH EHHQ QR VLJQLƓFDQW FKDQJHV LQ WKH QDWXUH RI WKH SULQFLSDO DFWLYLWLHV GXULQJ WKH ƓQDQFLDO \HDU 7KH ƓQDQFLDO VWDWHPHQWV ZHUH DXWKRULVHG IRU LVVXH E\ WKH %RDUG RI 'LUHFWRUV LQ DFFRUGDQFH ZLWK D UHVROXWLRQ RI WKH GLUHFWRUV RQ )HEUXDU\ 2. SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of preparation 7KH ƓQDQFLDO VWDWHPHQWV RI WKH *URXS DQG RI WKH &RUSRUDWLRQ FRPSO\ ZLWK 0DOD\VLDQ )LQDQFLDO 5HSRUWLQJ 6WDQGDUGV 0)56 ,QWHUQDWLRQDO )LQDQFLDO 5HSRUWLQJ 6WDQGDUGV ,)56 DQG WKH UHTXLUHPHQWV RI WKH &RPSDQLHV $FW LQ 0DOD\VLD 7KHVH ƓQDQFLDO VWDWHPHQWV DOVR FRPSO\ ZLWK WKH DSSOLFDEOH GLVFORVXUH SURYLVLRQV RI WKH /LVWLQJ 5HTXLUHPHQWV RI WKH %XUVD 0DOD\VLD 6HFXULWLHV %HUKDG 7KH ƓQDQFLDO VWDWHPHQWV RI WKH *URXS DQG RI WKH &RUSRUDWLRQ KDYH EHHQ SUHSDUHG RQ D KLVWRULFDO FRVW EDVLV XQOHVV RWKHUZLVH LQGLFDWHG LQ WKH DFFRXQWLQJ SROLFLHV EHORZ 7KH IXQFWLRQDO FXUUHQF\ RI WKH &RUSRUDWLRQ LV 8QLWHG 6WDWHV 'ROODU 86' 7KH LQGLYLGXDO ƓQDQFLDO VWDWHPHQWV RI HDFK HQWLW\ LQ WKH *URXS DUH PHDVXUHG XVLQJ WKH FXUUHQF\ RI WKH SULPDU\ HFRQRPLF HQYLURQPHQW LQ ZKLFK WKH HQWLW\ RSHUDWHV WKH IXQFWLRQDO FXUUHQF\ 7KH *URXS DQG WKH &RUSRUDWLRQ V ƓQDQFLDO VWDWHPHQWV DUH SUHVHQWHG LQ 5LQJJLW 0DOD\VLD 50 2.2 Changes in accounting policies and effects arising from the adoption of New and Revised MFRSs 7KH *URXS DQG WKH &RUSRUDWLRQ KDG RQ -DQXDU\ DGRSWHG WKH IROORZLQJ QHZ DQG DPHQGHG 0)56V FROOHFWLYHO\ UHIHUUHG WR as "pronouncements") that have been issued by the Malaysian Accounting Standards Board ("MASB"): Ř $PHQGPHQWV WR 0)56 'LVFORVXUH RI ,QWHUHVWV LQ 2WKHU (QWLWLHV $QQXDO ,PSURYHPHQWV &\FOH Ř $PHQGPHQWV WR 0)56 6WDWHPHQW RI &DVK )ORZV 'LVFORVXUH ,QLWLDWLYH Ř $PHQGPHQWV WR 0)56 ,QFRPH 7D[HV 5HFRJQLWLRQ RI 'HIHUUHG 7D[ $VVHWV IRU 8QUHDOLVHG /RVVHV 7KH DGRSWLRQ RI WKH DERYH SURQRXQFHPHQWV GLG QRW KDYH DQ\ VLJQLƓFDQW ƓQDQFLDO LPSDFW WR WKH *URXS DQG WKH &RUSRUDWLRQ NOTES TO THE FINANCIAL STATEMENTS 31 December 2017

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