Sample Disclosure – Segmental Information Change In Accounting Policy And Note (13 October 2009)
a) Change in accounting policy
Prior to 30 April 2008, the Group presented its segmental information only by geographical segment as the Group’s activities were predominantly in the sector of property development and manufacturing of environmental friendly industrial disposal bins. The directors decided that changes to its group activities of venturing into trading of consumer healthcare products and discontinued of manufacturing segment warrant a change in presentation of its segmental information to give a fairer presentation of the results and the financial position of the Group.
This change in accounting policy did not give rise to any adjustments to the opening balances of retained profits of the prior and current year and comparative figures and presentation of previous year’s segmental information have not been restated as the Group’s activities in prior year were predominantly in predominantly in the sector of property development and manufacturing of environmental friendly industrial disposal bins.
b) Reporting segment
The primary and only segment reporting format for the current financial year is determined to be business segments as the Group’s risk and return in its business activities engaged are predominantly determined by differences in its products and services. No segment is presented in respect of the Group geographically segment, as the Group operated principally now in Malaysia.
The directors are of the opinion that all inter-segment transactions entered into are in the normal courses of business and have been established on terms and conditions that are not materially different from those obtainable in transactions with third parties.
Sample Disclosure Of Notes To Financial Statements On Change In Accounting Policy On Segmental Information