NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
1 GENERAL INFORMATION
The Company is a public limited liability company, incorporated and domiciled in Malaysia, and listed on the Main Market of Bursa Malaysia Securities Berhad. The
address of its registered office and principal place of business are as follows:
Registered office and principal place of business:
Suite 19.01, Level 19
The Gardens North Tower
Mid Valley City
Lingkaran Syed Putra
59200 Kuala Lumpur
The principal activities of the Company are investment holding and provision of management services to its subsidiaries.
The principal activities of the Group consist of specialised pipe coating and corrosion protection services; Engineering, Procurement and Construction (“EPC”);
fabrication and rental of gas compressors and process equipment; Exploration and Production (“E&P”) of products and services; renewable energy; infrastructure
materials and services; and oil palm plantation.
The financial statements are presented in Ringgit Malaysia (“RM”), which is also the Company’s functional currency. Unless otherwise indicated, the amounts in these
financial statements have been rounded to the nearest thousand.
These financial statements were authorised for issue by the Directors on 23 April 2015.
2 SIGNIFICANT ACCOUNTING POLICIES
Unless otherwise stated, the following accounting policies have been applied consistently in dealing with items that are considered material in relation to the financial
statements.
2.1 Basis of preparation
The financial statements of the Group and the Company have been prepared in accordance with the provisions of the Companies Act, 1965, Malaysian Financial
Reporting Standards (“MFRS”) and International Financial Reporting Standards (“IFRS”).
The financial statements have been prepared under the historical cost convention unless otherwise indicated in this summary of significant accounting policies.
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 disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of 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 financial statements are
disclosed in Note 3 to the financial statements.
65
Wah Seong Corporation Berhad • Annual Report 2014
