Sarawak Oil Palms Berhad
Sarawak Oil Palms Berhad (SOP)
1.1 Major line business and Industry
Sarawak Oil Palms Berhad (SOP) is one of the Malaysia –based company involved in Plantation industry. The company engaged in the cultivation of oil palms and the operations of palm oil mills in Malaysia. There have been no significant changes in the nature of the principal activities during the financial year. The company products comprise crude palm oil, palm kernel, and fresh fruit bunch. It also offers information technology services. . Sarawak Oil Palms Berhad was founded in 1968 and is headquartered in Miri, Malaysia and it was formerly known as Sarawak Oil Palms Sdn Bhd and changed its name to Sarawak Oil Palms Berhad in 1990
1.2 Summary of accounting principles
The financial statements of the Group and of the Company have been prepared in accordance with Financial Reporting Standards (FRS) and the Companies Act, 1965 in Malaysia. According to the annual report of company in 2011, at the beginning of the current financial year, the Group and the Company adopted new and revised FRS which is mandatory for financial periods beginning on or after 1 January 2011. Sarawak Oil Palm Berhad (SOP) prepares its financial statements on a historical basis, except as disclosed in the accounting policies. The company has adopted new and amended FRS and IC Interpretations for annual financial periods beginning on or after 1 January 2011 which included:
FRS 132: Classification of Rights Issues,
FRS 1: First-time Adoption of Financial Reporting Standards
FRS 3: Business Combinations
FRS 2: Share-based Payment
Amendments to FRS 5: Non-current Assets Held for Sale and Discontinued Operations
Amendments to FRS 127: Consolidated and Separate Financial Statements
Amendments to FRS 138: Intangible Assets
Amendments to IC Interpretation 9: Reassessment of Embedded Derivatives
IC Interpretation 12: Service Concession Arrangements IC Interpretation 16: Hedges of a Net Investment in a Foreign Operation IC
1.1 Major line business and Industry
Sarawak Oil Palms Berhad (SOP) is one of the Malaysia –based company involved in Plantation industry. The company engaged in the cultivation of oil palms and the operations of palm oil mills in Malaysia. There have been no significant changes in the nature of the principal activities during the financial year. The company products comprise crude palm oil, palm kernel, and fresh fruit bunch. It also offers information technology services. . Sarawak Oil Palms Berhad was founded in 1968 and is headquartered in Miri, Malaysia and it was formerly known as Sarawak Oil Palms Sdn Bhd and changed its name to Sarawak Oil Palms Berhad in 1990
1.2 Summary of accounting principles
The financial statements of the Group and of the Company have been prepared in accordance with Financial Reporting Standards (FRS) and the Companies Act, 1965 in Malaysia. According to the annual report of company in 2011, at the beginning of the current financial year, the Group and the Company adopted new and revised FRS which is mandatory for financial periods beginning on or after 1 January 2011. Sarawak Oil Palm Berhad (SOP) prepares its financial statements on a historical basis, except as disclosed in the accounting policies. The company has adopted new and amended FRS and IC Interpretations for annual financial periods beginning on or after 1 January 2011 which included:
FRS 132: Classification of Rights Issues,
FRS 1: First-time Adoption of Financial Reporting Standards
FRS 3: Business Combinations
FRS 2: Share-based Payment
Amendments to FRS 5: Non-current Assets Held for Sale and Discontinued Operations
Amendments to FRS 127: Consolidated and Separate Financial Statements
Amendments to FRS 138: Intangible Assets
Amendments to IC Interpretation 9: Reassessment of Embedded Derivatives
IC Interpretation 12: Service Concession Arrangements IC Interpretation 16: Hedges of a Net Investment in a Foreign Operation IC