Dagang NeXchange Berhad Annual Report 2019

FINANCIAL STATEMENTS annual report 2019 185 36. SIGNIFICANT CHANGES IN ACCOUNTING POLICIES (CONTINUED) Impacts on financial statements Since the Group applied the requirement of MFRS 16 retrospectively with the cumulative effect of initial application at 1 January 2019, there are no adjustments made to the prior period presented. The financial impacts upon the adoption of these accounting standards are summarised below: Statement of financial position At 1 January 2019 As previously MFRS 16 As reported adjustments restated RM’000 RM’000 RM’000 Group Assets Property, plant and equipment 68,190 (243) 67,947 Right-of-use assets - 8,133 8,133 Deferred tax assets - 2,114 2,114 Equity Retained earnings 96,750 (115) 96,635 Liabilities Lease liabilities - (8,409) (8,409) Loan and borrowings (47,575) 404 (47,171) Deferred tax liabilities - (2,114) (2,114)