Datasonic Group Berhad Annual Report 2019

1. GENERAL INFORMATION The Company is a public limited company, incorporated and domiciled in Malaysia. The registered office and principal place of business are at Level 6, Bangunan Setia 1, No. 15, Lorong Dungun, Damansara Heights, 50490 Kuala Lumpur. The financial statements has been authorised for issue by the Board of Directors in accordancewith a resolution of the directors dated 31 May 2019. 2. PRINCIPAL ACTIVITIES TheCompany is principallyengaged in thebusinesses of investment holdingandprovisionofmanagement services to its subsidiaries. The principal activities of the subsidiaries are set out in Note 6 to the financial statements. There have been no significant changes in the nature of these activities during the financial year. 3. BASIS OF PREPARATION 3.1 BASIS OF ACCOUNTING Thefinancial statementsof theGroupandof theCompanyarepreparedunder thehistorical cost convention andmodified to include other bases of valuation as disclosed in other sections under significant accounting policies, and in compliancewithMalaysianFinancial ReportingStandards (“MFRSs”), International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia. (a) During the current financial year, the Group has adopted the following new accounting standard(s) and/or interpretation(s) (including the consequential amendments, if any):- MFRSs and/or IC Interpretations (Including the Consequential Amendments) MFRS 9 Financial Instruments (IFRS 9 as issued by IASB in July 2014) MFRS 15 Revenue from Contracts with Customers IC Interpretation 22 Foreign Currency Transactions and Advance Consideration Amendments to MFRS 2: Classification and Measurement of Share-based Payment Transactions Amendments toMFRS 4: ApplyingMFRS 9 Financial InstrumentswithMFRS 4 InsuranceContracts Amendments to MFRS 15: Effective Date of MFRS 15 Amendments to MFRS 15: Clarifications to MFRS 15 ‘Revenue from Contracts with Customers’ Amendments to MFRS 140 – Transfers of Investment Property Annual Improvements to MFRS Standards 2014 – 2016 Cycles • Amendments to MFRS 1: Deletion of Short-term Exemptions for First-time Adopters • Amendments to MFRS 128: Measuring an Associate or Joint Venture at Fair Value The adoption of the above accounting standards and/or interpretations (including the consequential amendments, if any) did not have any material impact on the Group’s and the Company’s financial statements other than the new classification of financial assets under MFRS 9. This is because the measurement of financial assets under MFRS 9 and the timing and amount of revenue recognised under MFRS 15 are consistent to the Group’s and the Company’s current practice. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2019 110 DATASONIC GROUP BERHAD (Company No. 809759-X) ANNUAL REPORT 2019