Datasonic Group Berhad Annual Report 2020

DATASONIC GROUP BERHAD I ANNUAL REPORT 2020 (Registration No. 200801008472 (809759-X)) 115 Notes to the Financial Statements for the financial year ended 31 March 2020 (Cont’d) 3. BASIS OF PREPARATION (cont’d) 3.1 BASIS OF ACCOUNTING (CONT’D) (b) The Group and the Company has not applied in advance the following accounting standards and/ or interpretations (including the consequential amendments, if any) that have been issued by the Malaysian Accounting Standards Board (“MASB”) but are not yet effective for the current financial year:- MFRSs and/or IC Interpretations (Including The Consequential Amendments) Effective Date MFRS 17 Insurance Contracts 1 January 2021 Amendments to MFRS 3: Definition of a Business 1 January 2020 Amendments to MFRS 3: Reference to the Conceptual Framework 1 January 2022 Amendments to MFRS 9, MFRS 139 and MFRS 7: Interest Rate  Benchmark Reform 1 January 2020 Amendments to MFRS 10 and MFRS 128: Sale or Contribution  of Assets between an Investor and its Associate or Joint Venture Deferred Amendments to MFRS 16: COVID-19-Related Rent Concessions 1 June 2020 Amendments to MFRS 101 and MFRS 108: Definition of Material 1 January 2020 Amendments to MFRS 101: Classification of Liabilities as Current  or Non-current 1 January 2022 Amendments to MFRS 116: Property, Plant and Equipment  – Proceeds before Intended Use 1 January 2022 Amendments to MFRS 137: Onerous Contracts  – Cost of Fulfilling a Contract 1 January 2022 Amendments to References to the Conceptual Framework  in MFRS Standards 1 January 2020 Annual Improvements to MFRS Standards 2018 – 2020 1 January 2022 The adoption of the above accounting standards and/or interpretations (including the consequential amendments, if any) is expected to have no material impact on the financial statements of the Group and the Company upon their initial application.