Frontken Berhad Annual Report 2017

55 Frontken Corporation Berhad (651020-T) ANNUAL REPORT 2017 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 principal activity of the Company is that of investment holding and provision of management services to its subsidiaries. The principal activities of the subsidiaries are disclosed in Note 11 to the financial statements. There have been no significant changes in the nature of the activities of the Company and of its subsidiaries during the financial year. The registered office of the Company is located at B-11-10, Level 11, Megan Avenue II, Jalan Yap Kwan Seng, 50450 Kuala Lumpur, Malaysia. The principal place of business of the Company is located at Suite 301, Block F, Pusat Dagangan Phileo Damansara 1, No. 9, Jalan 16/11, Off Jalan Damansara, 46350 Petaling Jaya, Selangor Darul Ehsan, Malaysia. The financial statements of the Group and of the Company have been authorised by the Board of Directors for issuance on 28 March 2018. 2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS The financial statements of the Group are prepared under the historical cost convention and modified to include other bases of valuation as disclosed in other sections under significant accounting policies, and in compliance with Malaysian Financial Reporting Standards (“MFRSs”), International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia. 2.1 During the current financial year, the Group has adopted the following new accounting standards and interpretations (including the consequential amendments, if any):- MFRSs and IC Interpretations (Including The Consequential Amendments) Amendments to MFRS 107: Disclosure Initiative Amendments to MFRS 112: Recognition of Deferred Tax Assets for Unrealised Losses Annual Improvements to MFRS Standards 2014 – 2016 Cycles: Amendments to MFRS 12: Clarification of the Scope of the Standard The adoption of the above accounting standards and interpretations (including the consequential amendments, if any) did not have any material impact on the Group’s financial statements except as follows:- Amendments to MFRS 107: Disclosure Initiative The amendments to MFRS 107 require an entity to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. A reconciliation between opening and closing balances of these items is provided in Note 29(a) to the financial statements. Notes To The Financial Statements