Frontken Berhad Annual Report 2019

58 Frontken Corporation Berhad (651020-T) ANNUAL REPORT 2019 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 activities of the Company are that of investment holding and provision of management services to its subsidiaries. The principal activities of the subsidiaries are disclosed in Note 13 to the financial statements. 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, 3rd Floor, 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 12 May 2020. 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/or interpretations (including the consequential amendments, if any):- MFRSs and IC Interpretations (Including The Consequential Amendments) MFRS 16 Leases IC Interpretation 23 Uncertainty Over Income Tax Treatments Amendments to MFRS 9: Prepayment Features with Negative Compensation Amendments to MFRS 119: Plan Amendment, Curtailment or Settlement Amendments to MFRS 128: Long-term Interests in Associates and Joint Ventures Annual Improvements to MFRS Standards 2015 – 2017 Cycles 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 financial statements other than the new classification of leasehold land as right-of-use assets as disclosed in Note 12 to the financial statements. The Group has adopted MFRS 16 using the modified retrospective application and hence, the cumulative financial impact of initial application is recognised as an adjustment to the retained profits as at 1 January 2019 (date of initial application) without restating any comparative information. Notes To The Financial Statements