Frontken Corporation Berhad 200401012517 (651020-T) • A N N U A L R E P O R T 2 0 2 1 83 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS (CONT’D) 2.2 The Group 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 2023 Amendments to MFRS 3: Reference to the Conceptual Framework 1 January 2022 Amendments to MFRS 10 and MFRS 128: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Deferred Amendment to MFRS 16: Covid-19-Related Rent Concessions beyond 30 June 2021 1 April 2021 Amendments to MFRS 17 Insurance Contracts 1 January 2023 Amendment to MFRS 17: Initial Application of MFRS 17 and MFRS 9 – Comparative Information 1 January 2023 Amendment to MFRS 101: Classification of Liabilities as Current or Non-current 1 January 2023 Amendments to MFRS 101: Disclosure of Accounting Policies 1 January 2023 Amendments to MFRS 108: Definition of Accounting Estimates 1 January 2023 Amendments to MFRS 112: Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023 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 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 upon their initial application.
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