GHL System Berhad Annual Report 2018

G H L S y s t e m S B e r h a d ( 2 9 3 0 4 0 - D ) 144 NOT ES TO THE F I NANC I A L STAT EMENTS 3 1 D e c e m b e r 2 0 1 8 C O N T ’ D 34. SIGNIFICANT EVENTS SUBSEQUENT TO THE END OF THE REPORTING PERIOD Incorporation of GHL Electronic Payments Inc GHL Epayments Sdn. Bhd. had on 18 January 2019 incorporated a 99.99% owned subsidiary in the Philippines, namely GHL Electronic Payments Inc. (“GEPI”). The Certificate of Incorporation was received on 21 January 2019. Acquisitions of equity interests in Speed Pay Plc On 22 January 2019, the Group acquired 51% equity interest in Speed Pay comprising 1,868,702 ordinary share for a total consideration of RM8,515,690, rendering Speed Pay to be a subsidiary of the Group.  35. ADOPTION OF NEW MFRSs AND AMENDMENTS TO MFRSs 35.1 New MFRSs adopted during the financial year The Group and the Company adopted the following Standards of the MFRS Framework that were issued by the Malaysian Accounting Standards Board (“MASB”) during the financial year: Title Effective Date Amendments to MFRS 1 Annual Improvements to MFRS Standards 2014 - 2016 Cycle 1 January 2018 MFRS 15 Revenue from Contracts with Customers 1 January 2018 Clarification to MFRS 15 1 January 2018 MFRS 9 Financial Instruments (IFRS as issued by IASB in July 2014) 1 January 2018 Amendments to MFRS 2 Classification and Measurement of Share-based Payment Transactions 1 January 2018 Amendments to MFRS 128 Annual Improvements to MFRS Standards 2014 - 2016 Cycle 1 January 2018 IC Interpretation 22 Foreign Currency Transactions and Advance Consideration 1 January 2018 Amendments to MFRS 140 Transfers of Investment Property 1 January 2018 Amendments to MFRS 4 Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts See MFRS 4 Paragraphs 46 and 48