SCC Holdings Berhad Annual Report 2018

SCC Holdings Berhad | Annual Report 2018 40. 1. Corporate Information The Company is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the ACE Market of the Bursa Malaysia Securities Berhad. The principal place of business of the Company is located at No. 21, Jalan Hujan, Taman Overseas Union, 5th Mile, Jalan Kelang Lama, 58200 Kuala Lumpur. The registered office of the Company is located at No. 2-1, Jalan Sri Hartamas 8, Sri Hartamas, 50480 Kuala Lumpur. The principal activity of the Company is investment holding. The principal activities of the subsidiary companies are disclosed in Note 5 to the financial statements. There have been no significant changes in the nature of these activities during the financial year. 2. Basis of Preparation (a) Statement of compliance The financial statements of the Group and the Company have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRSs”), International Financial Reporting Standards and the requirements of the Companies Act, 2016 in Malaysia. The financial statements of the Group and of the Company have been prepared under the historical cost convention, unless otherwise indicated in the significant accounting policies below: Adoption of new and amended standards During the financial year, the Group and the Company have adopted the following MFRSs, amendments to MFRSs and interpretations issued by the Malaysian Accounting Standards Board (“MASB”) that are mandatory for current financial year: MFRS 9 Financial Instruments (IFRS 9 issued by IASB in July 2014) MFRS 15 Revenue from Contracts with Customers IC Interpretation 22 Foreign Currency Transactions and Advance Consideration Amendments to MFRS 2 Classification and Measurement of Share-based Payment Transactions Amendments to MFRS 4 Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts Amendments to MFRS 15 Clarifications to MFRS 15 Amendments to MFRS 140 Transfers of Investment Property Annual Improvements to MFRSs 2014 – 2017 Cycle: • Amendments to MFRS 1 • Amendments to MFRS 128 The adoption of the MFRSs, amendments to MFRSs and interpretations did not have any significant impact on the financial statements of the Group and of the Company, except for: (i) MFRS 9 Financial Instruments (IFRS 9 issued by IASB in July 2014) The adoption of MFRS 9 resulted in changes in accounting policies and adjustments to the financial statements. The accounting policies that relate to the recognition, classification, measurement and derecognition of financial instruments and impairment of financial assets are amended to comply with the provisions of this Standard, while the hedge accounting requirements under this Standard are not relevant to the Group and to the Company. The Group and the Company generally applied MFRS 9 retrospectively. Nevertheless, as permitted by MFRS 9, the Company has elected not to restate the comparative periods in the financial year of initial adoption as permitted under MFRS 9 transitional provision. The impact arising from MFRS 9 adoption were included in the opening retained earnings at the date of initial application, 1 January 2018. NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2018