DESTINI Annual Report 2020

2. Basis of Preparation (Cont’d) (a) Statement of compliance (Cont’d) Standards issued but not yet effective The Group and the Company have not applied the following new MFRSs, new interpretation and amendments to MFRSs that have been issued by MASB but are not yet effective for the Group and for the Company: Effective dates for financial periods beginning on or after Amendments to MFRS 16 Covid-19-Related Rent Concessions 1 June 2020 Amendments to MFRS 9, MFRS 139, MFRS 7, MFRS 4, and MFRS 16 Interest Rate Benchmark Reform-Phase 2 1 January 2021 Amendments to MFRS 16 Covid-19-Related Rent Concessions beyond 30 June 2021 1 January 2021 Amendments to MFRS 3 Reference to the Conceptual Framework 1 January 2022 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 Amendments to MFRSs Annual Improvements to MFRS Standards 2018-2020 1 January 2022 MFRS 17 Insurance Contracts 1 January 2023 Amendments to MFRS 17 Insurance Contracts 1 January 2023 Amendments 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 10 and MFRS 128 Sales or Contribution of Assets between an Investor and its Associate or Joint Venture Deferred until further notice The Group and the Company intend to adopt the above MFRSs when they become effective. The assessment on the effects and impact of the adoption of above new standard, amendments to published standards and interpretation is still being assessed but the management does not expect the initial application of the above mentioned MFRSs to have any significant impacts on the financial statements of the Group and of the Company. (b) Functional and presentation currency These financial statements are presented in Ringgit Malaysia (“RM”), which is the Group’s and the Company’s functional currency. All financial information is presented in RM and has been rounded to the nearest RM except when otherwise stated. ANNUAL REPORT 2020 DESTINI BERHAD Notes to Financial Statements 100