EXCEL FORCE MSC BERHAD Annual Report 2017

55 1. Corporate Information The Company is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad. The principal place of business of the Company is located at Level 31, MYEG Tower, Empire City, No. 8, Jalan Damansara, PJU 8, 47820 Petaling Jaya, Selangor Darul Ehsan. The registered office of the Company is located at Level 15-2, Bangunan Faber Imperial Court, Jalan Sultan Ismail, 50250 Kuala Lumpur. The principal activities of the Company are the development, provision and maintenance of software application solutions for the financial services industry. The principal activities of the subsidiary companies are disclosed in Note 7. There have been no significant changes in the nature of these activities of the Company and its subsidiary companies during the financial year. 2. Basis of Preparation (a) Statement of compliance The financial statements of the Group and of 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 amendments to MFRSs issued by the Malaysian Accounting Standards Board (“MASB”) that are mandatory for current financial year: Amendments to MFRS 107 Disclosure Initiative Amendments to MFRS 112 Recognition of Deferred Tax Assets for Unrealised Losses Annual Improvements to MFRSs 2014 - 2016 Cycle Amendments to MFRS 12 The adoption of the Amendments to MFRS 107 has required additional disclosure of changes in liabilities arising from financing activities as disclosed in Note 27. Other than that, the adoption of above amendments to MFRSs did not have any significant impact on the financial statements of the Group and of the Company. Notes To The Financial Statements 31 December 2017