EXCEL FORCE MSC BERHAD Annual Report 2017

56 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 interpretations 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 MFRS 9 Financial Instruments (IFRS 9 issued by IASB in July 2014) 1 January 2018 MFRS 15 Revenue from Contracts with Customers 1 January 2018 IC Interpretation 22 Foreign Currency Transactions and Advance Consideration 1 January 2018 Amendments to MFRS 2 Clarification and Measurement of Share-based Payment Transactions 1 January 2018 Amendments to MFRS 4 Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts 1 January 2018* Amendments to MFRS 15 Clarifications to MFRS 15 1 January 2018 Amendments to MFRS 140 Transfer of Investment Property 1 January 2018 Annual Improvements to MFRSs 2014 - 2016 Cycle: • Amendments to MFRS 1 1 January 2018 • Amendments to MFRS 128 1 January 2018 Amendments to MFRS 119 Plan Amendment, Curtailment or Settlement 1 January 2019 MFRS 16 Leases 1 January 2019 IC Interpretation 23 Uncertainty Over Income Tax Treatments 1 January 2019 Amendments to MFRS 9 Prepayment Features with Negative Compensation 1 January 2019 Amendments to MFRS 128 Long-term Interests in Associates and Joint Ventures 1 January 2019 Annual Improvements to MFRSs 2015 - 2017 Cycle: • Amendments to MFRS 3 1 January 2019 • Amendments to MFRS 11 1 January 2019 • Amendments to MFRS 112 1 January 2019 • Amendments to MFRS 123 1 January 2019 MFRS 17 Insurance Contracts 1 January 2021 Amendments to MFRS 10 and MFRS 128 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Deferred until further notice Note: * Entities that meet the specific criteria in MFRS 4, paragraph 20B, may choose to defer the application of MFRS 9 until that earlier of the application of the forthcoming insurance contracts standard or annual periods beginning before 1 January 2021. The Group and the Company intend to adopt the above MFRSs when they become effective. The initial application of the above-mentioned MFRSs is not expected to have any significant impacts on the financial statements of the Group and of the Company except as mentioned below: Notes To The Financial Statements 31 December 2017 (cont’d)