EXCEL FORCE MSC BERHAD Annual Report 2018

56 ANNUAL REPORT 2018 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 was located at Level 15-2, Bangunan Faber Imperial Court, Jalan Sultan Ismail, 50250 Kuala Lumpur. With effect from 15 August 2018, the Company’s registered office has been relocated to Suite 10.02, Level 10, The Gardens South Tower, Mid Valley City, Lingkaran Syed Putra, 59200 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 its subsidiary companies are disclosed in Note 8. 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 new standards and amendments to standards 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 - 2016 Cycle: • Amendments to MFRS 1 • Amendments to MFRS 128 Notes To The Financial Statements 31 December 2018