EXCEL FORCE MSC BERHAD Annual Report 2020

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2020 60 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CONT’D) 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 standards and amendments to standards 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 April 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 Annual Improvements to MFRSs Standards 2018 - 2020: 1 January 2022 • Amendments to MFRS 1 • Amendments to MFRS 9 • Amendments to MFRS 16 • Amendments to MFRS 141 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 Sale 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 new standards and amendments to standards when they become effective. The initial application of the above-mentioned new standards and amendments to standards are not expected to have any significant impacts on the financial statements of the Group and of the Company. (b) Functional and presentation currency The financial statements are presented in Ringgit Malaysia (“RM”), which is the Company’s functional currency. All financial information is presented in RM and has been rounded to the nearest RM except when otherwise stated. Standards 2018 - 2020: to MFRS 16 to MFRS 16