200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 2. Summary of significant accounting policies (cont'd) 2.1 Basis of preparation (cont'd) (b) MFRSs (Including The Consequential Amendments) Effective Date MFRS 17 Insurance Contracts 1 January 2023 Amendments to MFRS 3: Reference to the Conceptual Framework 1 January 2022 Amendments to MFRS 10 and MFRS 128: Sale or Contribution of Assets between an investor and its Associate or Joint Venture Deferred Amendments to MFRS 17: Insurance Contracts 1 January 2023 Amendment to MFRS 17: Initial Application of MFRS 17 and MFRS 9 – Comparative information 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 112: Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023 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 MFRS Standards 2018 – 2020 1 January 2022 2.2 Current versus non-current classification - - Held primarily for the purpose of trading; - Expected to be realised within twelve months after the reporting period; or - Assets and liabilities in the statements of financial position are presented based on current/non-current classification. An asset is current when it is: Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. The company has not applied in advance the following accounting standards and interpretations (including the consequential amendments, if any) that have been issued by the Malaysian Accounting Standards Board ("MASB") but are not yet effective for the current financial year:- The adoption of the above accounting standards (including the consequential amendments, if any) is not expected to have any material impact on the Group's financial statements upon their initial application. Expected to be realised or intended to be sold or consumed in normal operating cycle; - 27 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 K imlun Corporat ion Berhad Regi s t rat ion No. 200901023978 (867077-X) 87
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