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 and/or IC Interpretations (Including The Consequential Amendments) Effective Date MFRS 17 Insurance Contracts 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 Amendments to MFRS 16: Lease Liability in a Sale and Leaseback 1 January 2024 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: Disclosure of Accounting Policies 1 January 2023 Amendment to MFRS 101: Classification of Liabilities as Current or Non-current 1 January 2024 Amendments to MFRS 101: Non-current Liabilities with Covenants 1 January 2024 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 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 - The adoption of the above accounting standards and/or interpretations (including the consequential amendments, if any) is expected to have no material impact on the financial statements of the Group upon their initial application. Assets and liabilities in the statements of financial position are presented based on current/non-current classification. An asset is current when it is: Expected to be realised or intended to be sold or consumed in normal operating cycle; 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/or 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:- - 27 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 Annual Report 2022 92
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