168 FINANCIAL STATEMENTS & OTHERS ENRA GROUP BERHAD ANNUAL REPORT 2023 Notes To The Financial Statements 31 March 2023 (Cont’d) 38. ADOPTION OF NEW MFRSs AND AMENDMENTS TO MFRSs 38.1 New MFRSs adopted during the financial year The Group and the Company adopted the following Standards of the MFRS Framework that were issued by the Malaysian Accounting Standards Board (“MASB”) during the financial year: Title Effective Date Annual Improvements to MFRS Standards 2018 - 2020 1 January 2022 Amendments to MFRS 3 Reference to the Conceptual Framework 1 January 2022 Amendments to MFRS 16 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 Adoption of the above Standards did not have any material effect on the financial performance or position of the Group and of the Company. 38.2 New MFRSs that have been issued, but only effective for annual periods beginning on or after 1 January 2023 Title Effective Date MFRS 17 Insurance Contracts 1 January 2023 Amendments to MFRS 17 Insurance Contracts 1 January 2023 Amendments to MFRS 17 Insurance Contracts (Initial Application of MFRS 17 and MFRS 9 - Comparative Information) 1 January 2023 Amendments to MFRS 101 Disclosures 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 101 Non-current Liabilities with Covenants 1 January 2024 Amendments to MFRS 101 Classification of Liabilities as Current or Non-current 1 January 2024 Amendments to MFRS 16 Lease Liability in a Sale and Leaseback 1 January 2024 Amendments to MFRS 107 and MFRS 7 Supplier Finance Arrangements 1 January 2024 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 112 International Tax Reform – Pillar Two Model Rules See paragraph 98M of MFRS 112 The Group and the Company are in the process of assessing the impact of implementing these Standards and Amendments since the effects would only be observable for future financial years.
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