153 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2022 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 CONT’D 35. ADOPTION OF NEW MFRSs AND AMENDMENTS TO MFRSs (Cont’d) 35.2 New MFRSs that have been issued, but only effective for annual periods beginning on or after 1 January 2023 The following are Standards of the MFRS Framework that have been issued by the MASB but have not been early adopted by the Group and the Company: Title Effective Date MFRS 17 Insurance Contracts 1 January 2023 Amendments to MFRS 17 Insurance Contracts 1 January 2023 Amendments to MFRS 17 Insurance Contract (Initial Application of MFRS 17and MFRS 9 - Comparative Information) 1 January 2023 Amendments to MFRS 101 Presentation of Financial Statements - Disclosure of Accounting Policies 1 January 2023 Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors - Definition of Accounting Estimates 1 January 2023 Amendments to MFRS 112 Income Taxes - 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 16 Lease Liability in Sale and Leaseback 1 January 2024 Amendments to MFRS 101 Classification of Liabilities as Current or Non-current 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 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 the future financial years.
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