NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 2. Significant accounting policies 2.1 Basis of preparation The financial statements of the Group and of the Fund have been prepared in accordance with the applicable provisions of the Second Restated Trust Deed dated 25 November 2019, Malaysian Financial Reporting Standards (“MFRS”) as issued by the Malaysian Accounting Standards Board and International Financial Reporting Standards. These financial statements also comply with the applicable disclosure provisions of the Listing Requirements of Bursa Malaysia Securities. The financial statements of the Group and the Fund are prepared under the historical cost basis except for investment properties and applicable financial instruments that have been measured at their fair values. The financial statements are presented in Ringgit Malaysia (“RM”) except when otherwise stated. 2.2 Changes in accounting policies The accounting policies adopted are consistent with those of the previous financial year, except in the current period, the Group and the Fund adopted the following new and amended MFRS mandatory for annual financial periods beginning on or after 1 January 2021: Effective for annual periods beginning on Description or after Amendments to MFRS 16: COVID-19-Related Rent Concessions 1 June 2020 Amendments to MFRS 9, MFRS 139 and MFRS 7, MFRS 4 and MFRS 16: Interest Rate Benchmark Reform - Phase 2 1 January 2021 The adoption of the above new and amended MFRS did not have any significant financial impact to the Group and the Fund. 2.3 Standards and interpretations issued but not yet effective The standards and interpretations that are issued but not yet effective are disclosed below. The Group and the Fund intend to adopt these standards, if applicable, when they become effective. Effective for annual periods beginning on Description or after Amendment to MFRS 16 Leases: COVID-19 Related Rent Concessions beyond 30 June 2021 1 April 2021 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 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 GOVERNANCE STRUCTURE FINANCIAL REPORTS 151 AN PO STRATEGIC PERFORMANCE CORPORATE OVERVIEW THE DRIVING FORCES SUSTAINABILITY STATEMENT
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