NOTES TO THE FINANCIAL STATEMENTS Registration No. 200301030845 (633265-K) - 29 - 2. Basis of Preparation (Cont’d) (a) Statement of compliance (Cont’d) Standards issued but not yet effective (Cont’d) The Group and the Company intend to adopt the above MFRSs when they become effective. The assessment on the effects and impact of the adoption of above new standard, amendments to published standards and interpretation is still being assessed but the management does not expect the initial application of the above mentioned MFRSs to have any significant impacts on the financial statements of the Group and of the Company. (b) Functional and presentation currency These financial statements are presented in Ringgit Malaysia (“RM”), which is the Group’s and the Company’s functional currency. All financial information is presented in RM and has been rounded to the nearest RM except when otherwise stated. Effective dates for financial periods beginning on or after 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 10 and MFRS 128 Sales or Contribution of Assets between an Investor and its Associate or Joint Venture Deferred until further notice 106 DESTINI BERHAD • ANNUAL REPORT 2021
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