Registration No. 200301030845 (633265-K) - 28 - 2. Basis of Preparation (Cont’d) (a) Statement of compliance (Cont’d) Adoption of new and amended standards During the financial period, the Group and the Company has adopted the following new and amendments to MFRSs issued by the Malaysian Accounting Standards Board (“MASB”) that are mandatory for current financial period: MFRS 17 Insurance Contracts Amendments to MFRS 17 Initial Application of MFRS 17 and MFRS 9 - Comparative Information Amendments to MFRS 101 and MFRS Practice Statement 2 Disclosure of Accounting Policies Amendments to MFRS 108 Definition of Accounting Estimates Amendments to MFRS 112 Deferred Tax related to Assets and Liabilities arising from a Single Transaction Amendments to MFRS 112 International Tax Reform - Pillar Two Model Rules The adoption of the above new and amendments to MFRSs did not have any significant impact on the financial statements of the Group and of the Company except as disclosed below: Amendments to MFRS 101 and MFRS Practice Statement 2 Disclosure of Accounting Policies The Group and the Company have adopted the amendments to MFRS 101 Presentation of Financial Statements and MFRS Practice Statement 2 Materiality Practice Statement for the first time in the current financial period. The amendments change the requirements in MFRS 101 Presentation of Financial Statements with regard to disclosure of accounting policies. The amendments replace all instances of the term “significant accounting policies” with “material accounting policy information”. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. Amendments to MFRS 101 Presentation of Financial Statements are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The amendments have no effect on the measurement, recognition or presentation of any items in the Group’s and the Company’s financial statements but affect the disclosure of accounting policies. 105 DESTINI BERHAD ANNUAL REPORT 2024
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