1. BASIS OF PREPARATION (CONTINUED) (a) Statement of compliance (continued) The adoption of the above accounting standards and/or interpretations (including the consequential amendments, if any) did not have any material impact on the financial statements of the Group and of the Company except as follows:- Amendments to MFRS 101: Disclosure of Accounting Policies The Amendments to MFRS 101 ‘Disclosure of Accounting Policies’ did not result in any changes to the existing accounting policies of the Group and of the Company. However, the amendments require the disclosure of ‘material’ rather than ‘significant’ accounting policies and provide guidance on how entities apply the concept of materiality in making decisions about the material accounting policy disclosures. The Group and the Company have made updates to the accounting policies presented in Note 2 to the financial statements in line with the amendments. The Group and the Company have not applied in advance the following accounting standards and/or interpretations (including the consequential amendments, if any) that have been issued by the Malaysian Accounting Standards Board (“MASB”) but are not yet effective for the current financial year: MFRSs and/or IC Interpretations (Including the Consequential Amendments) Effective date Amendments to MFRS 121: Lack of Exchangeability 1 January 2025 Amendments to MFRS 9 and MFRS 7: Amendments to the Classification and Measurement of Financial Instruments 1 January 2026 Annual Improvements to MFRS Accounting Standards - Volume 11 1 January 2026 Amendments to MFRS 9 and MFRS 7: Contracts Referencing Nature-dependent Electricity 1 January 2026 MFRS 18: Presentation and Disclosure in Financial Statements 1 January 2027 MFRS 19: Subsidiaries without Public Accountability: Disclosure 1 January 2027 Amendments to MFRS 10 and MFRS 128: Sale or Contribution of Assets between an investor and its Associate or Joint Venture Deferred The adoption of the above accounting standards and/or interpretations (including the consequential amendments, if any) is expected to have no material impact on the financial statements of the Group and of the Company upon their initial application. (b) Basis of measurement The financial statements have been prepared on the historical cost basis other than as disclosed in Note 2. (c) Functional and presentation currencies These financial statements are presented in Ringgit Malaysia (“RM”), which is the Company’s functional currency. All financial information is presented in RM and has been rounded to the nearest thousand, unless otherwise stated. 129 Financial Statements DAGANG NeXCHANGE BERHAD Integrated Report 2024 NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024
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