2. ACCOUNTING POLICIES (CONTD.) 2.3 STANDARDS ISSUED BUT NOT YET EFFECTIVE The standards and interpretations that are issued but not yet effective up to the date of issuance of the Group’s and the Company’s financial statements are disclosed below. The Group and the Company intend to adopt these standards, if applicable, when they become effective: Effective for annual period beginning on or after Amendments to MFRS 121: The Effects of Changes in Foreign Exchange Rates (Lack of Exchangeability) 1 January 2025 Annual Improvements to MFRS Accounting Standards – Volume 11 1 January 2026 Amendments to MFRS 18: Presentation and Disclosure in Financial Statements 1 January 2027 MFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027 Amendments to MFRS 10: Consolidated Financial Statements (Sale or Contribution of Assets between an Investor and its Associate or Joint Venture) To be announced Amendments to MFRS 128: Investment in Associates and Joint Venture (Sale or Contribution of Assets between an investor and its Associate or Joint Venture) To be announced The Board of Directors expect that the adoption of the above amendments to MFRSs will not have a material impact on the financial statements in the period of initial application. 2.4 SUMMARY OF MATERIAL ACCOUNTING POLICIES (a) Basis of consolidation and subsidiaries (i) Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at the reporting date. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: (i) The contractual arrangement(s) with the other vote holders of the investee; (ii) Rights arising from other contractual arrangements; and (iii) The Group’s voting rights and potential voting right The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. Notes to the Financial Statements For the year ended 31 December 2024 UEM EDGENTA BERHAD 286 Integrated Annual Report 2024
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