7 FINANCIAL STATEMENTS 375 46. PRIOR YEAR ADJUSTMENTS (“PYAs”) (CONTD.) In accordance with MFRS 108: Accounting Policies, Changes in Accounting Estimates and Errors, the Group has retrospectively corrected the matter by reversing the affected deferred cost expenditures and accrual balances, and restating the comparative information as if the adjustment had been recognised in the relevant prior periods. As a result of this prior year adjustment, certain comparative amounts as at 1 January 2024 and 31 December 2024 have been restated accordingly, as follows: Group As previously reported RM’000 PYA RM’000 As restated RM’000 Statement of Financial Position 31 December 2024 Current assets Contract related assets 491,308 (17,996) 473,312 Current liabilities Trade and other payables 771,777 50,687 822,464 Equity Retained earnings 1,009,461 (68,683) 940,778 Total equity 1,622,000 (68,683) 1,553,317 Statement of Comprehensive Income For the financial year ended 31 December 2024 Cost of sales (2,651,921) (6,600) (2,658,521) Profit before tax and zakat 98,336 (6,600) 91,736 Profit after tax and zakat 51,750 (6,600) 45,150 Statement of Financial Position 1 January 2024 Current assets Contract assets 441,896 (17,996) 423,900 Current liabilities Trade and other payables 689,107 44,087 733,194 Equity Retained earnings 973,723 (62,083) 911,640 Total equity 1,624,268 (62,083) 1,562,185 There are no effects to the consolidated statement of cash flows arising from the above PYA.
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