NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 153 OUR SUSTAINABILITY APPROACH HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION 2. CHANGES IN ACCOUNTING POLICIES (CONT'D.) 2.1 New and amended Malaysian Financial Reporting Standards ("MFRSs") adopted (cont'd.) The adoption of the new and amended MFRSs did not have any significant impact on the financial position or performance of the Group and of the Bank. 2.2 Standards issued but not yet effective The following are amended MFRSs issued by the Malaysian Accounting Standards Board ("MASB") that will be effective for the Group and the Bank in future years. The Group and the Bank intend to adopt the relevant standards when they become effective. Description Effective for annual periods beginning on or after Lease Liability in a Sale and Leaseback (Amendments to MFRS 16 Leases) 1 January 2024 Non-current Liabilities with Covenants (Amendments to MFRS 101 Presentation of Financial Statements) 1 January 2024 Supplier Finance Arrangements (Amendments to MFRS 107 Statement of Cash Flows and MFRS 7 Financial Instruments: Disclosures) 1 January 2024 Lack of Exchangeability (Amendments to MFRS 121 The Effect of Changes in Foreign Exchange Rates) 1 January 2025 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to MFRS 10 Consolidated Financial Statements and MFRS 128 Investments in Associates and Joint Ventures) To be announced by MASB The directors expect that the adoption of the above standards will have no material impact on the financial statements in the period of initial application. 3. ACCOUNTING POLICIES 3.1 Basis of preparation The financial statements of the Group and of the Bank have been prepared on a historical cost basis unless otherwise indicated. 3.2 Statement of compliance The financial statements of the Group and of the Bank have been prepared in accordance with Malaysian Financial Reporting Standards ("MFRSs"), International Financial Reporting Standards ("IFRSs"), and the requirements of the Companies Act 2016 in Malaysia. 3.3 Functional and presentation currency The financial statements are presented in Ringgit Malaysia ("RM"), which is also the Bank's functional currency and all values are rounded to the nearest thousand ("RM'000"), unless otherwise stated.
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