200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 2. Material accounting policy information (cont'd) 2.2 Changes in accounting policies (cont'd) Effective for annual periods Description beginning on or after Amendment to MFRS 16: Leases - Lease Liability in a Sale and Leaseback 1 January 2024 Amendments to MFRS 101: Presentation of Financial Statements - Classification of Liabilities as Current or Non-current 1 January 2024 - Non-current Liabilities with Covenants 1 January 2024 2.3 Effective for annual periods Description beginning on or after Amendments to MFRS 121: The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability 1 January 2025 Amendments to MFRS 9: Financial Instruments and MFRS 7: Financial Instruments: Disclosures - Classification and Measurement of Financial Instruments 1 January 2026 - Contracts Referencing Nature-dependent Electricity 1 January 2026 Annual Improvements to MFRS Accounting Standards - Volume 11 1 January 2026 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 and MFRS 128: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Deferred The directors are of opinion that the Amendments above did not have any material impact on the financial statements. Standards, Amendments and Annual Improvements issued but not yet effective The Standards, Amendments and Annual Improvements that are issued but not yet effective up to the date of issuance of the Group's and of the Company's financial statements are disclosed below. The Group and the Company intend to adopt these Standards, Amendments and Annual Improvements if applicable, when they become effective. The directors expect that the adoption of the above Standards, Amendments and Annual Improvements will have no material impact on the financial statements in the year of initial application except for the changes in presentation and disclosures of financial information arising from the adoption of these Amendments to MFRSs as discussed below: - 26 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 118
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