MKH Berhad 107 BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS (CONT’D) 2. Statement of compliance (Cont’d) (a) Notes to the Financial Statements For the Financial Year Ended 30 September 2022 In the current financial year, the Group and the Company have adopted all the amendments to MFRSs issued by the Malaysian Accounting Standards Board (“MASB”) that are relevant to their operations and effective for annual financial periods beginning on or after 1 October 2021 as follows: The adoption of these amendments to MFRSs did not result in significant changes in the accounting policies of the Group and of the Company, and has no significant effect on the financial performance or position of the Group and of the Company. Adoption of Amendments to MFRSs Amendments to MFRS 9, MFRS 139, MFRS 7, MFRS 4 and MFRS 16 Amendments to MFRS 16 Interest Rate Benchmark Reform - Phase 2 COVID-19 - Related Rent Concessions beyond 30 June 2021 At the date of authorisation for issue of these financial statements, the new and amendments to MFRSs which were in issue but not yet effective and not early adopted by the Group and by the Company are as listed below: 1 2 3 4 5 Standards and Amendments in Issue But Not Yet Effective Insurance Contracts Reference to the Conceptual Framework Extension of the Temporary Exemption from Applying MFRS 9 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Lease Liability in a Sale and Leaseback Insurance Contracts Initial Application of MFRS 17 and MFRS 9 - Comparative Information Classification of Liabilities as Current or Non-current Disclosure of Accounting Policies Non-current Liabilities with Covenants Definition of Accounting Estimates Deferred Tax related to Assets and Liabilities arising from a Single Transaction Property, Plant and Equipment - Proceeds Before Intended Use Onerous Contracts - Cost of Fulfilling a Contract Annual Improvements to MFRS Standards 2018 - 2020 MFRS 17 Amendments to MFRS 3 Amendments to MFRS 4 Amendments to MFRS 10 and MFRS 128 Amendments to MFRS 16 Amendments to MFRS 17 Amendments to MFRS 17 Amendments to MFRS 101 Amendments to MFRS 101 Amendments to MFRS 101 Amendments to MFRS 108 Amendments to MFRS 112 Amendments to MFRS 116 Amendments to MFRS 137 Amendments to MFRSs 3 5 3 3 3 3 1 1 3 1 3 4 4 2 1 Effective for annual periods beginning on or after 1 January 2022. Effective immediately for annual periods beginning before 1 January 2023. Effective for annual periods beginning on or after 1 January 2023. Effective for annual periods beginning on or after 1 January 2024. Effective date deferred to a date to be announced by MASB.
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