MKH BERHAD | ANNUAL REPORT 2023 145 2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS (CONT’D) (a) Statement of compliance (Cont’d) 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. Standards and Amendments in Issue But Not Yet Effective 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: MFRS 17 Insurance Contracts1 Amendments to: MFRS 10 and MFRS 128 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture5 MFRS 16 Lease Liability in a Sale and Leaseback2 MFRS 17 Insurance Contract1 MFRS 17 Initial Application of MFRS 17 and MFRS 9 - Comparative Information1 MFRS 101 Classification of Liabilities as Current or Non-current2 MFRS 101 Disclosure of Accounting Policies1 MFRS 101 Non-current Liabilities with Covenants2 MFRS 107 and MFRS 7 Supplier Finance Arrangements2 MFRS 108 Definition of Accounting Estimates1 MFRS 112 International Tax Reform - Pillar Two Model Rules3 MFRS 112 Deferred Tax related to Assets and Liabilities arising from a Single Transaction1 MFRS 121 Lack of Exchangeability4 1 Effective for annual periods beginning on or after 1 January 2023. 2 E ffective for annual periods beginning on or after 1 January 2024. 3 I mmediately for Para 4A and 88A and effective for annual period beginning on or after 1 January 2023 for Para 88B - 88D. 4 Effective for annual periods beginnings on or after 1 January 2025. 5 Effective date deferred to a date to be announced by MASB. The directors anticipate that the abovementioned MFRSs and amendments to MFRSs will be adopted in the annual financial statements of the Group and of the Company when they become effective. The adoption of these Standards and amendments may have an impact on the financial statements of the Group and of the Company in the period of initial application. However, it is not practicable to provide a reasonable estimate of these effect from the adoption of the said MFRSs and amendments to MFRSs until the Group and the Company undertake a detailed review. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
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