Notes to the Financial Statements for the Financial Year Ended 30 September 2024 Sustaining Lives, Empowering Communities Governance That Inspires Confidence Financial Insights Through Numbers Empowering Ownership PG. 181 2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS (CONT’D) (a) Statement of compliance (Cont’d) Adoption of New and Amendments to MFRSs In the current financial year, the Group and the Company have adopted all the new and 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 2023 as follows: MFRS 17 Insurance Contracts Amendments to: MFRS 17 Insurance Contracts MFRS 17 Initial Application of MFRS 17 and MFRS 9 - Comparative Information MFRS 101 Disclosure of Accounting Policies MFRS 108 Definition of Accounting Estimates MFRS 112 Deferred Tax related to Assets and Liabilities arising from a Single Transaction MFRS 112 International Tax Reform - Pillar Two Model Rules The adoption of these new and 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. Amendments to MFRS 101 Disclosure of Accounting Policies The Group and the Company have adopted Amendments to MFRS 101 Presentation of Financial Statements and MFRS Practice Statement 2 - Disclosure of Accounting Policies from 1 October 2023. The amendments require the disclosure of ‘material’, rather than ‘significant’ account policies. The amendments also provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful, entity-specific accounting policy information that users need to understand other information in the financial statements. Although the amendments did not result in any changes to the Group’s and the Company’s accounting policies, it impacted the accounting policy information disclosed in the financial statements. The material accounting policy information is disclosed in Note 3. Amendments to MFRS 112 International Tax Reform - Pillar Two Model Rules The Amendments to MFRS 112 apply to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the Organisation for Economic Co-operation and Development (“OECD”), including tax law that implements qualified domestic minimum top-up taxes described in those rules. Such tax law, and the income taxes arising from it, are hereafter referred to as “Pillar Two Legislation” and “Pillar Two Income Taxes”.
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