Notes to the Financial Statements for the Financial Year Ended 30 September 2024 MKH BERHAD ANNUAL REPORT 2024 Laying The Foundation of Excellence Where People Matter Guided by Leadership, Inspired by People Delivering Value That Matters to People PG. 182 2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS (CONT’D) (a) Statement of compliance (Cont’d) Adoption of New and Amendments to MFRSs (Cont’d) Amendments to MFRS 112 International Tax Reform - Pillar Two Model Rules (Cont’d) The Group and the Company have applied the temporary exception from accounting for deferred taxes arising from Pillar Two Model Rules, as provided in the International Tax Reform - Pillar Two Model Rules (Amendments to MFRS 112 Income Taxes) issued on 2 June 2023. Accordingly, the Group and the Company neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two Income Taxes. Based on information available for the current financial year, the Directors have assessed and expect that the Group and the Company would not have any potential tax exposure relating to the Pillar Two Model Rules since the Group and the Company do not fall within the scope of the Pillar Two Model Rules. The Directors are continuing to assess the impact of the Pillar Two Income Taxes legislation on its future financial performance. New and Amendments to MFRS 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 18 Presentation and Disclosure in Financial Statements4 MFRS 19 Subsidiaries without Public Accountability Disclosure4 Amendments to: MFRS 7 and MFRS 107 Supplier Finance Arrangements1 MFRS 9 and MFRS 7 Amendments to Classification and Measurement of Financial Instruments3 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 Leaseback1 MFRS 101 Classification of Liabilities as Current or Non-current1 MFRS 101 Non-current Liabilities with Covenants1 MFRS 121 Lack of Exchangeability2 MFRSs Annual Improvements to MFRS Accounting Standards - Volume 113 1 Effective for annual periods beginning on or after 1 January 2024, with earlier application permitted. 2 E ffective for annual periods beginning on or after 1 January 2025, with earlier application permitted. 3 E ffective for annual periods beginning on or after 1 January 2026, with earlier application permitted. 4 Effective for annual periods beginnings on or after 1 January 2027, with earlier application permitted. 5 Effective date deferred to a date to be determined and announced by MASB.
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