167 ANNUAL REPORT 2023 MST GOLF GROUP BERHAD Registration No: 199301009307 (264044-M) 29 2. BASIS OF PREPARATION (CONT’D) 2.3 Functional and presentation currency The financial statements are presented in Ringgit Malaysia (“RM”), which is the Company’s functional currency and all values are rounded to the nearest thousand (RM’000) except when otherwise stated. 2.4 Adoption of new standards/amendments/improvement to MFRSs At the beginning of the current financial year, the Group and the Company adopted new standards/amendments/improvements to MFRSs which are mandatory for the financial period beginning on or after 1 January 2023. Initial application of the new standards/amendments/improvements to the standards did not have material impact to the financial statements. The details of the amendments are disclosed below: Amendments to MFRS 101 Presentation of Financial Statements - Disclosure of Accounting Policies The amendments changed the requirements in MFRS 101 with regard to disclosure of accounting policies. The amendments replace all instances of the term ‘significant’ with ‘material’. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements. The supporting paragraphs in MFRS 101 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The MASB has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in MFRS Practice Statement 2. The amendments have had an impact on the Group’s disclosures of accounting policies but not on the measurement, recognition or presentation of any items in the Group’s financial statements.
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