155 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD 2. BASIS OF PREPARATION (CONT’D) 2.5 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 2024. The details of the amendments are disclosed below:- Effective for financial period beginning on or after 1 January 2024 • Amendments to MFRS 16 Lease - Lease Liabilities in a Sale and Leaseback • Amendments to MFRS 101 Presentation of Financial Statements: Non-current Liabilities with Covenants • Amendments to MFRS 101 Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current • Amendments to MFRS 107 Statement of Cash Flows and MFRS 7 Financial Instruments: Disclosures - Supplier Finance Arrangements Initial application of the new standards/amendments/improvements to the standards did not have material impact to the financial statements, except as mentioned below:- The adoption of Amendments to MFRS 107 and MFRS 7 “Supplier Finance Arrangements” require new disclosure about the supplier finance arrangements (“SFA”) that enable the user to understand the effects of SFA on the Group’s liabilities, cash flows and exposure to liquidity risk. As a results of adopting the amendments, the Group provided new disclosures for liabilities under SFAs in Note 34 to the financial statements. 2.6 Standards issued not yet effective The new and amended standards that are issued, but not yet effective, up to the date of issuance of the Group’s and the Company’s financial statements are disclosed below. The Group and the Company intends to adopt these new and amended standards, if applicable, when they become effective in respective financial period. Effective for financial period beginning on or after 1 January 2025 • Amendments to MFRS 121 The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability Effective for financial period beginning on or after 1 January 2026 • Amendments to MFRS 9 Financial Instruments and MFRS 7 Financial Instruments: Disclosures - Amendments to the Classification and Measurement of Financial Instruments • Amendments that are part of Annual Improvement-Volume 11: - Amendments to MRFS 1 First-time Adoption of Malaysian Financial Reporting Standards - Amendments to MFRS 7 Financial Instruments: Disclosures - Amendments to MFRS 9 Financial Instruments - Amendments to MFRS 10 Consolidated Financial Statements - Amendments to MFRS 107 Statement of Cash Flow • Amendments to MFRS 9 Financial Instruments and MFRS 7 Financial Instruments: Disclosures – Contract Referencing Nature- dependent Electricity
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