NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 SECTION 4: FINANCIAL PERFORMANCE 156 2. BASIS OF PREPARATION (CONT’D) 2.6 Standards issued not yet effective (cont’d) 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. (cont’d) Effective for financial period beginning on or after 1 January 2027 • MFRS 18 Presentation and Disclosure in Financial Statements • MFRS 19 Subsidiaries without Public Accountability: Disclosures Deferred to a date to be determined by the MASB • Amendments to MFRS 10 Consolidated Financial Statements and MFRS 128 Investments in Associates and Joint Ventures - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The initial application of the accounting standards and amendments are not expected to have any financial impacts to the current period and prior period to the financial statements of the Group and the Company upon their adoption, except for:- MFRS 18 Presentation and Disclosure in Financial Statements MFRS 18 Presentation and Disclosure in Financial Statements introduces three sets of new requirements to improve companies’ reporting of financial performance:- • Improved comparability in the statement of profit or loss (income statement) • Enhanced transparency of management-defined performance measures • More useful grouping of information in the financial statements MFRS 18 replaces MFRS 101 Presentation of Financial Statements. It carries forward many requirements from MFRS 101 unchanged. MFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, but companies can apply it earlier. The Group is currently working to identify all impacts the amendments will have on the financial statements and notes to the financial statements. 2.7 Significant accounting estimates and judgements Estimates, assumptions concerning the future and judgements are made in the preparation of the financial statements. They affect the application of the Group’s and of the Company’s accounting policies and reported amounts of assets, liabilities, income and expenses, and disclosures made. Estimates and underlying assumptions are assessed on an on-going basis and are based on experience and relevant factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results.
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