NOTES TO THE FINANCIAL STATEMENTS For the Financial Year Ended 31 December 2023 (cont’d) 2. BASIS OF PREPARATION (CONT’D) (a) Statement of compliance (cont’d) (i) Adoption of new and amended standards (cont’d) The adoption of the new and amendments to MFRSs did not have any significant impact on the financial statements of the Group and of the Company, except for the following: Amendments to MFRS 101 Presentation of Financial Statements - Disclosure of Accounting Policies The amendments require the disclosure of “material”, rather than “significant”, accounting 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 the respective notes to the financial statements where relevant. (ii) Standards issued but not yet effective The Group and the Company have not applied the following amendments to MFRSs that have been issued by the MASB but are not yet effective for the Group and for the Company: Effective dates for financial periods beginning on or after Amendments to MFRS 16 Lease liability in a Sale and Leaseback 1 January 2024 Amendments to MFRS 101 Classification of Liabilities as Current or Non-current 1 January 2024 Amendments to MFRS 101 Non-current Liabilities with Covenants 1 January 2024 Amendments to MFRS 107 and MFRS 7 Supplier Finance Agreement 1 January 2024 Amendments to MFRS 121 Lack of Exchangeability 1 January 2025 Amendments to MFRS 10 and MFRS 128 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Deferred until further notice The Group and the Company intend to adopt the above amendments to MFRSs when they become effective. The initial applications of the above-mentioned MFRSs are not expected to have any significant impacts on the financial statements of the Group and of the Company. (b) Functional and presentation currency These financial statements are presented in Ringgit Malaysia (“RM”), which is the Company’s functional currency. All financial information is presented in RM and has been rounded to the nearest thousand, unless otherwise stated. (c) Significant accounting judgements, estimates and assumptions The preparation of the Group’s and of the Company’s financial statements require management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. ANNUAL REPORT 2023 ANNUAL REPORT 2023 183 g FINANCIAL STATEMENTS
RkJQdWJsaXNoZXIy NDgzMzc=