Financial Statements Financial Statements Press Metal Aluminium Holdings Berhad 224 225 Integrated Annual Report 2023 Notes to the Financial Statements Notes to the Financial Statements 2. MATERIAL ACCOUNTING POLICIES 2.1 Global minimum top-up tax The Group has adopted the amendments to MFRS 112, Income Taxes – International Tax Reform – Pillar Two Model Rules upon their release on 2 June 2023. The amendments provide a temporary mandatory relief from deferred tax accounting for the top-up tax, which is effective immediately, and require new disclosures about the Pillar Two exposure (see note 11). The temporary mandatory relief applies retrospectively. However, there was no new legislation enacted or substantively enacted to implement the top-up tax on 31 December 2022 in the jurisdictions in which the Group operates. The retrospective application has no impact on the Group’s consolidated financial statements. 2.2 Material accounting policy information The Group also adopted amendments to MFRS 101, Presentation of Financial Statements and MFRS Practice Statement 2 – Disclosures of Accounting Policies from 1 January 2023. 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 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. 3. PROPERTY, PLANT AND EQUIPMENT Group Land RM’000 Mine, conveying, refining and port facilities RM’000 Buildings and renovation RM’000 Plant and machinery RM’000 Office equipment RM’000 Motor vehicles RM’000 Furniture and fittings RM’000 Moulds and dies RM’000 Capital work-in- progress RM’000 Total RM’000 Cost At 1 January 2022 28,145 920,444 2,233,351 6,099,464 87,704 121,025 22,956 243,337 132,224 9,888,650 Additions - - 83,553 410,414 11,615 8,343 5,192 9,635 123,340 652,092 Acquisition through business combination (Note 32.1) - - - 6,480 7 - - - - 6,487 Disposals - (616) - (4,783) (30) (1,543) (21) - - (6,993) Written off - - (71) (112,818) (1,410) (2,533) (361) (1,800) - (118,993) Remeasurement of provision for restoration and rehabilitation (Note 17) - (18,060) - - - - - - - (18,060) Transfers - 9,343 2,571 114,942 1,191 - 46 - (128,093) - Transfer from right-ofuse assets (Note 4) - - - - - 3,900 - - - 3,900 Effect of movements in exchange rates (40) (10,815) (8,237) (6,782) (894) (101) (86) (8,451) (1,535) (36,941) At 31 December 2022 28,105 900,296 2,311,167 6,506,917 98,183 129,091 27,726 242,721 125,936 10,370,142
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