Integrated Annual Report 2024 SECTION 6 • FINANCIAL STATEMENTS 251 Notes to the Financial Statements 1. BASIS OF PREPARATION (CONT’D) (a) Statement of compliance (cont’d) MFRS Accounting Standards, interpretations and amendments effective for annual periods beginning on or after 1 January 2027 • MFRS 18, Presentation and Disclosure in Financial Statements • MFRS 19, Subsidiaries without Public Accountability: Disclosures MFRS Accounting Standards, interpretations and amendments effective for annual periods beginning on or after a date yet to be confirmed • 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 Group and the Company plan to apply the abovementioned accounting standards, interpretations and amendments: • from the annual period beginning on 1 January 2025 for the amendments that are effective for annual periods beginning on or after 1 January 2025. • from the annual period beginning on 1 January 2026 for the amendments that are effective for annual periods beginning on or after 1 January 2026. • from the annual period beginning on 1 January 2027 for the accounting standard that is effective for annual periods beginning on or after 1 January 2027. The initial application of the abovementioned accounting standards, amendments and interpretations is not expected to have any material financial impact to the current period and prior period financial statements of the Group and of the Company. (b) Basis of measurement The financial statements have been prepared on the historical cost basis except for the following items, which are measured based on the measurement bases stated below: Items Measurement bases Derivative financial instruments Fair value Non-derivative financial instruments at FVTPL Fair value Debt and equity securities at FVOCI Fair value Contingent consideration in a business combination Fair value (c) Functional and presentation currency The 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.
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