Press Metal Aluminium Holdings Berhad SECTION 6 • FINANCIAL STATEMENTS 252 Notes to the Financial Statements 1. BASIS OF PREPARATION (CONT’D) (d) Use of estimates and judgements The preparation of the financial statements in conformity with MFRS Accounting Standards requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies that have significant effect on the amounts recognised in the financial statements other than those disclosed in the following notes: • Note 6 - measurement of the recoverable amounts of cash-generating units • Note 11 - measurement of deferred tax assets and liabilities • Note 17 - provisions 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 2024 in the jurisdictions in which the Group operates. The retrospective application has no impact on the Group’s consolidated financial statements.
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