2. MATERIAL ACCOUNTING POLICY INFORMATION (CONT’D.) 2.2 Changes in accounting policies arising from adoption of Amendments to MFRSs The accounting policies adopted by the Group and the Company are consistent with those of the previous financial year, except for the adoption of the following Amendments to MFRSs: Effective for financial periods beginning on or after 1 January 2024: - MFRS 101: Classification of Liabilities as Current or Non-current (Amendments to MFRS 101) - MFRS 101: Non-current Liabilities with Covenants (Amendments to MFRS 101) - MFRS 16: Lease Liability in a Sale and Leaseback (Amendments to MFRS 16) - MFRS 7 and MFRS 107: Disclosure of Supplier Finance Arrangements (Amendments to MFRS 7 and MFRS 107) Adoption of the above Amendments to MFRSs did not have any material effect on the financial performance or position of the Group and of the Company. 2.3 Standards issued but not yet effective The new MFRSs and Amendments to MFRSs that are issued but not yet effective up to the date of issuance of the Group’s and of the Company’s financial statements are disclosed below. The Group and the Company intend to adopt these standards, if applicable, when they become effective. MFRS 121: Lack of Exchangeability (Amendments to MFRS 121) 1 January 2025 MFRS 7 and MFRS 9: Amendments to the Classification and Measurement of Financial Instruments 1 January 2026 (Amendments to MFRS 9 and MFRS 7) Annual Improvements to MFRS Accounting Standards - Volume 11 1 January 2026 MFRS 18: Presentation and Disclosure in Financial Statements 1 January 2027 MFRS 19: Subsidiaries without Public Accountability: Disclosures 1 January 2027 MFRS 10 and MFRS 128: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Deferred (Amendments to MFRS 10 and MFRS 128) The new MFRSs and Amendments to MFRSs above are expected to have no significant impact on the financial statements of the Group and of the Company upon their initial application except for the changes in presentation and disclosures of financial information arising from the adoption of the new MFRS as discussed below: MFRS 18 additional requirements are as follows: (i) Statement of Profit or Loss and Other Comprehensive Income MFRS 18 introduces newly defined “operating profit or loss” and “profit or loss before financing and income tax” subtotal which are to be presented in the statement of profit or loss, while the net profit or loss remains unchanged. Statement of profit or loss to be presented in five categories: operating, investing, financing, income taxes and discontinued operations. FINANCIAL STATEMENTS & OTHER INFORMATION 247
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