S E C T I O N 6 F I N A N C I A L R E P O R T S 143 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2021 (CONT’D) 2. Significant accounting policies (cont'd.) 2.2 Changes in accounting policies The accounting policies adopted are consistent with those of the previous financial year, except in the current period, the Group and the Fund adopted the following new and amended MFRS mandatory for annual financial periods beginning on or after 1 January 2021: Effective for annual period beginning on Description or after Amendments to MFRS 16: Covid-19-Related Rent Concessions 1 June 2020 Amendments to MFRS 9, MFRS 139 and MFRS 7, MFRS 4 and MFRS 16: Interest Rate Benchmark Reform - Phase 2 1 January 2021 The adoption of the above new and amended MFRS did not have any significant financial impact to the Group and the Fund. 2.3 Standards and interpretations issued but not yet effective The standards and interpretations that are issued but not yet effective are disclosed below. The Group and the Fund intend to adopt these standards, if applicable, when they become effective: Effective for annual periods beginning on Description or after Amendment to MFRS 16 Leases: Covid-19 Related Rent Concessions beyond 30 June 2021 1 April 2021 Annual improvements to MFRS Standards 2018 - 2020 1 January 2022 Amendments to MFRS 3: Reference to the Conceptual Framework 1 January 2022 Amendments to MFRS 116: Property, Plant and Equipment - Proceeds before Intended Use 1 January 2022 Amendments to MFRS 137: Onerous Contracts - Cost of Fulfilling a Contract 1 January 2022 MFRS 17 Insurance Contracts 1 January 2023 Amendments to MFRS 17 Insurance Contracts 1 January 2023 Amendment to MFRS 17 Insurance Contracts: Initial Application of MFRS 17 and MFRS 9 - Comparative Information 1 January 2023 Amendments to MFRS 101: Classification of Liabilities as Current or Non-current 1 January 2023 Amendments to MFRS 101: Disclosure of Accounting Policies 1 January 2023 Amendments to MFRS 108: Definition of Accounting Estimates 1 January 2023 Amendments to MFRS 112: Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023 Amendments to MFRS 10 and MFRS 128: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Deferred The Group and the Fund expect that the adoption of the above standards and interpretations will have no material impact on the financial statements in the period of application.
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