Registration No. 200301030845 (633265-K) - 29 - 2. Basis of Preparation (Cont’d) (a) Statement of compliance (Cont’d) Standards issued but not yet effective The Group and the Company have not applied the following new MFRSs and amendments to MFRSs that have been issued by MASB but are not yet effective for the Group and the Company: Effective dates for financial periods beginning on or after 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 16 Lease Liability in a Sale and Leaseback 1 January 2024 Amendments to MFRS 101 Non- current Liabilities with Covenants and Classification of Liabilities as Current or Non-current 1 January 2024 Amendments to MFRS 10 and MFRS 128 Sales or Contribution of Assets between an Investor and its Associate or Joint Venture Deferred until further notice The Group and the Company intend to adopt the above MFRSs when they become effective. The initial application of the above-mentioned MFRSs are not expected to have any significant impacts on the financial statements of the Group and the Company. (b) Functional and presentation currency These financial statements are presented in Ringgit Malaysia (“RM”), which is the Group’s and the Company’s functional currency. All financial information is presented in RM and has been rounded to the nearest RM except when otherwise stated. 107 ANNUAL REPORT 2022 DESTINI BERHAD
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