Annual Report 2023 131 1. GENERAL INFORMATION The Company is a public limited liability company, incorporated and domiciled in Malaysia. The registered office and principal place of business are at Level 6, Bangunan Setia 1, No. 15, Lorong Dungun, Damansara Heights, 50490 Kuala Lumpur. The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors dated 26 May 2023. 2. PRINCIPAL ACTIVITIES The Company is principally engaged in the businesses of investment holding and provision of management services to its subsidiaries. The principal activities of the subsidiaries are set out in Note 7 to the financial statements. There have been no significant changes in the nature of these activities during the financial year. 3. BASIS OF PREPARATION 3.1 BASIS OF ACCOUNTING The financial statements of the Group and of the Company are prepared under the historical cost convention and modified to include other bases of valuation as disclosed in other sections under significant accounting policies, and in compliance with Malaysian Financial Reporting Standards (“MFRSs”), International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia. (a) During the current financial year, the Group and the Company have adopted the following new accounting standards and/or interpretations (including the consequential amendments, if any):- MFRSs and/or IC Interpretations (Including the Consequential Amendments) Amendments to MFRS 3: Reference to the Conceptual Framework Amendments to MFRS 116: Property, Plant and Equipment – Proceeds before Intended Use Amendments to MFRS 137: Onerous Contracts – Cost of Fulfilling a Contract Annual Improvements to MFRS Standards 2018 – 2020 The adoption of the above accounting standards and/or interpretations (including the consequential amendments, if any) did not have any material impact on the Group’s financial statements. (b) The Group and the Company have not applied in advance the following accounting standards and/or interpretations (including the consequential amendments, if any) that have been issued by the Malaysian Accounting Standards Board (“MASB”) but are not yet effective for the current financial year:- MFRSs and/or IC Interpretations (Including The Consequential Amendments) Effective Date MFRS 17 Insurance Contracts 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 Amendments to MFRS 16: Lease Liability in a Sale and Leaseback 1 January 2024 Amendments to MFRS 17 Insurance Contracts 1 January 2023 Amendment to MFRS 17: Initial Application of MFRS 17 and MFRS 9 - Comparative Information 1 January 2023 Amendments to MFRS 101: Disclosure of Accounting Policies 1 January 2023 Amendment to MFRS 101: Classification of Liabilities as Current or Non-current 1 January 2024 Amendments to MFRS 101: Non-current Liabilities with Covenants 1 January 2024 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 The adoption of the above accounting standards and/or interpretations (including the consequential amendments, if any) is expected to have no material impact on the financial statements of the Group and of the Company upon their initial application. NOTES TO THE Financial Statements FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
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