120 EXCEL FORCE MSC BERHAD Notes to the Financial Statements (Cont’d) 38. Prior Year Adjustments The financial impacts of the prior year adjustments for understatement of deferred tax liabilities arising from the temporary differences between the carrying amount of product development cost and their tax base are presented in this section and are further explained in the following notes: Reconciliation of statements of financial position as at 31 December 2021 and 1 January 2021 Statements of Financial Position Previously stated 31.12.2021 Effect of prior year adjustments Reclassification As restated 31.12.2021 RM RM RM RM Group Equity Retained earnings 15,711,091 (1,966,188) - 13,744,903 Non-current liabilities Deferred tax liabilities - 1,966,188 - 1,966,188 Statements of Financial Position Previously stated 31.12.2020 Effect of prior year adjustments Reclassification As restated 1.1.2021 RM RM RM RM Group Equity Retained earnings 31,886,191 (2,107,064) - 29,779,127 Non-current liabilities Deferred tax liabilities - 2,107,064 - 2,107,064 Statements of Financial Position Previously stated 31.12.2021 Effect of prior year adjustments Reclassification As restated 31.12.2021 RM RM RM RM Company Equity Retained earnings 15,935,314 (1,890,150) - 14,045,164 Non-current liabilities Deferred tax liabilities - 1,890,150 - 1,890,150
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