ANNUAL REPORT 2021 161 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS ʹˢ˥ ˧˛˘ Ѓˡ˔ˡ˖˜˔˟ ˬ˘˔˥ ˘ˡ˗˘˗ ʦʤ ʷ˘˖˘ˠ˕˘˥ ʥʣʥʤ (CONT’D) 3. BASIS OF PREPARATION (CONT’D) 3.2 The Group has not applied in advance the following accounting standards and/or interpretations (including the consequential amendments, if any) that have been issued by 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 3: Reference to the Conceptual Framework 1 January 2022 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 17 Insurance Contracts 1 January 2023 Amendment to MFRS 17: Initial Application of MFRS 17 and MFRS 9 – Comparative Information 1 January 2023 Amendment 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 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 Annual Improvements to MFRS Standards 2018 – 2020 1 January 2022 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 upon their initial application. 4. SIGNIFICANT ACCOUNTING POLICIES 4.1 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The outbreak of the COVID-19 has brought unprecedented challenges and added economic uncertainties in Malaysia and markets in which the Group operates. While the Group has considered the potential financial impact of the COVID-19 pandemic in the preparation of these financial statements, the full financial impact to the Group remains uncertain. Accordingly, there is a possibility that factors not currently anticipated by management could occur in the future and therefore affect the recognition and measurement of the Group’s assets and liabilities at the reporting date.
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