Serba Dinamik Annual Report 2019

223 N O T E S T O T H E F I N A N C I A L S T A T EME N T C H A P T E R 0 7 7 . 2 NOTES TO THE FINANCIAL STATEMENTS Serba Dinamik Holdings Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad. The address of its registered office is Level 15, Menara Serba Dinamik, Presint 3.4, Persiaran Perbandaran, Seksyen 14, 40000 Shah Alam, Selangor, Malaysia. The consolidated financial statements of the Company as at and for the financial year ended 31 December 2019 comprise the financial statements of the Company and its subsidiaries (together referred to as the “Group” and individually referred to as “Group entities”) and the Group’s interest in associates. The financial statements of the Company as at and for the year ended 31 December 2019 do not include other entities. The Company is principally engaged in investment holding and provision of management services while the principal activities of the subsidiaries are stated in Note 5 to the financial statements. The financial statements were authorised for issue by the Board of Directors on 6 May 2020. 1. BASIS OF PREPARATION (a) Statement of compliance The financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRSs”), International Financial Reporting Standards (“IFRS”) and the requirements of the Companies Act 2016 in Malaysia. The following are accounting standards, interpretations and amendments of MFRSs that have been issued by the Malaysian Accounting Standards Board (“MASB”) but have not been adopted by the Group and the Company: MFRS / Amendment / Interpretation Effective date Amendments to MFRS 3, Business Combinations Definition of a Business 1 January 2020 Amendments to MFRS 101, Presentation of Financial Statements and MFRS 108, Accounting Policies, Changes in Accounting Estimates and Errors Definition of Material 1 January 2020 Amendments to MFRS 139 Financial Instruments: Recognition and Measurement and MFRS 7 Financial Instruments: Disclosure - Interest Rate Benchmark Reform 1 January 2020 MFRS 17, Insurance Contracts 1 January 2021 Amendments to MFRS 101, Presentation of Financial Statements - Classification of Liabilities as Current or Non-current 1 January 2022 Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in Associates and Joint Ventures Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Yet to be determined