Page 189 - Full Book_24.4.2021

NOTES TO THE
FINANCIAL STATEMENTS in retrospect

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for the financial year ended 31 december 2020 (continUed)
the Will to Suceed

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2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
2.1 Basis of preparation (continued)
(a) Statement of compliance (continued) achieving a leading repute
(vi) MFRSs and Amendments to MFRSs that have been issued but are not yet effective to the Group
and the Company |
the following are accounting standards and amendments to the mfrS framework that have been issued
by the malaysian accounting Standards board (“maSb”) but have not been adopted by the Group and the
company.
MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January Paving the Way for a Sustainable future
2021
• Amendments to MFRS 9, MFRS 139, MFRS 7, MFRS 4 and MFRS 16, interest rate benchmark reform-
Phase 2

MFRSs, Interpretations and amendments effective for annual periods beginning on or after
1 January 2022
183
• Annual Improvements to MFRS 9, Fees in the 10% test for derecognition of financial liabilities

• Amendments to MFRS 3, Reference to Conceptual Framework
• Amendments to MFRS 116, Proceeds before intended use
• Amendments to MFRS 137, onerous contracts-cost of fulfilling a contract
MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January adhering to the best Governance Practices
2023
• Amendments to MFRS 101, Classification of liabilities as current or noncurrent
• MFRS 17, Insurance Contracts
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• Amendments to MFRS 17, Insurance Contract
MFRSs, Interpretations and amendments effective for annual periods beginning or after a date
yet to be confirmed
• Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in Associates Laying the Foundation for Financial Growth
and Joint Ventures – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
apart from mfrS 17 insurance contracts, the initial application of the accounting standards, amendments
and interpretations are not expected to have any material financial impacts to the Group and the company.

the Group is in the process of assessing the financial impact from the application of mfrS 17 insurance |
additional information & disclosure Summary
contracts onto the Group’s financial statements.

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24 th aGm information