2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.) 2.2 Standards, amendments to published standards and interpretations that are effective The Group and the Company have applied the following amendments for the first time for the financial year beginning on 1 January 2021: – Amendments to MFRS 4 Insurance Contracts (Amendments to Interest Rate Benchmark Reform – Phase 2) – Amendments to MFRS 7 Financial Instruments Disclosures (Amendments to Interest Rate Benchmark Reform – Phase 2) – Amendments to MFRS 9 Financial Instruments (Amendments to Interest Rate Benchmark Reform – Phase 2) – Amendments to MFRS 16 Leases (Amendments to Interest Rate Benchmark Reform – Phase 2) – Amendments to MFRS 139 Recognition and Measurement (Amendments to Interest Rate Benchmark Reform – Phase 2) – Amendments to MFRS 16 Leases (Amendments to COVID-19 Related Rent Concessions beyond 30 June 2021) The adoption of these amendments did not have any material impact on the current period or any prior period except for the following: The Group has also early adopted the Amendment to MFRS 16 Leases (COVID-19 Related Rent Concessions) issued by Malaysian Accounting Standards Board ("MASB") in April 2021, in response to the COVID-19 pandemic. The amendment is effective for annual periods beginning on or after 1 April 2021. Under MFRS 16, rent concessions often meet the definition of a lease modification, unless they were envisaged in the original lease agreement. In response to the COVID-19 pandemic, MASB has issued Amendment to MFRS 16 Leases (COVID-19 Related Rent Concessions) that introduces an optional practical expedient to simplify how lessees account for rent concessions as a direct consequence of the COVID-19 pandemic. The Group did not have any leases impacted by the amendment. 2.3 Standards issued but not yet effective The standards and interpretations that are issued but not yet effective up to the date of issuance of the Group's and of the Company's financial statements are disclosed below. The Group and the Company intend to adopt these standards, if applicable, when they become effective. Effective for annual periods beginning Description on or after Annual Improvements to MFRS Standards 2018-2020 1 January 2022 Amendments to MFRS 3 Business Combinations: Reference to the Conceptual Framework 1 January 2022 Amendments to MFRS 116 Property, Plant and Equipment: Property, Plant and Equipment – Proceeds before Intended Use 1 January 2022 Amendments to MFRS 137 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contract – Cost of Fulfilling a Contract 1 January 2022 MFRS 17 Insurance Contracts 1 January 2023 Amendments to MFRS 17 Insurance Contracts 1 January 2023 Amendments to MFRS 101 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current 1 January 2023 Amendments to MFRS 101 Presentation of Financial Statements: Disclosure of Accounting Policies 1 January 2023 Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates 1 January 2023 Amendments to MFRS 112 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023 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 Deferred The directors of the Company expect that the adoption of the above standards and interpretations will have no material impact on the financial statements in the period of initial application. F I N A N C I A L S T A T E M E N T S A N N U A L R E P O R T 2 0 2 1 2 1 9
RkJQdWJsaXNoZXIy ODU0MjU5