Datasonic Group Berhad Annual Report 2021

2021 ANNUAL REPORT 117 1. GENERAL INFORMATION The Company is a public limited liability company, incorporated and domiciled in Malaysia. The registered office and principal place of business are at Level 6, Bangunan Setia 1, No. 15, Lorong Dungun, Damansara Heights, 50490 Kuala Lumpur. The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors dated 27 May 2021. 2. PRINCIPAL ACTIVITIES The Company is principally engaged in the businesses of investment holding and provision of management services to its subsidiaries. The principal activities of the subsidiaries are set out in Note 7 to the financial statements. There have been no significant changes in the nature of these activities during the financial year. 3. BASIS OF PREPARATION 3.1 BASIS OF ACCOUNTING The financial statements of the Group and of the Company are prepared under the historical cost convention and modified to include other bases of valuation as disclosed in other sections under significant accounting policies, and in compliance with Malaysian Financial Reporting Standards (“MFRSs”), International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia. (a) During the current financial year, the Group has adopted the following new accounting standards and/or interpretations (including the consequential amendments, if any):- MFRSs and/or IC Interpretations (Including the Consequential Amendments) Amendments to MFRS 3: Definition of a Business Amendments to MFRS 4: Extension of the Temporary Exemption from Applying MFRS 9 Amendments to MFRS 9, MFRS 139 and MFRS 7: Interest Rate Benchmark Reform Amendments to MFRS 101 and MFRS 108: Definition of Material Amendments to References to the Conceptual Framework in MFRS Standards The adoption of the above accounting standards and/or interpretations (including the consequential amendments, if any) did not have any material impact on the Group’s and the Company’s financial statements. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2021