Datasonic Group Berhad Annual Report 2021

DATASONIC GROUP BERHAD 118 3. BASIS OF PREPARATION (CONT’D) 3.1 BASIS OF ACCOUNTING (CONT’D) (b) The Group and the Company has not applied in advance the following accounting standards and/or interpretations (including the consequential amendments, if any) that have been issued by the Malaysian Accounting Standards Board (“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 9, MFRS 139, MFRS 7, MFRS 4 and MFRS 16: Interest Rate Benchmark Reform - Phase 2 1 January 2021 Amendments to MFRS 10 and MFRS 128: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Deferred Amendment to MFRS 16: Covid-19-Related Rent Concessions 1 June 2020 Amendment to MFRS 16: Covid-19-Related Rent Concessions beyond 30 June 2021 1 April 2021 Amendments to MFRS 17: Insurance Contracts 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 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 and the Company upon their initial application. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2021 (CONT’D)

RkJQdWJsaXNoZXIy NDgzMzc=