Frontken Corporation Berhad 200401012517 (651020-T) • ANNUAL REPORT 2023 91 NOTES TO THE FINANCIAL STATEMENTS 1. GENERAL INFORMATION The Company is a public limited liability company, incorporated and domiciled in Malaysia, and listed on the Main Market of Bursa Malaysia Securities Berhad. The principal activities of the Company are that of investment holding and provision of management services to its subsidiaries. The principal activities of the subsidiaries are disclosed in Note 13 to the financial statements. The registered office of the Company is located at B-11-10, Level 11, Megan Avenue II, Jalan Yap Kwan Seng, 50450 Kuala Lumpur, Malaysia. The principal place of business of the Company is located at Suite 301, 3rd Floor, Block F, Pusat Dagangan Phileo Damansara 1, No. 9, Jalan 16/11, Off Jalan Damansara, 46350 Petaling Jaya, Selangor Darul Ehsan, Malaysia. The consolidated financial statements include the financial statements of the Company and its subsidiaries made up to the end of the reporting period. The consolidated financial statements are presented in Ringgit Malaysia (“RM”), which is the Company’s functional and presentation currency. The financial statements of the Group and of the Company have been authorised by the Board of Directors for issuance on 27 March 2024. 2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS 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 material accounting policy information, and in compliance with Malaysian Financial Reporting Standards (“MFRSs”), International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia. 2.1 During the current financial year, the Group and the Company have adopted the following new accounting standards and/or interpretations (including the consequential amendments, if any): MFRSs and/or IC Interpretations (Including The Consequential Amendments) MFRS 17 Insurance Contracts Amendments to MFRS 17 Insurance Contracts Amendment to MFRS 17: Initial Application of MFRS 17 and MFRS 9 – Comparative Information Amendments to MFRS 101: Disclosure of Accounting Policies Amendments to MFRS 108: Definition of Accounting Estimates Amendments to MFRS 112: Deferred Tax related to Assets and Liabilities arising from a Single Transaction Amendments to MFRS 112: International Tax Reform – Pillar Two Model Rules The adoption of the above accounting standards and/or interpretations (including the consequential amendments, if any) did not have any material impact on the financial statements of the Group and of the Company.
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