SCC Holdings Berhad Annual Report 2019

notes to the financial statement 31 december 2019 (cont’d) 47 SCC Holdings Berhad | Annual Report 2019 2. Basis of Preparation (CONT’D) (a) Statement of compliance (cont’d) Adoption of new and amended standards (cont’d) MFRS 16 Leases (cont’d) Impact arising from the adoption of MFRS 16 on the financial statements: Statements of financial position As at 31.12.2018 MFRS 16 Adjustment As at 1.1.2019 Group RM’000 RM’000 RM’000 Right-of-use-assets - 521 521 Retained earnings (18.286) 24 (18.262) Lease liabilities - (546) (546) Standards issued but not yet effective The Group and the Company have not applied the following new MFRSs, new interpretations and amendments to MFRSs that have been issued by the MASB but are not yet effective for the Group and the Company: Effective dates for financial periods beginning on or after Amendments to References to the Conceptual Framework in MFRS Standards 1 January 2020 Amendments to MFRS 3 Definition of a Business 1 January 2020 Amendments to MFRS 9, MFRS 139 and MFRS 7 Interest Rate Benchmark Reform 1 January 2020 Amendments to MFRS 101 and MFRS 108 Definition of Material 1 January 2020 MFRS 17 Insurance Contracts 1 January 2021 Amendments to MFRS 101 Classification of Liabilities as Current or Non-current 1 January 2022 Amendments to MFRS 10 and MFRS 128 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Deferred until further notice The Group and the Company plan to apply the abovementioned accounting standards, interpretations and amendments from the annual period beginning on 1 January 2020 for those accounting standards, interpretation and amendments that are effective for annual periods beginning on or after 1 January 2020. The Group and the Company do not plan to apply MFRS 17 Insurance Contracts that is effective for annual periods beginning or after 1 January 2021 as it is not applicable to the Group and the Company. The initial application of the accounting standards or amendments are not expected to have any material financial impacts to the current period and prior period financial statements of the Group and the Company.