Kimlun Corporation Berhad Annual Report 2019

Annual Report 2019 Kimlun Corporation Berhad NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2019 81 1. Corporate information 2. Summary of significant accounting policies 2.1 Basis of preparation 2.2 Changes in accounting policies Effective for annual periods Description beginning on or after Amendments to MFRS 9: Prepayment Features with Negative Compensation 1 January 2019 MFRS 16 Leases 1 January 2019 Amendments to MFRS 128: Long-term Interests in Associates and Joint Ventures 1 January 2019 Annual Improvements to MFRS Standards 2015–2017 Cycle 1 January 2019 Amendments to MFRS 119: Plan Amendment, Curtailment or Settlement 1 January 2019 IC Interpretation 23 Uncertainty over Income Tax Treatments 1 January 2019 The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of Bursa Malaysia Securities Berhad. The principal place of business of the Company is located at Suite 19.06, Level 19, Johor Bahru City Square, 106 - 108, Jalan Wong Ah Fook, 80000 Johor Bahru, Johor Darul Ta'zim. The principal activity of the Company is investment holding. The principal activities and other information of the subsidiaries are disclosed in Note 16. The financial statements of the Group and of the Company have been prepared on the historical cost basis. The financial statements are presented in Ringgit Malaysia ("RM") except when otherwise indicated. The financial statements of the Group and the Company have been prepared in accordance with Malaysia Financial Reporting Standards ("MFRS"), International Financial Reporting Standards ("IFRS") and the requirements of the Companies Act 2016 in Malaysia. The accounting policies adopted are consistent with those of the previous financial year except as follows: On 1 January 2019, the Group and the Company adopted the following Standards, Amendments, Annual Improvements and IC Interpretations mandatory for annual financial periods beginning on or after 1 January 2019.