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 (cont’d) 85 2. Summary of significant accounting policies (cont'd) 2.3 Standards issued but not yet effective Effective for annual periods Description beginning on or after Amendments to references to the Conceptual Framework in MFRS Standards 1 January 2020 Amendments to MFRS 3 Business Combinations - Definition of a Business 1 January 2020 Amendments to MFRS 101 Presentation of Financial Statements and MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors - Definition of Material 1 January 2020 Amendments to MFRS 9, MFRS 139 and MFRS 7: Interest Rate Benchmark Reform 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 2.4 Current versus non-current classification - Expected to be realised or intended to be sold or consumed in normal operating cycle; - Held primarily for the purpose of trading; - Expected to be realised within twelve months after the reporting period; or - All other assets are classified as non-current. Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. Assets and liabilities in the statements of financial position are presented based on current/non- current classification. An asset is current when it is: The Standards and Amendments issued but not yet effective up to the date of issuance of the Group's and the Company's financial statements are disclosed below. The Group and the Company intend to adopt these Standards and Amendments issued, if applicable, when they become effective. The directors are of the opinion that the Standards and Amendments above would not have any material impact on the financial statements in the year of initial adoption.