Kimlun Corporation Berhad Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) otes to the financial statements For the financial year ended 31 December 2020 1. Corporate information 2. Summary of significant accounting policies 2.1 Basis of preparation 2.2 Changes in accounting policies (i) 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 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 2020, the Group and the Company adopted the following Amendments mandatory for annual financial periods beginning on or after 1 January 2020. Adoption of Amendments to Standards effective for financial periods beginning on or after 1 January 2020 - 26 - Kimlun Corporation Berhad Registration No. 200901023978 (867077-X) 083