Kimlun Corporation Berhad Annual Report 2020

200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 2. Summary of significant accounting policies (cont'd) 2.2 Changes in accounting policies (cont'd) (i) Effective for annual periods Description beginning on or after 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 (ii) Early adoption of Amendments to Standards Effective for annual periods Description beginning on or after Amendment to MFRS 16: Leases - Covid-19 Related Rent Concessions 1 June 2020 2.3 Standards issued but not yet effective Effective for annual periods Description beginning on or after Amendments to MFRS 4: Insurance Contracts - Extension of the Temporary Exemption from Applying MFRS 9 17 August 2020 Amendments to MFRS 9, MFRS 139, MFRS 7, MFRS 4 and MFRS 16: Interest Rate Benchmark Reform - Phase 2 1 January 2021 Annual Improvements to MFRS Standards 2018 – 2020 Cycle 1 January 2022 Amendments to MFRS 3: Business Combinations - Reference to the Conceptual Framework 1 January 2022 Amendments to MFRS 116: Property, Plant and Equipment - Proceeds before Intended Use 1 January 2022 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 adoption of the above Amendments did not have any significant impact on the financial statements. The Group and the Company elected to early adopt the above amendment which is mandatory for financial periods beginning on or after 1 June 2020. The early adoption of this amendment did not have any significant impact to the financial statements. Adoption of Amendments to Standards effective for financial periods beginning on or after 1 January 2020 (cont'd) - 27 - Annual Report 2020 084 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020