Kimlun Corporation Berhad Annual Report 2020

200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 2. Summary of significant accounting policies (cont'd) 2.3 Standards issued but not yet effective (cont'd) Effective for annual periods Description beginning on or after Amendments to MFRS 137: Provisions, Contingent Liabilities and Contingent Assets - Onerous Contracts - Cost of Fulfilling a Contract 1 January 2022 MFRS 17 Insurance Contracts 1 January 2023 Amendments to MFRS 101: Classification of Liabilities as Current or Non-current 1 January 2023 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. A liability is current when: - It is expected to be settled in normal operating cycle; - It is held primarily for the purpose of trading; - It is due to be settled within twelve months after the reporting period; or - All other liabilities are classified as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. There is no unconditional right to defer the settlement of the 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 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. - 28 - 085 Kimlun Corporation Berhad Registration No. 200901023978 (867077-X) NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020