Sasbadi Annual Report 2019

PAGE 139 ANNUAL REPORT 2019 FINANCIAL STATEMENTS (continued) 30. Significant changes in accounting policies During the current financial year, the Group and the Company adopted MFRS 15, Revenue from Contracts with Customers and MFRS 9, Financial Instruments on their financial statements. The Group and the Company generally applied the requirements of these accounting standards retrospectively with practical expedients and transitional exemptions as allowed by the standards. Nevertheless, as permitted by MFRS 9, the Group and the Company have elected not to restate the comparatives. 30.1 Impact on financial statements The following tables summarise the impact arising from the adoption of MFRS 15 and MFRS 9 on the Group’s financial statements. a. Statement of financial position Group As previously reported RM’000 MFRS 15 adjustments RM’000 As restated RM’000 1 September 2017 Deferred tax assets 1,369 487 1,856 Right to recover returned goods - 1,384 1,384 Contract costs - 1,004 1,004 Others 208,727 - 208,727 Total assets 210,096 2,875 212,971 Reserves 37,173 (1,542) 35,631 Share capital 108,210 - 108,210 Total equity 145,383 (1,542) 143,841 Refund liabilities - 2,587 2,587 Contract liabilities - 3,033 3,033 Provisions 1,203 (1,203) - Others 63,510 - 63,510 Total liabilities 64,713 4,417 69,130 Total equity and liabilities 210,096 2,875 212,971