Sasbadi Annual Report 2019

PAGE 64 SASBADI HOLDINGS BERHAD FINANCIAL STATEMENTS (continued) 1. Basis of preparation (continued) (a) Statement of compliance (continued) MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2019 x MFRS 16, Leases x IC Interpretation 23, Uncertainty over Income Tax Treatments x Amendments to MFRS 3 , Business Combinations (Annual Improvements to MFRS Standards 2015-2017 Cycle) x Amendments to MFRS 9, Financial Instruments – Prepayment Features with Negative Compensation x Amendments to MFRS 11, Joint Arrangements (Annual Improvements to MFRS Standards 2015-2017 Cycle) x Amendments to MFRS 112, Income Taxes (Annual Improvements to MFRS Standards 2015-2017 Cycle) x Amendments to MFRS 119, Employee Benefits – Plan Amendment, Curtailment or Settlement x Amendments to MFRS 123, Borrowing Costs (Annual Improvements to MFRS Standards 2015-2017 Cycle) x Amendments to MFRS 128, Investments in Associates and Joint Ventures – Long-term Interests in Associates and Joint Ventures MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2020 x Amendments to MFRS 3 , Business Combinations – Definition of a Business x Amendments to MFRS 101, Presentation of Financial Statements and MFRS 108, Accounting Policies, Changes in Accounting Estimates and Errors – Definition of Material x Amendments to MFRS 9 , Financial Instruments, MFRS 139 , Financial Instruments: Recognition and Measurement and MFRS 7 , Financial Instruments: Disclosures – Interest Rate Benchmark Reform MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2021 x MFRS 17, Insurance Contracts MFRSs, Interpretations and amendments effective for annual periods beginning on or after a date yet to be confirmed x Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in Associates and Joint Ventures – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The Group and the Company plan to apply the abovementioned accounting standards, amendments and interpretations, where applicable: x from the annual period beginning on 1 September 2019 for those accounting standards, amendments and interpretations that are effective for annual periods beginning on or after 1 January 2019; and x from the annual period beginning on 1 September 2020 for those amendments that are effective for annual periods beginning on or after 1 January 2020.