Sasbadi Annual Report 2020

63 ANNUAL REPORT 2020 FINANCIAL STATEMENTS (continued) Notes to the financial statements Sasbadi Holdings Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad. The addresses of the principal place of business and registered office of the Company are as follows: Principal place of business Lot 12, Jalan Teknologi 3/4 Taman Sains Selangor 1 Kota Damansara 47810 Petaling Jaya Selangor Registered office Suite 11.1A, Level 11 Menara Weld 76 Jalan Raja Chulan 50200 Kuala Lumpur The consolidated financial statements of the Company as at and for the financial year ended 31 August 2020 comprise the Company and its subsidiaries (together referred to as the “Group” and individually referred to as “Group entities”). The financial statements of the Company as at and for the financial year ended 31 August 2020 do not include other entities. The Company is principally engaged in investment holding activities whilst the principal activities of the subsidiaries are as stated in Note 6 to the financial statements. These financial statements were authorised for issue by the Board of Directors on 18 December 2020. 1. Basis of preparation (a) Statement of compliance The financial statements of the Group and the Company have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRSs”), International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia. The following are accounting standards, amendments and interpretations of the MFRSs that have been issued by the Malaysian Accounting Standards Board (“MASB”) but have not been adopted by the Group and the Company: 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