Sasbadi Annual Report 2020

SASBADI HOLDINGS BERHAD 64 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 June 2020 x Amendment to MFRS 16, Leases – Covid-19-Related Rent Concessions MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2021 x Amendments to MFRS 9, Financial Instruments , MFRS 139, Financial Instruments: Recognition and Measurement, MFRS 7, Financial Instruments: Disclosures, MFRS 4 , Insurance Contracts and MFRS 16 , Leases – Interest Rate Benchmark Reform – Phase 2 MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2022 x Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards (Annual Improvements to MFRS Standards 2018−2020) x Amendments to MFRS 3 , Business Combinations – Reference to the Conceptual Framework x Amendments to MFRS 9, Financial Instruments (Annual Improvements to MFRS Standards 2018−2020) x Amendments to Illustrative Examples accompanying MFRS 16, Leases (Annual Improvements to MFRS Standards 2018−2020) x Amendments to MFRS 116, Property, Plant and Equipment − Proceeds before Intended Use x Amendments to MFRS 137, Provisions, Contingent Liabilities and Contingent Assets − Onerous Contracts − Cost of Fulfilling a Contract x Amendments to MFRS 141, Agriculture (Annual Improvements to MFRS Standards 2018−2020) MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2023 x MFRS 17, Insurance Contracts x Amendments to MFRS 101, Presentation of Financial Statements – Classification of Liabilities as Current or Non-current 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 have chosen to early adopt Amendments to MFRS 16, Leases – Covid-19-Related Rent Concessions during the current financial year. This Amendment to MFRS 16 applies the practical expedient allowing the Group and the Company not to assess whether eligible rent concessions that are a direct consequence of the Covid-19 pandemic are lease modifications.