Sasbadi Annual Report 2020

65 ANNUAL REPORT 2020 FINANCIAL STATEMENTS (continued) 1. Basis of preparation (continued) (a) Statement of compliance (continued) The Group and the Company plan to apply the abovementioned accounting standards, interpretations and amendments: 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; x from the annual period beginning on 1 September 2021 for those amendments that are effective for annual periods beginning on or after 1 January 2021; x from the annual period beginning on 1 September 2022 for those amendments that are effective for annual periods beginning on or after 1 January 2022, except for amendments to MFRS 141 which is not applicable to the Group and the Company; and, x from the annual period beginning on 1 September 2023 for the accounting standard and amendments that are effective for annual periods beginning on or after 1 January 2023, except for MFRS 17 which is not applicable to the Group and the Company. The initial application of the accounting standards, interpretations or amendments are not expected to have any material financial impact to the current period and prior period financial statements of the Group and the Company. (b) Basis of measurement The financial statements have been prepared on the historical cost basis other than as disclosed in Note 2. (c) Functional and presentation currency These financial statements are presented in Ringgit Malaysia (“RM”), which is the Company’s functional currency. All financial information is presented in RM and has been rounded to the nearest thousand, unless otherwise stated. (d) Use of estimates and judgements The preparation of the financial statements in conformity with MFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.