Sasbadi Annual Report 2021

79 ANNUAL REPORT 2021 FINANCIAL STATEMENTS (continued) : 79 4. ADOPTION OF NEW MFRSs AND AMENDMENTS TO MFRSs 4.1 New MFRSs adopted during the financial year The Group and the Company adopted the following Standards of the MFRS Framework that were issued by the Malaysian Accounting Standards Board (“MASB”) during the financial year: Title Effective Date Amendments to References to the Conceptual Framework in MFRS Standards 1 January 2020 Amendments to MFRS 3 Definition of a Business 1 January 2020 Amendments to MFRS 101 and MFRS 108 Definition of Material 1 January 2020 Amendments to MFRS 9, MFRS 139 and MFRS 7 Interest Rate Benchmark Reform 1 January 2020 Amendment to MFRS 16 Covid-19-Related Rent Concessions 1 June 2020 Amendments to MFRS 4 Insurance Contract - Extension of the Temporary Exemption from Applying MFRS 9 17 August 2020 Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to MFRS 16 Leases ) 1 April 2021 (early adopted) Adoption of the above Standards and Amendments did not have any material effect on the financial performance or position of the Group and of the Company. 4.2 New MFRSs that have been issued, but only effective for annual periods beginning on or after 1 January 2021 The following are Standards of the MFRS Framework that have been issued by the MASB but have not been early adopted by the Group and the Company: Title Effective Date Interest Rate Benchmark Reform - Phase 2 (Amendments to MFRS 9, MFRS 139, MFRS 7, MFRS 4 and MFRS 16) 1 January 2021 Annual Improvements to MFRS Standards 2018 - 2020 1 January 2022 Amendments to MFRS 3 Reference to the Conceptual Framework 1 January 2022 Amendments to MFRS 116 Property, Plant and Equipment - Proceeds before Intended Use 1 January 2022 Amendments to MFRS 137 Onerous Contracts - Cost of Fulfilling a Contract 1 January 2022 Amendments to MFRS 141 Agriculture 1 January 2022 Amendments to MFRS 101 Classification of Liabilities as Current or Non-current 1 January 2023 MFRS 17 Insurance Contracts 1 January 2023 Disclosure of Accounting Policies (Amendments to MFRS 101 Presentation of Financial Statements ) 1 January 2023 Definition of Accounting Estimates (Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors ) 1 January 2023 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to MFRS 112 Income Taxes ) 1 January 2023 Amendments to MFRS 10 and MFRS 128 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Deferred The Group and the Company are in the process of assessing the impact of implementing these Standards and Amendments, since the effects would only be observable for future financial years.