Tropicana Corporation Berhad Annual Report 2019

Notes to the Financial Statements For the financial year ended 31 December 2019 1. CORPORATE INFORMATION Tropicana Corporation Berhad (“ the Company ”) is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of Bursa Malaysia Securities Berhad. The registered office of the Company is located at Lot LG-A1, Lower Ground Floor, 3 Damansara, No. 3, Jalan SS20/27, 47400 Petaling Jaya, Selangor Darul Ehsan. The principal place of business of the Company is located at Level 2, 7, 9, 10, 11 & 12, Tropicana City Office Tower, No. 3, Jalan SS20/27, 47400 Petaling Jaya, Selangor Darul Ehsan. The principal activities of the Company are investment holding and provision of management services. The principal activities of the subsidiaries, associate and joint ventures are disclosed in Notes 18, 19 and 20 respectively. There have been no significant changes in the nature of these principal activities during the financial year. The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors on 10 June 2020. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of preparation The financial statements of the Group and of the Company have been prepared in accordance with the Malaysian Financial Reporting Standards (“ MFRS ”), International Financial Reporting Standards (“ IFRS ”) and the requirements of the Companies Act 2016 in Malaysia. The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below. The financial statements are presented in Ringgit Malaysia (“ RM ”) and all values are rounded to the nearest thousand (RM’000) except when otherwise indicated. 2.2 Changes in accounting policies arising from adoption of new MFRSs and Amendments to MFRSs The accounting policies adopted by the Group and the Company are consistent with those of the previous financial year, except for the adoption of the following MFRSs and amendments to MFRSs: Effective for financial periods beginning on or after 1 January 2019: MFRS 16 Leases IC Interpretation 23 Uncertainty over Income Tax Treatments Amendments to MFRS 9 Prepayment Features with Negative Compensation Amendments to MFRS 128 Long-term Interests in Associates and Joint Ventures Amendments to MFRS 3 and MFRS 11 Previously Held Interest in a Joint Arrangements (Annual Improvements to MFRSs 2015-2017 Cycle) Amendments to MFRS 112 Income Taxes Consequences of Payments on Financial Instruments Classified as Equity (Annual Improvements to MFRSs 2015-2017 Cycle) Amendments to MFRS 119 Plan Amendment, Curtailment or Settlement The adoption of the above MFRSs and Amendments to MFRSs does not have any material impact on the financial statements of the Group and of the Company, except for the adoption of MFRS 16. pg 129 Tropicana Corporation Berhad Annual Report 2019 Sustainability at Tropicana What We’ve Governed Financial Statements & Other Information