47. PRIOR YEAR ADJUSTMENTS The prior year adjustments are to restate the comparatives of the Translation Reserves and Retained Earnings balances in relation to foreign exchange differences from prior periods arising from the Bank’s net investment in its of fshore banking operations in the Federal Territory of Labuan which should have been recognised in other comprehensive income. The effects of the restatement of the financial statements are summarised below: As previously reported RM’000 Adjustment RM’000 Restated RM’000 Group 1 January 2020 Translation reserves (106,938) 93,716 (13,222) Retained earnings 2,594,820 (93,716) 2,501,104 Bank 1 January 2020 Translation reserves (106,805) 93,716 (13,089) Retained earnings 2,589,798 (93,716) 2,496,082 BANK I SLAM MALAYS IA BERHAD NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2021 374
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