2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.1 Basis of preparation (continued) (a) Statement of compliance (continued) •• Amendments to MFRS 108, Definition of Accounting Estimates The amendments redefined accounting estimates as ‘monetary amounts in financial statements that are subject to measurement uncertainty’. To distinguish from changes in accounting policies, the amendments clarify that effects of a change in an input or measurement technique used to develop an accounting estimate is a change in accounting estimate, if they do not arise from prior period errors. Examples of accounting estimates include expected credit losses; net realisable value of inventory; fair value of an asset or liability; depreciation for property, plant and equipment; and provision for warranty obligations. •• Amendments to MFRS 112, Deferred Tax related to Assets and Liabilities arising from a Single Transaction The amendments clarify that the initial exemption rule does not apply to transactions where both an asset and a liability are recognised at the same time such as leases and decommissioning obligations. Accordingly, companies are required to recognise both deferred tax assets and liabilities for all deductible and taxable temporary differences arisinf from such transactions. MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2024 •• Amendments to MFRS 16, Lease Liability in a Sale and Leaseback MFRSs, Interpretations and amendments effective for annual periods beginning or after a date yet to be confirmed •• 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 Bank plan to apply the abovementioned standards, amendments and interpretations on the respective effective dates. The initial application of the accounting standards, amendments and interpretations are not expected to have any material financial impacts to the current period and prior period financial statements of the Group and the Bank. Notes to the financial statements for the financial year ended 31 December 2022 Integrated Report 2022 256
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