Notes To The Financial Statements 31 March 2024 (Cont’d) 176 ENRA GROUP BERHAD ANNUAL REPORT 2024 33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT'D) (iv) Foreign currency risk (Cont'd) Sensitivity analysis for foreign currency risk The following table demonstrates the sensitivity analysis of the Group and of the Company to a reasonably possible change of exchange rates in the US Dollar (“USD”), British Pound (“GBP) and Singapore Dollar (“SGD”) against RM respectively, with all variables held constant. 3% is the sensitivity rate used when reporting foreign currency risk exposures internally to key management personnel and represents management’s assessment of the possible change in foreign exchange rates. Group Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 (Loss)/Profit after tax USD/RM - strengthen by 3% (2023: 3%) (301) (39) - - - weaken by 3% (2023: 3%) 301 39 - - GBP/RM - strengthen by 3% (2023: 3%) (142) (128) - - - weaken by 3% (2023: 3%) 142 128 - - SGD/RM - strengthen by 3% (2023: 3%) (51) (51) (51) (51) - weaken by 3% (2023: 3%) 51 51 51 51 There is no impact to the equity as a result of changes of foreign exchange rates as at the end of the reporting period. 34. ADOPTION OF NEW MFRSs AND AMENDMENTS TO MFRSs 34.1 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 MFRS 17 Insurance Contracts 1 January 2023 Amendments to MFRS 17 Initial Application of MFRS 17 and MFRS 9 - Comparative Information 1 January 2023 Amendments to MFRS 101 Disclosure of Accounting Policies 1 January 2023 Amendments to MFRS 108 Definition of Accounting Estimates 1 January 2023 Amendments to MFRS 112 Deferred tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023 Amendments to MFRS 112 International Tax Reform - Pillar Two Model Rules Refer paragraph 98M of MFRS 112 Adoption of the above Standards did not have any material effect on the financial performance or position of the Group and of the Company, other than the following:
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