65 www.excelforce.com.my 1. Corporate Information 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 principal place of business of the Company is located at Level 31, MYEG Tower, Empire City, No. 8, Jalan Damansara, PJU 8, 47820 Petaling Jaya, Selangor Darul Ehsan. The registered office of the Company is located at B-21-1, Level 21, Tower B, Northpoint Mid Valley City, No. 1, Medan Syed Putra Utara, 59200 Kuala Lumpur. The principal activities of the Company are development, provision and maintenance of software application solutions for the financial services industry and investment holding. The principal activities of its subsidiary companies are disclosed in Note 7 to the financial statements. 2. Basis of Preparation (a) Statement of compliance The financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRS”), International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia. The financial statements of the Group and of the Company have been prepared under the historical cost convention, unless otherwise indicated in the material accounting policy in the respective notes. The Group and the Company have consistently applied the accounting policies throughout all periods presented in the financial statements unless otherwise stated. Adoption of new and amended standards During the financial year, the Group and the Company have adopted the following new MFRSs and amendments to MFRSs issued by the Malaysian Accounting Standards Board (“MASB”) that are mandatory for current financial year: MFRS 17 Amendments to MFRS 17 Amendments to MFRS 17 Amendments to MFRS 101 Amendments to MFRS 108 Amendments to MFRS 112 Amendments to MFRS 112 Insurance Contracts Insurance Contracts Initial Application of MFRS 17 and MFRS 9 - Comparative Information Disclosure of Accounting Policies Definition of Accounting Estimates Deferred Tax related to Assets and Liabilities arising from a Single Transaction International Tax Reform - Pillar Two Model Rules The adoption of the new MFRSs and amendments to MFRSs did not have any significant impact on the financial statements of the Group and of the Company, except for the following: Amendments to MFRS 101 of Presentation of Financial Statements - Disclosure of Accounting Policies The amendments require the disclosure of “material”, rather than “significant”, accounting policies. The amendments also provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful, entity-specific accounting policy information that users need to understand other information in the financial statements. Although the amendments did not result in any changes to the Group’s and to the Company’s accounting policies, it impacted the accounting policy information disclosed in the financial statements. The material accounting policy information is disclosed in the respective notes to the financial statements where relevant. Notes to the Financial Statements 30 June 2024
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