4. ADOPTION OF NEW MFRSs AND AMENDMENTS TO MFRSs 4.1 New MFRSs and Amendments to MFRSs adopted during the financial year The Group and the Company adopted the following Standards and Amendments of the MFRS Framework that were issued by the Malaysian Accounting Standards Board (8MASB9) during the financial year: Title Effective Date MFRS 17 Insurance Contracts 1 January 2023 Amendments to MFRS 17 Insurance Contracts (Initial Application of MFRS 17 and MFRS 9 - Comparative Information) 1 January 2023 Amendments to MFRS 101 Presentation of Financial Statements - Disclosures of Accounting Policies 1 January 2023 Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors - Definition of Accounting Estimates 1 January 2023 Amendments to MFRS 112 Income Taxes - Deferred tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023 Amendments to MFRS 112 Income Taxes - International Tax Reform-Pillar Two Model Rules Refer paragraph 98M of MFRS 112 Adoption of the above Standards and Amendments did not have any material effect on the financial performance or position of the Group and of the Company. 4.2 New MFRSs that have been issued, but only effective for annual periods beginning on or after 1 January 2024 The following are Standards and Amendments of the MFRS Framework that have been issued by the MASB but have not been early adopted by the Group and the Company: Title Effective Date Amendments to MFRS 16 Leases - Lease liability in a Sale and Leaseback 1 January 2024 Amendments to MFRS 101 Presentation of Financial Statements - Non-current Liabilities with Covenants 1 January 2024 Amendments to MFRS 107 Statement of Cash Flows and MFRS 7 Financial Instruments: Disclosures - Supplier Finance Arrangements 1 January 2024 Amendments to MFRS 121 The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability 1 January 2025 Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards, MFRS 7, Financial Instruments: Disclosures, MFRS 9, Financial Instruments, MFRS 10, Consolidated Financial Statements and MFRS 107, Statement of Cash Flows - Annual Improvements to MFRS Accounting Standards - Volume 11 1 January 2026 Amendments to MFRS 9, Financial Instruments and MFRS 7, Financial Instruments: Disclosures - Classification and Measurement of Financial Instruments 1 January 2026 MFRS 18, Presentation and Disclosure in Financial Statements 1 January 2027 MFRS 19, Subsidiaries without Public Accountability: Disclosures 1 January 2027 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 Deferred The Group and the Company are in the process of assessing the impact of implementing these Standards and Amendments, since the effects would only be observable for future financial years. ANNUAL REPORT 2024 HOLDINGS BERHAD Financial Statements (continued) 98
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