203 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 FINANCIAL STATEMENTS 2. Basis of preparation and material accounting policies (cont'd.) 2.2 Changes in accounting policies The accounting policies adopted are consistent with those of the previous financial year, except in the current period, the Group and the Fund adopted the following new and amended MFRS mandatory for annual financial periods beginning on or after 1 January 2023: Effective for annual period beginning Description on or after MFRS 17 Insurance Contracts 1 January 2023 Amendment to MFRS 17 Insurance Contracts: Initial Application of MFRS 17 and MFRS 9 - Comparative Information 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 101: Disclosure of Accounting Policies 1 January 2023 Amendments to MFRS 108: Definition of Accounting Estimates 1 January 2023 Amendments to MFRS 112: International Tax Reform - Pillar Two Model Rules 1 January 2023 The adoption of the above new and amended MFRS did not have any significant financial impact to the Group and the Fund. 2.3 Standards and interpretations issued but not yet effective The standards and interpretations that are issued but not yet effective are disclosed below. The Group and the Fund intend to adopt these standards, if applicable, when they become effective: Effective for annual periods beginning Description on or after Amendments to MFRS 101: Classification of Liabilities as Current or Non Current 1 January 2024 Amendments to MFRS 16: Lease Liability in a Sale and Leaseback 1 January 2024 Amendments to MFRS 101: Non-current Liabilities with Covenants 1 January 2024 Amendments to MFRS 107 and MFRS 7: Supplier Finance Arrangements 1 January 2024 Amendments to MFRS 121: Lack of Exchangeability 1 January 2025 Amendments to MFRS 10 and MFRS 128: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Deferred 2.4 Material accounting policies (a) Basis of consolidation The consolidated financial statements comprise the financial statements of the Fund and its subsidiaries as at the reporting date. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: (i) Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); (ii) Exposure, or rights, to variable returns from its investment with the investee; and
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