Section 8 UEM Edgenta Berhad FINANCIAL STATEMENTS 278 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2. ACCOUNTING POLICIES (CONTD.) 2.2 Changes in accounting policies (contd.) Amendments to MFRS 101: Presentation of Financial Statements and MFRS Practice Statement 2 (Disclosure of Accounting Policies) The amendments to MFRS 101 and MFRS Practice Statement 2 provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments have had an impact on the Group’s and the Company’s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group’s and the Company’s financial statements. Amendments to MFRS 112: International Tax Reform - Pillar Two Model Rules On 2 June 2023, the Malaysian Accounting Standards Board has also issued the Amendments to MFRS 112 Income Taxes International Tax Reform - Pillar Two Model Rules. This pronouncement is effective from annual period beginning on or after 1 January 2023. On 29 December 2023, Pillar Two legislation has been enacted in Malaysia, which will come into effect on 1 January 2025. The amendments had no impact on the Group’s consolidated financial statements as the Group is not in scope of Pillar Two model rules as its revenue is less than EUR750 million/year. The adoption of the above amendments to MFRSs did not have any significant effect on the financial statements of the Group and of the Company. 2.3 Standards issued but not yet effective The standards and interpretations that are issued but not yet effective up to the date of issuance of the Group’s and the Company’s financial statements are disclosed below. The Group and the Company intend to adopt these standards, if applicable, when they become effective: Effective for annual periods beginning on or after Amendments to MFRS 101: Classification of Liabilities as Current or Non-Current 1 January 2024 Amendments to MFRS 101: Non-current Liabilities with Covenants 1 January 2024 Amendments to MFRS 16: Lease liability in a Sale and Leaseback 1 January 2024 Amendments to MFRS 107 and MFRS 7: Disclosures of Supplier Finance Arrangements 1 January 2024 Amendments to MFRS 121: Lack of exchangibility 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 The Board of Directors expect that the adoption of the above amendments to MFRSs will not have a material impact on the financial statements in the period of initial application.
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