FINANCIAL STATEMENTS (continued) 81 4. ADOPTION OF NEW MFRSs AND AMENDMENTS TO MFRSs 4.1 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 Interest Rate Benchmark Reform - Phase 2 (Amendments to MFRS 9, MFRS 139, MFRS 7, MFRS 4 and MFRS 16) 1 January 2021 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 2022 The following are Standards 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 Annual Improvements to MFRS Standards 2018 - 2020 1 January 2022 Amendments to MFRS 3 Reference to the Conceptual Framework 1 January 2022 Amendments to MFRS 116 Property, Plant and Equipment - Proceeds before Intended Use 1 January 2022 Amendments to MFRS 137 Onerous Contracts - Cost of Fulfilling a Contract 1 January 2022 MFRS 17 Insurance Contracts 1 January 2023 Initial Application of MFRS 17 and MFRS 9 – Comparative Information (Amendments to MFRS 17 Insurance Contract) 1 January 2023 Disclosures of Accounting Policies (Amendments to MFRS 101 Presentation of Financial Statements) 1 January 2023 Definition of Accounting Estimates (Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors) 1 January 2023 Amendments to MFRS 112 Deferred tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023 Lease liability in a sale and leaseback (Amendments to MFRS 16 Leases) 1 January 2024 Classification of Liabilities as Current or Non-current (Amendments to MFRS 101 Presentation of Financial Statements) 1 January 2024 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to MFRS 10 Consolidated Financial Statements and MFRS 128 Investments in Associates and Joint Ventures) 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. 81 ANNUAL REPORT 2022
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