2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.) 2.2 Changes in accounting policies arising from adoption of new MFRSs and Amendments to MFRSs T he accounting policies adopted by the Group and the Company are consistent with those of the previous financial year, except for the adoption of the following new MFRSs and Amendments to MFRSs: Effective for financial periods beginning on or after 1 January 2022: MFRS 1: First-time Adoption of MFRS - Subsidiary as a First-time Adopter (Amendments to MFRS 1) 1 January 2022 MFRS 3: Reference to the Conceptual Framework (Amendments to MFRS 3) 1 January 2022 MFRS 9: Financial Instruments - Fees in the ‘10 per cent’ Test for Derecognition of Financial Liabilities 1 January 2022 (Amendments to MFRS 9) MFRS 116: Property, Plant and Equipment - Proceeds before Intended Use (Amendments to MFRS 116) 1 January 2022 MFRS 137: Onerous Contracts - Cost of Fulfilling a Contract (Amendments to MFRS 137) 1 January 2022 MFRS 141: Agriculture - Taxation in Fair Value Measurements (Amendments to MFRS 141) 1 January 2022 A doption of the above new MFRSs and Amendments to MFRSs did not have any material effect on the financial performance or position of the Group and of the Company. 2.3 Standards issued but not yet effective T he new MFRSs and Amendments to MFRSs that are issued but not yet effective up to the date of issuance of the Group’s and of the Company’s financial statements are disclosed below. The Group and the Company intend to adopt these standards, if applicable, when they become effective. MFRS 101: Classification of Liabilities as Current or Non-current (Amendments to MFRS 101) 1 January 2023 MFRS 101: Disclosure of Accounting Policies (Amendments to MFRS 101) 1 January 2023 MFRS 108: Definition of Accounting Estimates (Amendments to MFRS 108) 1 January 2023 MFRS 17: Insurance Contracts - Initial Application of MFRS 17 and MFRS 9 - Comparative 1 January 2023 Information (Amendments to MFRS 17) MFRS 112: Deferred Tax related to Assets and Liabilities arising from a single transaction 1 January 2023 (Amendments to MFRS 112) MFRS 16: Lease Liability in a Sale and Leaseback (Amendments to MFRS 16) 1 January 2024 MFRS 101: Non-current Liabilities with Covenants (Amendments to MFRS 101) 1 January 2024 MFRS 10 and MFRS 128: Sale or Contribution of Assets between an Investor and its Associate Deferred or Joint Venture (Amendments to MFRS 10 and MFRS 128) T he new MFRSs and Amendments to MFRSs above are expected to have no significant impact on the financial statements of the Group and of the Company upon their initial application except for the changes in presentation and disclosures of financial information arising from the adoption of these new MFRSs and Amendments to MFRSs. 169 FINANCIAL STATEMENTS & OTHER INFORMATION
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