257 ANNUAL REPORT 2022 ACCOUNTABILITY NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2022 3. Standards, amendments to published standards and interpretations, which are applicable and adopted by the Group and the Company The Group and the Company have applied the following amendments for the first time for the financial year beginning on 1 February 2021: (i) Amendments to MFRS 16 “COVID-19-Related Rent Concessions” (ii) Amendments to MFRS 9, MFRS 139, MFRS 7, MFRS 4 and MFRS 16 “Interest Rate Benchmark Reform - Phase 2” The adoption of the above amendments to published standards does not have any material impact to the Group for the financial year ended 31 January 2022, other than as disclosed below: Interest rate benchmark reform The Group adopted the Phase 2 amendments and applied the practical expedient to update the effective interest rate for instruments measured at amortised costs to account for the changes in contractual cash flows that is a direct consequence of interbank offered rate (‘IBOR’) reform. As a result, no immediate gain or loss is recognised in profit or loss. The amendments also provide reliefs that enable and require the Group to continue the hedge accounting in circumstances when the Group updates the hedge documentation to reflect changes in hedged items and hedging instruments which are required by IBOR reform. Note 5(i) provides information about the uncertainty arising from IBOR reform for hedging relationships for which the Group has applied the reliefs. No changes were required to any of the amounts recognised in the current or prior period as a result of these amendments. 4. Standards, amendments to published standards and interpretations to existing standards that are applicable to the Group and the Company but not yet effective (a) Financial year beginning on/after 1 February 2022 (i) Annual Improvements to MFRS 9 “Fees in the 10% test for derecognition of financial liabilities” Annual Improvements to MFRS 9 “Fees in the 10% test for derecognition of financial liabilities” clarifies that only fees paid or received between the borrower and the lender, including the fees paid or received on each other’s behalf, are included in the cash flow of the new loan when performing the 10% test. An entity shall apply the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. (ii) Amendments to MFRS 3 “Reference to Conceptual Framework” Amendments to MFRS 3 “Reference to Conceptual Framework” replace the reference to Framework for Preparation and Presentation of Financial Statements with 2018 Conceptual Framework. The amendments did not change the current accounting for business combinations on acquisition date. The amendments provide an exception for the recognition of liabilities and contingent liabilities should be in accordance with the principles of MFRS 137 “Provisions, contingent liabilities and contingent assets” and IC Interpretation 21 “Levies” when falls within their scope. It also clarifies that contingent assets should not be recognised at the acquisition date. The amendments shall be applied prospectively.
RkJQdWJsaXNoZXIy NDgzMzc=