220 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2023 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2023 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 2022: (i) Amendment to MFRS 16 “Covid-19-Related Rent Concessions beyond 30 June 2021” (ii) Amendments to MFRS 116 “Proceeds before Intended Use” (iii) Amendments to MFRS 137 “Onerous Contracts – Cost of Fulfilling a Contract” (iv) Annual Improvements to MFRS 9 “Fees in the ‘10 per cent’ test for Derecognition of Financial Liabilities” (v) Annual Improvements to MFRS 1 “Subsidiary as First-time Adopter” (vi) Annual Improvements to Illustrative Example accompanying MFRS 16 Leases: Lease Incentives (vii) Amendments to MFRS 3 “Reference to the Conceptual Framework” 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 2023. IFRIC agenda decisions that are concluded and published In view that MFRS is fully converged with IFRS, the Group considers all agenda decisions published by the IFRS Interpretation Committee (‘IFRIC’). Where relevant, the Group may change their policy to be aligned with the agenda decision. During the financial year, the Group has adopted the International Financial Reporting Standard Interpretation Committee (“IFRIC”) agenda decision on IAS 7 Statement of Cash Flows on demand deposits with restrictions on use arising from a contract with a third party resulting in a change in accounting policy. The IFRIC in its April 2022 meeting concluded that restrictions on the use of a demand deposit arising from a contract with a third party do not result in the deposit no longer being cash, unless those restrictions change the nature of the deposit in a way that it would no longer meet the definition of cash in IAS 7. In line with the IFRIC agenda decision, the Group has, as at the reporting date, reassessed and determined that the restricted deposits are to be included as a component of cash and cash equivalents in the statements of cash flows. The change in accounting policy has been applied retrospectively where comparative information have been restated by including the restricted deposits as a component of cash and cash equivalents in the statements of cash flows. The change in accounting policy had no impact on the retained earnings and statements of financial position as at 1 February 2021 and 31 January 2022, statements of comprehensive income and statements of changes in equity of the Group for the financial year ended 31 January 2022. The above-mentioned change in accounting policy did not result in any restatement to comparative information for the Company.
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