223 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2023 ACCOUNTABILITY (FINANCIAL STATEMENTS) 4. Standards, amendments to published standards and interpretations to existing standards that are applicable to the Group and the Company but not yet effective (continued) (a) Financial year beginning on/after 1 February 2023 (continued) (iii) Amendments to MFRS 101 “Disclosure of Accounting Policies” Amendments to MFRS 101 “Disclosure of Accounting Policies” requires entities to disclose material accounting policies rather than significant accounting policies. Entities are expected to make disclosure of accounting policies specific to the entity and not generic disclosures on MFRS applications. The amendment explains an accounting policy is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. Also, accounting policy information is expected to be material if, without it, the users of the financial statements would be unable to understand other material information in the financial statements. Accordingly, immaterial accounting policy information need not be disclosed. However, if it is disclosed, it should not obscure material accounting policy information. MFRS Practice Statement 2 was amended to provide guidance on how to apply the concept of materiality to accounting policy disclosures. (b) Financial year beginning on/after 1 February 2024 (i) Amendments to MFRS 16 “Lease Liability in a Sale and Leaseback” Amendments to MFRS 16 “Lease Liability in a Sale and Leaseback” specify the measurement of the lease liability arises in a sale and leaseback transaction that satisfies the requirements in MFRS 15 “Revenue from Contracts with Customers” to be accounted for as a sale. In accordance with the amendments, the seller-lessee shall determine the “lease payments” or “revised lease payments” in a way that it does not result in the seller-lessee recognising any amount of the gain or loss that relates to the right of use it retains. The amendments shall be applied retrospectively to sale and leaseback transactions entered into after the date when the seller-lessee initially applied MFRS 16. (ii) Amendments to MFRS 101 “Presentation of Financial Statements” There are two amendments to MFRS 101 “Presentation of Financial Statements”. The first amendments, “Classification of liabilities as current or non-current” clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the entity’s expectations or events after the reporting date (e.g. the receipt of a waiver or a breach of covenant). The second amendments, “Non-current Liabilities with Covenants” specify that covenants of loan arrangements which an entity must comply with only after the reporting date would not affect classification of a liability as current or non-current at the reporting date. However, those covenants that an entity is required to comply with on or before the reporting date would affect classification of a liability as current or non-current, even if the covenant is only assessed after the reporting date. The amendments shall be applied retrospectively. The Group and the Company are currently assessing the impact of the adoption and application of the above new/amended standards. Other standards and amendments are not relevant for the Group and the Company.
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