ACCOUNTABILITY | FINANCIAL STATEMENTS 227 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED) 2.28 Put option liability The Group recognises a liability for an option granted to a non-controlling interest to sell its equity stake back to the Group at their original consideration less dividends and proceeds from capital reduction received by then upon occurrence of conditions set out in the shareholders agreement. A corresponding amount is recognised directly in equity as put option reserve. 2.29 Warrants reserve Warrants reserve arises from the issuance of free detachable warrants together with the Rights Issue, and represents the allocation of the proceeds from the Rights Issue based on the fair value of the warrants at issuance date. The fair value of warrants is credited to a warrants reserve which is part of the Company’s equity. When the warrants are exercised, the related amounts are transferred to share capital. When the warrants are not exercised and lapsed, the related warrant reserve is transferred to retained earnings. 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 2023: (i) MFRS 17 “Insurance Contracts” and its amendments (ii) Amendments to MFRS 101 and MFRS Practice Statement 2 “Disclosure of Accounting Policies” (iii) Amendments to MFRS 108 “Definition of Accounting Estimates” (iv) Amendments to MFRS 112 “Deferred Tax related to Assets and Liabilities arising from a Single Transaction” (v) Amendments to MFRS 112 “International Tax Reform—Pillar Two Model Rules” The adoption of the above amendments to published standards did not result in any material impact to the Group for the financial year ended 31 January 2024, other than those as mentioned below. Amendments to MFRS 101 and MFRS Practice Statement 2 “Disclosure of Accounting Policies” These amendments provide guidance and examples to help entities applying materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful, by replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies. The amendments had a minor impact on the consolidated financial statements of the Group. The Group has performed a reassessment of its accounting policy disclosures against the amended guidance, which resulted in minor changes to the section on accounting policies. Amendments to MFRS 112 “International Tax Reform—Pillar Two Model Rules” The Group has applied the temporary exception issued by the IASB in May 2023 from the accounting requirements for deferred taxes in MFRS 112 “International Tax Reform – Pillar Two Model Rules”. Accordingly, the Group neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes. As the Group may be impacted by Base Erosion and Profit Shifting (BEPS) rules, it continues to assess their potential financial impact. It should be noted that the impact can only be finally determined when legislation is enacted in the relevant jurisdictions. Once the final legislation is enacted in all jurisdictions in which the Group operates and a full assessment of the impact is completed, the Group will be able to conclude on the implications of BEPS rules.
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