18
MIGHT Directors’ Report And Audited Financial Statements 2020
MALAYSIAN INDUSTRY - GOVERNMENT GROUP FOR HIGH TECHNOLOGY (320059 - P) (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) (INCORPORATED IN MALAYSIA)
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020
1.
GENERAL INFORMATION
Malaysian Industry - Government Group For High Technology (“the Company”) is a company limited by guarantee and not having a share capital, incorporated and domiciled in Malaysia.
The registered o ce of the Company is located at No. 15B, Tingkat 2, Jalan Tengku Ampuan Zabedah F9/F, Seksyen 9, 40100 Shah Alam, Selangor.
The principal place of business of the Company is located at MIGHT Partnership Hub, Jalan Impact, 63000 Cyberjaya, Selangor Darul Ehsan.
The consolidated financial statements for the financial year ended 31 December 2020 comprise the Company and its subsidiaries and the interests of the Group in an associate. These financial statements are presented in Ringgit Malaysia (“RM”), which is also the Company’s functional currency. The principal activities of the Company are to prospect and promote the process of industries development through the strategic application of science and technology, for the benefit of the socio-economic development in Malaysia. The principal activities of the subsidiaries and an associate are set out in Note 5 and Note 6 to the financial statements. There have been no significant changes in the nature of the Group and of the Company during the financial year.
The financial statements were authorised for issue in accordance with a resolution by the Board of Directors on 8 June 2021.
2.
BASIS OF PREPARATION
The financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRSs”), International Financial Reporting Standards (“IFRSs”) and the provisions of the Companies Act 2016 in Malaysia. The accounting policies adopted are consistent with those of the previous financial year except for the e ects of adoption of new MFRSs during the financial year. The new MFRSs and Amendments to MFRSs adopted during the financial year are disclosed in Note 25(a) to the financial statements. The Group and the Company have early adopted Amendment to MFRS 16 Covid-19-Related Rent Concessions during the financial year and elected to apply the practical expedient to all rent concessions relating to leases with similar characteristics and similar circumstances.
The financial statements of the Group and of the Company have been prepared under the historical cost convention except as otherwise stated in the financial statements.
The accompanying notes form an integral part of the financial statements.
Made with FlippingBook Ebook Creator