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MIGHT Directors’ Report And Audited Financial Statements 2020
25. ADOPTION OF NEW MFRSs AND AMENDMENTS TO MFRSs (a) New MFRSs adopted during the financial year The Group and the Company adopted the following Standards and Amendments of the MFRS Framework that were issued by the Malaysian Accounting Standards Board (“MASB”) during the financial year:
TITLE Amendments to References to the Conceptual Framework in MFRS Standards Amendments to MFRS 3 Definition of a Business Amendments to MFRS 101 and MFRS 108 Definition of Material Amendments to MFRS 9, MFRS 139 and MFRS 7 Interest Rate Benchmark Reform Amendments to MFRS 16 COVID-19-Related Rent Concessions
EFFECTIVE DATE
1 January 2020 1 January 2020 1 January 2020 1 January 2020 1 June 2020 (early adopt) 17 August 2020
Amendments to MFRS 4 Insurance Contracts - Extension of the Temporary Exemption from Applying MFRS 9
Adoption of the above Standards and Amendments did not have any material e ect on the financial perfor- mance or position of the Group and of the Company.
(b) New MFRSs that have been issued, but only e ective for annual periods beginning on or after 1 January 2021 The Group and the Company adopted the following Standards and Amendments of the MFRS Framework that were issued by the Malaysian Accounting Standards Board (“MASB”) during the financial year:
TITLE Interest Rate Benchmark Reform - Phase 2 (Amendments to MFRS 9, MFRS 139, MFRS 7, MFRS 4 and MFRS 16) Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to MFRS 16 Leases) Annual Improvements to MFRS Standards 2020 - 2020 Amendments to MFRS 3 Reference to Conceptual Framework Amendments to MFRS 116 Property, Plant and Equipment - Proceeds before Intended Use Amendments to MFRS 137 Onerous Contracts - Costs of Fulfilling a Contract Amendments to MFRS 101 Classification of Liabilities as Current or Non-current MFRS 17 Insurance Contracts Amendments to MFRS 17 Insurance Contracts Disclosure of Accounting Policies (Amendments to MFRS 101 Presentation of Financial Statements) Definition of Accounting Estimates (Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors) Amendments to MFRS 10 and MFRS 128 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
EFFECTIVE DATE
1 January 2021
1 April 2021 1 January 2022 1 January 2022 1 January 2022 1 January 2022 1 January 2023 1 January 2023 1 January 2023
1 January 2023
1 January 2023
Deferred
The Group and the Company are in the process of assessing the impact of implementing these Standards and Amendments since the e ects would only be observable for future financial years.
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