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MIGHT Directors’ Report And Audited Financial Statements 2020
26. SIGNIFICANT EVENT DURING THE FINANCIAL YEAR
The World Health Organisation declared the 2019 Novel Coronavirus infection (“Covid-19”) a pandemic on 11 March 2020. The Government of Malaysia imposed the Movement Control Order (“MCO”) on 18 March 2020 and has subsequently entered into various phases of the MCO until 14 June 2021. In relation to this, the Group and the Company have appropriately taken up the e ects from the COVID-19 pandemic in respect of the judgements and assumptions used in the preparation of the financial statements for the financial year ended 31 December 2020, such as expected credit losses of financial assets (trade and other receivables), fair value measurements of financial instruments and impairment assessments of assets (property, plant and equipment and right-of-use assets). Based on the assessment and information available at the date of authorisation of the financial statements, the Group and the Company have su cient cash flows to meet their liquidity needs in the next twelve (12) months after the end of the reporting period. The Group and the Company will continue to monitor their fund and operational needs.
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