FGV Audited Financial Statements 2019

33 01 S E C T I O N NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 AUDITED FINANCIAL STATEMENTS 2019 2 BASIS OF PREPARATION (CONTINUED) (i) Accounting pronouncements that are effective and have been adopted by the Group and Company as at 1 January 2019: • MFRS 16 ‘Leases’ • IC Interpretation 23 ‘Uncertainty over Income Tax Treatments’ • Amendments to MFRS 128 ‘Investments in Associates and Joint Ventures’ - Long-Term Interests in Associates and Joint Ventures • Amendments to MFRS 9 ‘Financial Instruments’ - Prepayment Features with Negative Compensation • Amendments to MFRS 119 ‘Employee Benefits’ - Plan Amendment, Curtailment or Settlement • Annual Improvements to MFRS 3 ‘Business Combinations’ • Annual Improvements to MFRS 11 ‘Joint Arrangements’ • Annual Improvements to MFRS 112 ‘Income Taxes’ • Annual Improvements to MFRS 123 ‘Borrowing Costs’ Other than adoption of MFRS 16, the adoption of other pronouncements did not have significant impact on the financial statements of the Group and Company. The details of the adoption of MFRS 16 are disclosed in Note 62. (ii) Accounting pronouncements that are not yet effective and have not been early adopted by the Group and Company: Effective for annual periods beginning on or after 1 January 2020 with earlier application permitted Amendments to existing standards and other accounting pronouncements that are not expected to have any significant impact on the financial statements of the Group and Company: • The Conceptual Framework for Financial Reporting • Amendments to MFRS 101 ‘Presentation of Financial Statements’ and MFRS 108 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ - Definition of Material • Amendments to MFRS 3 ‘Business Combinations’ - Definition of Business Effective date yet to be determined by Malaysian Accounting Standards Board Amendments to existing standards that are currently being assessed by the Directors: • Amendments to MFRS 10 and MFRS 128 on sale or contribution of assets between an investor and its associate or joint venture. The Directors are currently assessing the impact of the above pronouncements on the financial statements of the Group and Company.