2 BASIS OF PREPARATION (CONTINUED) (ii) Accounting pronouncements that are effective after 1 January 2025 and have not been early adopted by the Group and Company: A number of new standards and amendments to standards and interpretations are effective for the financial year beginning after 1 January 2025. The Group and Company has not early adopted these new standards and amendments. None of these is expected to have a significant effect on the financial statements of the Group and Company, except for the following set out below: Effective annual periods beginning on or after 1 January 2027 • MFRS 18 ‘Presentation and Disclosure in Financial Statements’ which aims to enhance the financial reporting quality and replaces MFRS 101 ‘Presentation of Financial Statements’. The new standard introduces a new structure of profit or loss statement whereby income and expenses are classified into 3 new main categories: i. Operating category which typically includes results from the main business activities ii. Investing category that presents the results of investments in associates and joint ventures and other assets that generate a return largely independently of other resources; and iii. Financing category that presents income and expenses from financing liabilities (such as bank borrowings and lease liabilities) The standard also requires the entity to present specific totals and subtotals in the statement of profit or loss, specifies the disclosure of management-defined performance measures as well as the aggregation and disaggregation of information in the financial statements and accompanying notes. MFRS 18 will be applied retrospectively. The Group and Company is currently assessing the financial impact that may arise from the adoption of the above amendments to published standards. The following accounting pronouncements are currently being assessed by the Group and the Company and are not expected to have any significant impact on the financial statements of the Group and Company. Effective annual periods beginning on or after 1 January 2025 • Amendments to MFRS 121 on ‘Lack of Exchangeability’ Effective annual periods beginning on or after 1 January 2026 • Amendments to MFRS 9 & 7 on Amendments to Classification and Measurement of Financial Instruments Effective annual periods beginning on or after 1 January 2027 • MFRS 19 ‘Subsidiary without Public Accountability: Disclosures’ (effective 1 January 2027) Notes to the Financial Statements For the financial year ended 31 December 2024 27
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