159 How We Are Governed Financial Statements Shareholders’ Information Additional Information 2. CHANGES IN ACCOUNTING POLICIES AND REGULATORY REQUIREMENT (CONT’D.) 2.2 Standards issued but not yet effective The following are new MFRSs, amended MFRSs and Interpretation Committee's (“IC”) Interpretation issued by the Malaysian Accounting Standards Board (“MASB”) that will be effective for the Group and the Bank in future years. The Group and the Bank intend to adopt the relevant standards when they become effective. Description Effective for annual periods beginning on or after Property, Plant and Equipment - Proceeds before Intended Use (Amendments to MFRS 116 Property, Plant and Equipment) 1 January 2022 Onerous Contracts - Cost of Fulfilling a Contract (Amendments to MFRS 137 Provisions, Contingent Liabilities and Contingent Assets) 1 January 2022 Reference to the Conceptual Framework (Amendments to MFRS 3 Business Combinations) 1 January 2022 Annual improvements to MFRS Standards 2018-2020 1 January 2022 MFRS 17: Insurance Contracts 1 January 2023 Amendments to MFRS 17: Insurance Contracts 1 January 2023 Classification of Liabilities as Current or Non-current (Amendments to MFRS 101 Presentation of Financial Statements) 1 January 2023 Disclosure of accounting policies (Amendments to MFRS 101) 1 January 2023 Definition of accounting estimates (Amendments to MFRS 108) 1 January 2023 Deferred tax related to assets and liabilities arising from a single transaction (Amendments to MFRS 112) 1 January 2023 Extension of the Temporary Exemption from Applying MFRS 9 (Amendments to MFRS 4 Insurance Contracts) 1 January 2023 Initial Application of MFRS 17 and MFRS 9 - Comparative Information (Amendments to MFRS 17 Insurance Contracts) 1 January 2023 Amendments to MFRS 10 and MFRS 128: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture To be announced by MASB Amendments to IAS 1: Classification of Liabilities as Current or Non-current 1 January 2024 The directors expect that the adoption of the above standards will have no material impact on the financial statements in the period of initial application.
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