149 KENANGA INVESTMENT BANK BERHAD Annual Report 2022 1. CORPORATE INFORMATION The Bank is principally engaged in the investment banking business, provision of stockbroking and related financial services. The Bank is a public limited liability company incorporated and domiciled in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad. The registered office of the Bank is located at Level 17, Kenanga Tower, 237, Jalan Tun Razak, 50400 Kuala Lumpur, Wilayah Persekutuan. The principal activities of the subsidiaries are described in Note 13. There have been no significant changes in the nature of the principal activities during the financial year. The financial statements of the Bank have been approved and authorised for issue in accordance with a resolution of the Board of Directors on 6 March 2023. 2. CHANGES IN ACCOUNTING POLICIES AND REGULATORY REQUIREMENT 2.1 New and amended Malaysian Financial Reporting Standards (“MFRSs”) adopted The accounting policies adopted are consistent with those of the previous financial year except for the adoption of the following new and amended MFRSs, which became effective for the Group and the Bank during the current financial year: - Property, Plant and Equipment - Proceeds before Intended Use (Amendments to MFRS 116 Property, Plant and Equipment) - Onerous Contracts - Cost of Fulfilling a Contract (Amendments to MFRS 137 Provisions, Contingent Liabilities and Contingent Assets) - Reference to the Conceptual Framework (Amendments to MFRS 3 Business Combinations) - Annual improvements to MFRS Standards 2018-2020 The adoption of the new and amended MFRSs did not have any significant impact on the financial position or performance of the Group and of the Bank. 2.2 Measures to assist individuals, SMEs and corporates affected by COVID-19 announced by BNM During the financial year ended 31 December 2021, BNM had announced the extension of regulatory measures to facilitate loan/financing repayment assistance to borrowers/customers affected by the COVID-19 pandemic in line with the Government economic stimulus packages. Six-month moratorium under Perlindungan Rakyat dan Pemulihan Ekonomi was announced on 28 June 2021. The moratorium applies to ringgit and foreign currency denominated loans/financing approved on or before 30 June 2021, not in arrears exceeding 90 days and customers must not be adjudicated bankrupts or under bankruptcy proceedings. In the absence of other factors relevant to the assessment, the moratorium does not automatically result in stage transfer under MFRS 9. The financial impact of the moratorium is reflected at the interest/profit income of the Group and of the Bank. NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022
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