151 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 KENANGA INVESTMENT BANK BERHAD Annual Report 2022 2. CHANGES IN ACCOUNTING POLICIES AND REGULATORY REQUIREMENT (CONT’D.) 2.2 Measures to assist individuals, SMEs and corporates affected by COVID-19 announced by BNM (cont’d.) Financial investments - bonds and sukuk (on-balance sheet) Group and Bank 2022 RM’000 2021 RM’000 Sectors Oil and gas 47,145 69,345 Hotels and tourism - 6,451 Property development - 48,029 47,145 123,825 2.3 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 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 Presentation of Financial Statements) 1 January 2023 Definition of accounting estimates (Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors) 1 January 2023 Deferred tax related to assets and liabilities arising from a single transaction (Amendments to MFRS 112 Income Taxes) 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 Lease Liability in a Sale and Leaseback (Amendments to MFRS 16 Leases) 1 January 2024 Non-current Liabilities with Covenants (Amendments to MFRS 101 Presentation of Financial Statements) 1 January 2024 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 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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