152 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 Additional Information We Are Kenanga Message From Our Leaders Our Sustainability Approach How We Are Governed Financial Statements Shareholders’ Information 3. ACCOUNTING POLICIES 3.1 Basis of preparation The financial statements of the Group and of the Bank have been prepared on a historical cost basis unless otherwise indicated. 3.2 Statement of compliance The financial statements of the Group and of the Bank have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRSs”), International Financial Reporting Standards (“IFRSs”), and the requirements of the Companies Act 2016 in Malaysia. 3.3 Functional and presentation currency The financial statements are presented in Ringgit Malaysia (“RM”), which is also the Bank’s functional currency and all values are rounded to the nearest thousand (“RM’000”), unless otherwise stated. 3.4 Summary of significant accounting policies (a) Basis of consolidation The consolidated financial statements comprise of the financial statements of the Bank and its subsidiaries as at the reporting date. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are prepared for the same reporting date as the Bank and consistent accounting policies are applied for like transactions and events in similar circumstances. The Bank controls an investee if and only if the Bank has all the following: (i) Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); (ii) Exposure, or rights, to variable returns from its investment with the investee; and (iii) The ability to use its power over the investee to affect its returns.
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