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Annual Report 2020
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Notes to the Financial Statements
As at 31 March 2020
kumpulan Fima Berhad
(197201000167)(11817-V)
2.
Significant accounting policies (cont'd.)
2.3 Standards issued but not yet effective
The standards and interpretations that are issued but not yet effective up to the date of issuance of the Group’s and
of the Company’s financial statements are disclosed below. The Group and the Company intend to adopt these
standards, if applicable, when they become effective.
Description
Effective for
annual period
beginning
on or after
Amendments to MFRS 3: Definition of a Business
1 January 2020
Amendments to MFRS 9, MFRS 139 and MFRS 7: Interest Rate Benchmark Reform
1 January 2020
Amendments to MFRS 101: Definition of Material
1 January 2020
Amendments to MFRS 108: Definition of Material
1 January 2020
Amendments to MFRS 16: Covid-19-Related Rent Concessions
1 June 2020
MFRS 17: Insurance Contracts
1 January 2021
Amendments to MFRS 3: Reference to Conceptual Framework
1 January 2022
Amendments to MFRS 101: Classification of Liabilities as Current or Non-current
1 January 2022
Amendments to MFRS 116: Property, Plant and Equipment - Proceeds before Intended Use 1 January 2022
Amendments to MFRS 137: Onerous Contracts - Cost of Fulfilling a Contract
1 January 2022
Annual improvements to MFRS 2018 - 2020
1 January 2022
Amendments to MFRS 10 and MFRS 128: Sales or Contribution of Assets between an
Investor and its Associate or Joint Venture
Deferred
The directors expect that the adoption of the above standards and interpretations will have no material impact on
the financial statements to the period of initial application.
2.4 Summary of significant accounting policies
(a) Subsidiaries and basis of consolidation
(i)
Subsidiaries
A subsidiary company is an entity over which the Group has 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