153 F INANC IAL Statements Sect ion 05 Annual Report 2022 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022 1. GENERAL INFORMATION Ranhill Utilities Berhad (the “Company”) is a public limited company, incorporated and domiciled in Malaysia, and is listed on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”). The principal activity of the Company is that of investment holding. The principal activities and other information of the subsidiaries, joint ventures and associates are set out in Notes 20, 21 and 22 respectively. There have been no significant changes in the nature of these principal activities of the Group and of the Company during the financial year. The registered office and principal place of business of the Company is located at Bangunan Ranhill SAJ, Jalan Garuda, Larkin, 80350 Johor Bahru, Johor. The financial statements of the Group and of the Company were authorised by the Board of Directors for issuance on 7 April 2023. 2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements of the Group and of the Company 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. The financial statements of the Group and of the Company have been prepared on the historical cost basis, except as otherwise stated in the accounting policies below and are presented in Ringgit Malaysia (“RM”). All values are recorded to the nearest thousand (“RM’000”) except where otherwise indicated. Adoption of Amendments to MFRSs In the current financial year, the Group and the Company have adopted all the amendments to MFRSs issued by the Malaysian Accounting Standards Board (“MASB”) that are effective for annual periods beginning on or after 1 January 2022 as follows: Amendments to MFRS 3 Reference to Conceptual Framework Amendments to MFRS 4 Extension of the Temporary Exemption from Applying MFRS 9 Amendments to MFRS 116 Property, Plant and Equipment - Proceeds Before Intended Use Amendments to MFRS 137 Onerous Contracts - Cost of Fulfilling a Contract Amendments to MFRSs Annual Improvements to MFRS Standards 2018 - 2020 The adoption of the above amendments did not have any significant effect on the financial statements of the Group and of the Company. Standards and Amendments in Issue but Not Yet Effective The new and amendments to MFRSs that are issued but not yet effective up to date of issuance of the Group’s and of the Company’s financial statements are disclosed below: MFRS 17 Insurance Contracts1 Amendments to MFRS 10 and MFRS 128 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture3 Amendments to MFRS 16 Lease liability in a sale and leaseback2 Amendments to MFRS 17 Insurance contracts1 Amendments to MFRS 17 Initial Application of MFRS 9 and MFRS 17 – Comparative Information1
RkJQdWJsaXNoZXIy ODQxNzg=