CFSL Integrated Report 2021

102 C I M F I N A N C I A L S E R V I C E S L T D 2. ACCOUNTING POLICIES (CONT’D) 2.7 Changes in accounting policies and disclosures Application of new and revised International Financial Reporting Standards (IFRSs) In the current period, the Group and the Company have applied all of the new and revised Standards and Interpretations issued by the International Accounting Standards Board (“IASB”) and the International Financial Reporting Interpretations Committee (“IFRIC”) of the IASB that are relevant to their operations and effective for accounting periods beginning on 1 January 2021. (i) New and revised IFRS and IFRICS that are effective for the financial period The following relevant revised Standards have been applied in these financial statements. Their application has not had any significant impact on the amounts reported for the current and prior periods but may affect the accounting treatment for future transactions or arrangements. IFRS 7 Financial Instruments: Disclosures - Amendments regarding pre-replacement issues in the context of the IBOR reform IFRS 9 Financial Instruments - Amendments regarding replacement issues in the context of the IBOR reform IFRS16 Leases - Amendment to provide lessees with an exemption from assessing whether a COVID-19 - related rent concession is a lease modification IFRS16 Leases - Amendments regarding replacement issues in the context of the IBOR reform IFRS 3 A mendments clarifying the definition of a business to help determine whether a transaction should be accounted for as a business combination or an asset acquisition and permits, in certain circumstances, a simplified assessment that an acquired set of activities and assets is not a business. IAS 1 and IAS 8 - A mendments clarifying the definition of material and aligns the definitions used across IFRSs and other IASB publications. The amendments have no impact on the Group’s financial statements Application of new and revised International Financial Reporting Standards (IFRSs) Other standards, amendments and interpretations, which are effective for the period beginning on 1 January 2021, are not relevant to the Group and the Company. (ii) New and revised IFRS and IFRICS in issue but not yet effective IAS 1 Presentation of Financial Statements - Amendments regarding classification of liabilities (effective 1 January 2023) IAS 1 P resentation of Financial Statements - Amendments regarding the disclosure of accounting policies (effective 1 January 2023) IAS 8 A ccounting Policies, Changes in Accounting Estimates and Errors - Amendments regarding the definition of accounting estimates (effective 1 January 2023) IAS 12 Income Taxes -Amendments regarding deferred tax on leases and decommissioning obligations (effective 1 January 2023) IAS 16 Property, Plant and Equipment - Amendments prohibiting a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use (effective 1 January 2022) IAS 37 Provisions, Contingent Liabilities and Contingent Assets - Amendments regarding the costs to include when assessing whether a contract is onerous (effective 1 January 2022) IFRS 9 F inancial Instruments - Amendments resulting from Annual Improvements to IFRS Standards 2018 - 2020 (fees in the 10% test for derecognition of financial liabilities) (effective 1 January 2022) IFRS 16 Leases - Amendment to extend the exemption from assessing whether a COVID-19-related rent concession is a lease modification (effective 1 April 2021) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) IFRS 17 Insurance Contracts Explanatory Notes 30 SEPTEMBER 2021 E x p l a n a t o r y N o t e s

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