Page 183 - SC SCAR 2023 ENGLISH Flipbook

PART 5 ORGANISATION INFORMATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. GENERAL INFORMATION
The Securities Commission Malaysia (SC) is a statutory body established under the Securities Commission Malaysia Act 1993 (SCMA) for the regulation and development of capital markets. The SC has direct responsibility for supervising and monitoring the activities of market institutions including the exchanges and clearing houses and regulating all persons licensed under the Capital Markets and Services Act 2007 (CMSA). The address of the SC is at:
3, Persiaran Bukit Kiara,
Bukit Kiara,
50490 Kuala Lumpur, Malaysia.
These financial statements were authorised for issue by the Board Members on 30 January 2024.
2. BASIS OF PREPARATION
(a) Statement of compliance
The financial statements of the SC have been prepared in accordance with the Malaysian Financial Reporting Standards (MFRS), and International Financial Reporting Standards (IFRS).
(i) Amendments to published standards that are effective
The SC has applied the following amendments to published standards and annual improvements for the first time for the financial year beginning on 1 January 2023.
– MFRS 17 ‘Insurance Contracts’ and its amendments
– Amendments to MFRS 112 ‘Deferred Tax related to Assets and Liabilities arising from a Single
Transaction’
– Amendments to MFRS 101 and MFRS Practice Statement 2 ‘Disclosure of Accounting Policies’
– Amendments to MFRS 112 ‘International Tax Reform – Pillar Two Model Rules’
– Amendments to MFRS 108 ‘Definition of Accounting Estimates’
(ii) Amendments to published standards that have been issued but not yet effective
New amendments to published standards and annual improvements that are effective for financial year beginning after 1 January 2024 are set out below:
– Amendments to MFRS 16 ‘Lease Liability in a Sale and Leaseback’ (effective 1 January 2024)
– Two amendments to MFRS 101 ‘Presentation of Financial Statements’
• The first amendments, ‘Classification of liabilities as current or non-current’
• The second amendments, ‘Non-current Liabilities with Covenants’
– Amendments to MFRS 107 and MFRS 7 ‘Supplier finance arrangements’ (effective 1 January
2024)
– Amendments to MFRS 121 ‘Lack & Exchangebility’ (effective 1 January 2025)
These amendments to published standards and annual improvements will be adopted on the respective effective dates. The SC has started a preliminary assessment on the effects of the above amendments to published standards and annual improvements and the impact is still being assessed.
SECURITIES COMMISSION MALAYSIA ANNUAL REPORT 2023 181