28 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 1 GENERAL INFORMATION The Company is incorporated in Malaysia and listed on the Main Market of Bursa Malaysia Securities Berhad. The registered office and principal place of business of the Company is located at Level 21, Wisma FGV, Jalan Raja Laut, 50350 Kuala Lumpur. The Company is principally an investment holding company with investments primarily in oil palm plantation and its related downstream activities, sugar refining, trading, logistics, marketing, rubber processing, research and development activities and related agribusiness activities. The principal activities of the subsidiaries are stated in Note 23 to the financial statements. There have been no significant changes in the nature of these activities of the Group and of the Company during the financial year. 2 BASIS OF PREPARATION The financial statements of the Group and of the Company have been prepared in accordance with the Malaysian Financial Reporting Standards (“MFRS”), International Financial Reporting Standards (“IFRS”) and the requirements of the Companies Act 2016 in Malaysia. The financial statements of the Group and of the Company have been prepared under the historical cost convention unless otherwise indicated in the individual policy statements in Note 3 to the financial statements. The preparation of financial statements in conformity with MFRS requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. It also requires Directors to exercise their judgement in the process of applying the Group and Company’s accounting policies. Although these estimates and judgement are based on the Directors’ best knowledge of current events and actions, actual results may differ. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 5. (i) The Group has applied the following accounting pronouncements for the first time for the financial year beginning on 1 January 2023: • MFRS 17 ‘Insurance Contracts’ • Amendments to MFRS 101 and MFRS Practice Statement 2 ‘Disclosure of Accounting Policies’ • Amendments to MFRS 108 ‘Definition of Accounting Estimates’ • Amendments to MFRS 112 ‘Deferred Tax related to Assets and Liabilities arising from a Single Transaction’ • Amendments to MFRS 112 ‘International Tax Reform - Pillar Two Model Rules’ • Amendment to MFRS 17 ‘Initial application of MFRS 17 and MFRS 9 - Comparative information’ The accounting pronouncements listed above did not have significant impact on the amounts recognised in prior periods and current year and are not expected to significantly affect the future periods.
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