Directors to exercise their judgement in the process of applying the Group’s and the Company’s accounting policies. Although these estimates and judgements 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 4. (a) New standard and amendments to published standards that are effective and applicable to the Group and the Company. Effective for financial year beginning on 1 January 2023: MFRS 17 Insurance Contracts Amendments to MFRS 17 Insurance Contracts Initial Application of MFRS 17 Insurance Contracts and MFRS 9 Financial Instruments - Comparative Information Amendments to MFRS 101 Presentation of Financial Statements and MFRS PracticeStatement 2 Making Materiality Judgements Disclosure of Accounting Policies Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors Definition of Accounting Estimates Amendments to MFRS 112 Income Taxes Deferred Tax related to Assets and Liabilities arising from a Single Transaction Amendments to MFRS 112 Income Taxes International Tax Reform - Pillar Two Model Rules The amendments to the published standards listed above did not have any significant impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods, other than as disclosed below. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 214 2 BASIS OF PREPARATION (CONTINUED) (a) New standard and amendments to published standards that are effective and applicable to the Group and the Company. (continued) Adoption and amendments to MFRS 17 - Insurance Contracts The adoption of MFRS 17 Insurance Contracts and its related amendments has resulted in changes in accounting policies, shifting from recognising insurance profits upon premium receipt to acknowledging them as