before legislation implementing the rules is in effect. The Group applied temporary exception for the year ended 31 December 2023. The legislation will be effective for the Group’s financial year beginning 1 January 2024 in certain jurisdictions. The Group is in the process of assessing the potential exposure arising from Pillar Two legislation and expects to complete the assessment in the financial year ending 2024. (b) Amendments to the published standards that are applicable to the Group and the Company but not yet effective. Effective for financial year beginning on 1 January 2024: AmendmentstoMFRS107CashFlowStatementsand MFRS7FinancialInstruments:DisclosuresSupplierFinanceArrangements Amendments to MFRS 16 Leases Lease Liability in a Sale and Leaseback AmendmentstoMFRS101PresentationofFinancialStatementsClassificationofLiabilitiesasCurrentorNon-currentand Non-currentLiabilitieswithCovenants Effective for financial year beginning on 1 January 2025: AmendmentstoMFRS121TheEffectsofChangesin ForeignExchangeRatesLackofExchangeability Effective date deferred by Malaysian Accounting Standards Board: AmendmentstoMFRS10ConsolidatedFinancialStatementsandMFRS128InvestmentsinAssociatesandJointVenturesSaleorContributionofAssetsbetweenanInvestoranditsAssociateorJointVenture NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 215 2 BASIS OF PREPARATION (CONTINUED) (b) Amendments to the published standards that are applicable to the Group and the Company but not yet effective. (continued) The amendments to published standards are not expected to have a material impact on the financial statements of the Group and the Company. There are no other standards, amendments and improvements to published standards and interpretations to existing standards that are not effective that would be expected to have a material impact on the Group and the Company. 3 SUMMARY OF MATERIAL ACCOUNTING POLICIES The material accounting policies applied in the preparation of these consolidated financial statements are set