CapitaLand Malaysia Mall Trust | Annual Report 2020

138 CAPITALAND MALAYSIA MALL TRUST • ANNUAL REPORT 2020 NOTES TO THE FINANCIAL STATEMENTS As at 31 December 2020 1. BASIS OF PREPARATION (a) Statement of compliance The financial statements of the Group and of the Trust have been prepared in accordance with the provisions of the Deed, the REITs Guidelines, Malaysian Financial Reporting Standards (MFRSs) and International Financial Reporting Standards. The Group and the Trust has applied the following MFRSs and amendments to MFRSs for the first time for the annual period beginning on 1 January 2020: • Amendments to MFRS 3, Business Combinations – Definition of a Business; • Amendments to MFRS 101, Presentation of Financial Statements and MFRS 108, Accounting Policies, Changes in Accounting Estimates and Errors – Definition of Material; and • Amendments to MFRS 9, Financial Instruments , MFRS 139, Financial Instruments: Recognition and Measurement and MFRS 7, Financial Instruments: Disclosures – Interest Rate Benchmark Reform. The application of these amendments to standards does not have a material effect on the financial statements. The following are accounting standards, amendments and interpretations of the MFRSs that have been issued by the Malaysian Accounting Standards Board (MASB) and are applicable to but have not been adopted by the Group and the Trust: MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 June 2020 • Amendment to MFRS 16, Leases – Covid-19-Related Rent Concessions. MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2021 • Amendments to MFRS 9, Financial Instruments , MFRS 139, Financial Instruments: Recognition and Measurement, MFRS 7, Financial Instruments: Disclosures, and MFRS 16, Leases – Interest Rate Benchmark Reform – Phase 2. MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2022 • Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards (Annual Improvements to MFRS Standards 2018−2020); • Amendments to MFRS 3, Business Combinations – Reference to the Conceptual Framework; • Amendments to MFRS 9, Financial Instruments (Annual Improvements to MFRS Standards 2018−2020); • Amendments to Illustrative Examples accompanying MFRS 16, Leases (Annual Improvements to MFRS Standards 2018-2020); • Amendments to MFRS 116, Property, Plant and Equipment − Proceeds before Intended Use; and • Amendments to MFRS 137, Provisions, Contingent Liabilities and Contingent Assets − Onerous Contracts − Cost of Fulfilling a Contract.