AwanBiru Technology Berhad - Annual Report 2021

Notes to the Financial Statements For The Financial Year Ended 30 June 2021 1. GENERAL INFORMATION The Company is a public limited liability company, incorporated and domiciled in Malaysia. The registered office and principal place of business are as follows:- Registered office : Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur. Principal place of business : Star Central, Block 12, Lingkaran Cyber Point Timur, Cyber 12, 63000 Cyberjaya, Selangor Darul Ehsan. The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors dated 29 September 2021. 2. CHANGE OF NAME On 16 December 2020, the Company changed its name from Prestariang Berhad to AwanBiru Technology Berhad. 3. PRINCIPAL ACTIVITIES The Company is principally engaged in the business of investment holding. The principal activities of the subsidiaries are set out in Note 6 to the financial statements. 4. BASIS OF PREPARATION The financial statements of the Group are prepared under the historical cost convention and modified to include other bases of valuation as disclosed in other sections under significant accounting policies, and in compliance with Malaysian Financial Reporting Standards (“MFRSs”), International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia. 4.1 During the current financial year, the Group has adopted the following new accounting standard(s) and/or interpretation(s) (including the consequential amendments, if any):- MFRSs and/or IC Interpretations (Including The Consequential Amendments) Amendments to MFRS 3: Definition of a Business Amendments to MFRS 4: Extension of the Temporary Exemption from Applying MFRS 9 Amendments to MFRS 9, MFRS 139 and MFRS 7: Interest Rate Benchmark Reform Amendment to MFRS 16: COVID -19-Related Rent Concessions Amendments to MFRS 101 and MFRS 108: Definition of Material Amendments to References to the Conceptual Framework in MFRS Standards The adoption of the above accounting standard(s) and/or interpretation(s) (including the consequential amendments, if any) did not have any material impact on the Group’s financial statements. Awantec | Financial Review Annual Report 2021 146