Page 113 - EXIM-Bank_Annual-Report-2022

A VISION COMMITMENT EMPOWERING ENSURING ENHANCING FINANCIAL
TO SERVE TO LEAD GROWTH SUSTAINABILITY GOVERNANCE STATEMENTS 111

NOTES TO ThE
FINANCIAL STATEMENTS

1. CorPorAte INForMAtIoN
Export-Import Bank of Malaysia Berhad is a public limited company, incorporated and domiciled in Malaysia. The registered
office and principal place of business of the Bank is located at Level 16, EXIM Bank, Jalan Sultan Ismail, 50250 Kuala Lumpur.
The Bank is principally engaged in the business of conventional and Islamic banking in the promotion and support of export,
import and investment for the country’s development by granting credit, issuing guarantees and providing other related
services. The Bank is also engaged in the provision of export and domestic credit insurance and takaful facilities and trade
related guarantees to Malaysian companies.

The principal activities of the subsidiaries are as stated in Note 14.
There have been no significant changes in the nature of the Group’s and Bank’s principal activities during the financial year.

The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the Directors
on 30 March 2023.

2. sIGNIFICANt ACCouNtING PoLICIes
2.1 Basis of preparation
The financial statements of the Group and the Bank have been prepared in accordance with International Financial
Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, Malaysian Financial Reporting
Standards (“MFRS”) as issued by the Malaysian Accounting Standards Board and the requirements of Companies
Act 2016.

The financial statements of the Group and the Bank have been prepared under the historical cost convention,
unless otherwise stated in the accounting policies. The financial statements are presented in Ringgit Malaysia (“RM”),
which is the Group’s and the Bank’s functional currency, and all values are rounded to the nearest thousand (RM’000)
except when otherwise indicated.

2.2 Changes in accounting policies
The accounting policies adopted are consistent with those of the previous financial year except as follows:
On 1 January 2022, the Group and the Bank adopted the following new and amended MFRS mandatory for annual
financial periods on or after 1 January 2022.
• Annual Improvements to MFRS Standards 2018-2020 (Amendments to MFRS 101 First-time Adoption of Malaysian
Financial Reporting Standards, MFRS 9 Financial Instruments and MFRS 141 Agriculture
• MFRS 3 Reference to the Conceptual Framework (Amendments to MFRS 3 Business Combinations)

• MFRS 116 Property, Plant and Equipment - Proceeds before Intended Use (Amendments to MFRS 116 Property, Plant
and Equipment)
• MFRS 137 Onerous Contracts - Cost of Fulfilling a Contracts (Amendments to MFRS 137 Provisions, Contingent
Liabilities and Contingent Assets)

The adoption of the above pronouncements did not have any material impact on the financial statements of the
Group and the Bank.