Page 120 - EXIM-Bank_Annual-Report-2023

EXIM BANK MALAYSIA
118 A Vision to Serve Empowering Growth Management Discus sion and
Management Discussion and AnalysisAnalysis
ANNUAL REPORT 2023
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 15, 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 26th March 2024.

2. MATErIAL ACCouNTING PoLICy INForMATIoN
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 2023, the Group and the Bank adopted the following new and amended MFRS mandatory for annual
financial periods on or after 1 January 2023.
• MFRS 17 Insurance Contracts and Initial Application of MFRS 17 and MFRS 9 - Comparative Information
(Amendment to MFRS 17)
• MFRS 112 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to
MFRS 112)
• Amendments to MFRS 101 Presentation of Financial Statements - Disclosure of Accounting Policies
• Amendments to MFRS 101 Classification of Liabilities as Current or Non-current
• Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors - Definition of
Accounting Estimates