(A) BASIS OF PREPARATION The financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial Reporting Standards (MFRSs), International Financial Reporting Standards (IFRSs) and the requirements of the Companies Act 2016 in Malaysia. The financial statements of the Group and the Company are prepared under the historical cost basis except as disclosed in the accounting policies below. The financial statements are presented in Ringgit Malaysia (RM) and all values are rounded to the nearest thousand RM except when otherwise indicated. (B) BASIS OF CONSOLIDATION The consolidated financial statements of the Group comprise the Company and its subsidiaries. The financial statements of the subsidiaries used for preparing the consolidated financial statements, are prepared for the same reporting period as the Company using consistent accounting policies. The Group controls an investee if and only if the Group has all the following: (i) Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); (ii) Exposure, or rights, to variable returns from its investment in the investee; and (iii) The ability to use its power over the investee to affect its returns. When the Group has less than a majority of the voting rights of an investee, the Group considers the following in assessing whether or not the Group’s voting rights in an investee are sufficient to give it power over the investee: (i) The size of the Group’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; (ii) Potential voting rights held by the Group, other vote holders or other parties; (iii) Rights arising from other contractual arrangements; and (iv) Any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. Subsidiaries are consolidated when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. All intra-group balances, income and expenses and unrealised gains and losses resulting from intra-group transactions are eliminated in full. ACCOUNTING POLICIES Boustead Plantations Berhad 198
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