Green Technology Annual Report

1. GENERAL INFORMATION The Company is a company limited by guarantee and domiciled in Malaysia. The registered office and principal place of business are as follows:- Registered office : Suite C-5-4, Wisma Goshen, Plaza Pantai, Jalan Pantai Baharu, 59200 Kuala Lumpur. Principal place of business : No. 2, Jalan 9/10, Persiaran Usahawan, Seksyen 9, Bandar Baru Bangi, 43650 Selangor Darul Ehsan. The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors dated 12 June 2020. 2. PRINCIPAL ACTIVITIES The principal activities of the Company is to act as the focal point for the development of green technology in Malaysia by undertaking advisory services, driving and facilitating the implementation and growth of green technology industry and compiling data by way of coordination, development, training, transfer, adoption, research and development, innovation and commercialisation in green technology. The principal activities of the subsidiaries are set out in Note 5 to the financial statements. There have been no significant changes in the nature of these activities during the financial year. 3. 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. 3. BASIS OF PREPARATION (CONT’D) 3.1 During the current financial year, the Group has adopted the following new accounting standards and interpretations (including the consequential amendments, if any):- MFRSs and/or IC Interpretations (Including The Consequential Amendments) MFRS 16 Leases IC Interpretation 23 Uncertainty Over Income Tax Treatments Amendments to MFRS 9: Prepayment Features with Negative Compensation Amendments to MFRS 119: Plan Amendment, Curtailment or Settlement Amendments to MFRS 128: Long-term Interests in Associates and Joint Ventures Annual Improvements to MFRS Standards 2015 – 2017 Cycles The adoption of the above accounting standards and interpretations (including the consequential amendments, if any) did not have any material impact on the Group’s financial statements except as follows:- MFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and replaced the previous guidance on lease accounting. Under MFRS 16, the classification of leases as either finance leases or operating leases is eliminated for lessees. All lessees are required to recognise their lease assets and the related lease obligations in the statement of financial position (with limited exceptions) as right-of-use assets and lease liabilities respectively. The right-of-use assets are subject to depreciation and the interest on lease liabilities are calculated using the effective interest method. The impacts on the financial statements of the Group upon its initial application of MFRS 16 are disclosed in Note 30 to the financial statements. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 106 MALAYSIAN GREEN TECHNOLOGY & CLIMATE CHANGE CENTRE ANNUAL REPORT 2019