Page 120 - Exim iar24_Ebook

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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 and other foreign companies with Malaysian shareholding.
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 27 March 2025.

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 IFRS Accounting Standards
(“IFRS”) as issued by the International Accounting Standards Board, MFRS Accounting 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 2024, the Group and the Bank adopted the following new and amended MFRS which are effective for
annual financial periods on or after 1 January 2024:
• MFRS 7 Supplier Finance Arragements (Amendments to MFRS 107 and MFRS 7)
• MFRS 16 Lease Liability in a Sale and Leaseback (Amendments to MFRS 16)
• MFRS 101 Non-current Liabilities with Covenants (Amendments to MFRS 101)
• MFRS 107 Supplier Finance Arragements (Amendments to MFRS 107 and MFRS 7)
The adoption of the above new MFRSs and amendments to MFRSs do not have any significant financial impact to the
Group’s and the Bank’s financial statements.

2.3 Standards issued but not yet effective
The standards and interpretations that are issued but not yet effective up to the date of issuance of the Group’s
and the Bank’s financial statements are disclosed below. The Group and the Bank intend to adopt these standards,
if applicable, when they become effective.
Effective for financial periods beginning on or after 1 January 2025

• MFRS 121 Lack of Exchangeability (Amendments to MFRS 121)