BIMB Integrated Annual Report 2017

1. PRINCIPAL ACTIVITIES AND GENERAL INFORMATION BIMB Holdings Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad. The address of its registered office and principal place of business is as follows: Registered office and principal place of business 31 st Floor, Menara Bank Islam No. 22, Jalan Perak 50450 Kuala Lumpur The consolidated financial statements of the Company as at and for the financial year ended 31 December 2017 comprise the Company and its subsidiaries (together referred to as the “Group”). The Company is principally engaged in investment holding activities while the other Group entities are primarily involved in Islamic banking business, managing family and general takaful, and stock-broking businesses. The ultimate holding entity is Lembaga Tabung Haji (“LTH”), a hajj pilgrims’ fund statutory body established in Malaysia under the Tabung Haji Act, 1995 (Act 535). These financial statements were authorised for issue by the Board of Directors on 28 March 2018. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies set out below have been applied consistently to the periods presented in these financial statements and have been applied consistently by Group entities, unless otherwise stated. 2.1 Basis of preparation (a) Statement of compliance The financial statements of the Group and of the Company have been prepared in accordance with the applicable Malaysian Financial Reporting Standards (“MFRS”), International Financial Reporting Standards (“IFRS”), the requirements of Companies Act, 2016 in Malaysia and Shariah requirements. (i) Amendments to MFRS that were adopted by the Group and the Company During the financial year, the Group and the Company adopted the following amendments to the standards which came into effect 1 January 2017: • Amendments to MFRS 12, Disclosure of Interests in Other Entities (Annual Improvements to MFRS Standards 2014-2016 Cycle) • Amendments to MFRS 107, Statement of Cash Flows – Disclosure Initiative • Amendments to MFRS 112, Income Taxes – Recognition of Deferred Tax Assets for Unrealised Losses The adoption of these amendments to published standards and interpretations did not have any impact on the financial results of the Group and the Company. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 170 BIMB HOLDINGS BERHAD Integrated Annual Report 2017