Company: VCIG
Filing Date: 2025-05-13
Form Type: 20-F
Source: 0001213900-25-042476
Chunk: 130

Company: VCI Global Ltd
Filing Date: 2025-05-13
Form: 20-F
Item: Item 19
Chunk 130
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BASIS OF ACCOUNTING

These financial statements have been
prepared in accordance with the International Financial Reporting Standards (“ IFRS”) as issued by the International Accounting
Standards Board (“ IASB”) under the historical cost convention, except as disclosed in the accounting policies below.

The preparation of financial statements
in conformity with IFRS requires management to exercise its judgement in the process of applying the Company’s accounting policies.
It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3.

In the current financial year, the Company
has adopted the new or amended IFRS that are mandatory for application for the financial year. Changes to the Company’s accounting
policies have been made as required, in accordance with the transitional provisions in the respective IFRS.

The adoption of these new or amended
IFRS did not result in substantial changes to the Company’s accounting policies and had no material effect on the amounts reported
for the current or prior financial years.

Standards issued but not yet effective

At the date of authorization of these
financial statements, a number of new/revised standards that are relevant to the Company were issued but not yet effective. Consequential
amendments were also made to various standards as a result of these new/revised standards.

The Company does not intend to early
adopt any of the new/revised standards, interpretations and amendments to the existing standards. Management anticipates that the adoption
of the revised/new standards will not have a material impact on the financial statements of the Company in the period of their initial
adoption.

FAIR VALUE MEASUREMENTS

Fair value is the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date,
regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of
an asset or a liability, the Company takes into account the characteristics of the asset or liability which market participants would
take into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in
these financial statements is determined on such a basis.

In addition, for financial reporting
purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value