Company: MAGH
Filing Date: 2025-09-15
Form Type: 20-F
Source: 0001493152-25-013424
Chunk: 135

Company: Magnitude International Ltd
Filing Date: 2025-09-15
Form: 20-F
Item: Item 19
Chunk 135
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 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 Group’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 consolidated financial statements
are disclosed in Note 3.

In
the current year, the Group has adopted all the new and revised IFRS and Interpretations of IFRS that are relevant to its operations
and effective for annual periods beginning on or after May 1, 2024. Changes to the Group’s accounting policies have been made as
required, in accordance with the transitional provisions in the respective IFRS and Interpretations of IFRS. The adoption of these new
or amended IFRS and Interpretations of IFRS did not result in substantial changes to the Group’s accounting policies and had no
material effect on the amounts reported for the current or prior financial years.

IFRS
and Interpretations of IFRS issued but not yet effective

At
the date of authorization of these financial statements, certain IFRS and Interpretations of IFRS were issued but not yet effective.
Consequential amendments were also made to various standards as a result of these new/revised standards.

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

MAGNITUDE
INTERNATIONAL LTD AND ITS SUBSIDIARIES

NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS

  Material                                   
  accounting policy information (Continued)  
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  2.2      Revenue  

Revenue
from provision of electrical works and installation services and ad hoc services in the ordinary course of business is recognized when
the Group satisfies a performance obligation by transferring control of an asset to the customer. The amount of revenue recognized is
the amount of the transaction price allocated to the satisfied performance obligation.

Transaction
price is the amount of consideration in the contract to which the Group expects to be entitled in exchange for transferring the promised
goods. The transaction price may be fixed or variable and is adjusted for time value of