Company: MAGH
Filing Date: 2025-09-15
Form Type: 20-F
Source: 0001493152-25-013424
Chunk: 140

Company: Magnitude International Ltd
Filing Date: 2025-09-15
Form: 20-F
Item: Item 19
Chunk 140
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 the Company and its subsidiary incorporated
in BVI is USD, and the operating subsidiaries incorporated in Singapore is SGD. The consolidated financial statements are presented in
SGD, which is the reporting currency of the Company.

Transactions
and balances

Transactions
in a currency other than the functional currency (“foreign currency”) are translated into the functional currency using the
exchange rates at the dates of the transactions. Currency exchange differences resulting from the settlement of such transactions and
from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date
are recognized in profit or loss. Monetary items include primarily financial assets (other than equity investments), contract assets
and financial liabilities.

Non-monetary
items measured at fair value in foreign currencies are translated using the exchange rates at the date when the fair values are determined.

Translation
of Group entities’ financial statements

The
results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a
functional currency different from the presentation currency are translated into the presentation currency as follows:

(i)
assets and liabilities are translated at the closing exchange rates at the reporting date;

(ii)
income and expenses are translated at average exchange rates (unless the average is not a reasonable approximation of the cumulative
effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rates at
the dates of the transactions); and

(iii)
all resulting currency translation differences are recognized in other comprehensive income and accumulated in the currency translation
reserve. These currency translation differences are reclassified to profit or loss on disposal or partial disposal with loss of control
of the foreign operation.

MAGNITUDE
INTERNATIONAL LTD AND ITS SUBSIDIARIES

NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS

  Material                                   
  accounting policy information (Continued)  
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  2.6      Property,            

All
items of property, plant and equipment are initially recorded at cost. Subsequent to recognition, property, plant and equipment are measured
at cost less accumulated depreciation and any accumulated impairment losses. The cost of property, plant and equipment includes its purchase
price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating
in the manner intended by management. Dismantlement, removal or restoration costs are included as part of the cost of property, plant
and equipment