NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2024 2. Summary of material accounting policies information (cont’d) 2.3 Standards issued but not yet effective The Group has not adopted the following standards and interpretations that have been issued but not yet effective: Description Effective for the financial year beginning on or after Amendments to SFRS(I) 1-21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability 1 January 2025 Amendments to SFRS(I) 9 Financial Instruments and SFRS(I) 7 Financial Instruments: Amendments to the Classification and Measurement of Financial Instruments 1 January 2026 Amendments to SFRS(I) 9 Financial Instruments and SFRS(I) 7 Financial Instruments: Contracts referencing Nature-dependent electricity 1 January 2026 Annual Improvements to SFRS(I)s - Volume 11 1 January 2026 SFRS(I) 18: Presentation and Disclosure in Financial Statements 1 January 2027 SFRS(I) 19: Subsidiaries without Public Accountability: Disclosures 1 January 2027 Amendments to SFRS(I) 10 Consolidated Financial Statements and SFRS(I) 1-28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Date to be determined Based on the information available to date, the directors expect that the adoption of the standards above will have no material impact on the financial statements in the period of initial application. 2.4 Basis of consolidation and business combinations (a) Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at the end of the reporting period. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: i. Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee); ii. Exposure, or rights, to variable returns from its involvement with the investee; and iii. The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: i. The contractual arrangement(s) with the other vote holders of the investee; ii. Rights arising from other contractual arrangements; and iii. The Group’s voting rights and potential voting rights. Group Overview Financials Other information Sustainability and Governance Operation and Financial Review Indofood Agri Resources Ltd. 72
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