158 MEGACHEM LIMITED Notes to The Financial Statements 31 December 2024 33. Items in the statement of profit or loss and other comprehensive income In addition to the charges and credits disclosed elsewhere in the notes to the financial statements, this item includes the following charges: Group 2024 2023 $000 $000 Fees on audit services to independent auditors: - Company’s independent auditor 132 126 - Other independent auditors 106 99 Total 238 225 Other fees to independent auditors: - Company’s independent auditor 20 19 - Other independent auditors 23 28 Total 43 47 34. Changes and adoption of Singapore Financial Reporting Standards (International) For the current reporting year the ASC issued certain new or revised Singapore Financial Reporting Standards (International). None had a material impact on the Group and Company. 35. New or amended standards in issue but not yet effective The ASC issued certain new or revised Singapore Financial Reporting Standards (International) for the future reporting years. Those applicable to the reporting entity for future reporting years are listed below. SFRS (I) No. Title Effective date for years beginning on or after SFRS(I) 1-21 The Effects of Changes in Foreign Exchange Rates (amendment) Lack of Exchangeability 1 January 2025 SFRS(I) 9 and 7 Classification and Measurement of Financial Instruments – Amendments 1 January 2026 SFRS(I) 18 Presentation and disclosures in financial statements 1 January 2027 SFRS(I) 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027 The transfer to these new or revised standards from the effective dates is not expected to result in material modification of the measurement methods or the presentation in the financial statements for the following reporting year from the known or reasonably estimable information relevant to assessing the possible impact that application of the new or revised standards may have on the Group’s financial statements in the period of initial application, except for the below: SFRS(I) 18 Presentation and Disclosure in Financial Statements, replaces SFRS(I) 1-1. The new version includes (a) revised presentation of specified categories and defined subtotals in the statement of profit or loss; (b) new disclosures on management-defined performance measures in the notes to the financial statements; and (c) improved disclosures of aggregation and disaggregation of balances.
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