Corporate Report for the year ended 30 June 2022
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Section B: Notes to the Group financial statements for the year ended 30 June 2022
Section B: Notes to the Group financial statements for the year ended 30 June 2022
B3 Basis of preparation (continued) New and amended standards and interpretations
The Group has adopted the following new and amended accounting standards and interpretations which became effective for the annual reporting period commencing 1 July 2021. The Group’s assessment of the impact of these new and amended standards and interpretations is set out below.
Reference
Description and impact on the Group
AASB 2020-8 Amendments to Australian Accounting Standards—Interest Rate Benchmark Reform— Phase 2
This standard amends AASB 9 Financial Instruments, AASB 16 Leases and AASB 7 Financial Instruments: Disclosures, providing certain relief for hedge accounting and changes to contractual cash flows of financial instruments (including lease liabilities) due to the reform of inter-bank offered rates. The relief enables hedge accounting to continue for certain hedges that might otherwise need to be discontinued once an alternative benchmark interest rate is available. It also allows the recalculation of the carrying amount of a financial instrument using an updated effective interest rate to reflect the change to the benchmark
rate for the purpose of discounting the revised contractual cash flows. Application of this standard has not materially impacted the Group.
AASB 2021-3 Amendments to Australian Accounting Standards—COVID-19 Related Rent Concessions beyond 30 June 2021
AASB 2021-3 extends the date of the practical expedient provided to lessees in AASB 2020-4 Amendments to Australian Accounting standards—COVID-19 Related Rent Concessions from 30 June 2021 to 30 June 2022. The practical expedient allows lessees to recognise any change in lease payments (now due before 30 June 2022) arising from a COVID-19 related rent concession directly in the profit and loss and not have to assess whether it is lease modification. Application of this standard has not materially impacted the Group.
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