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 accounting standards and interpretations issued but not yet effective
Certain new and amended accounting standards and interpretations have been published but are not mandatory for the year ended 30 June 2022. The Group's assessment of the impact of these new and amended accounting standards and interpretations is set out below.
Application of the standard
Application by the Group
Reference
Description and impact on the Group
AASB 2020-1 Amendments to Australian Accounting Standards— Classification of Liabilities as Current or Non-current AASB 2020-6 Amendments to Australian Accounting Standards— Classification of Liabilities as Current or Non-current—Deferral of Effective Date AASB 2020-3 Amendments to Australian Accounting Standards—Annual improvements 2018–2020 and Other Amendments AASB 2014-10 Amendments to Australian Accounting Standards— Sale or Contribution of Assets between an Investor and its Associate or Joint Venture AASB 2021-7 Amendments to Australian Accounting Standards—Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections
AASB 2020-1 amends AASB 101 Presentation of Financial Statements to clarify requirements for the presentation of liabilities in the statement of financial position as current or non-current. AASB 2020-6 defers the application date of AASB 2020-1 by one year. Application of the amendments is not expected to materially impact the Group. AASB 2021-7 mainly defers application date of AASB 2024-10 so that the amendments are required to be applied for annual reporting periods beginning on or after 1 January 2025 instead of 1 January 2022. Application of the amendments is prospective and is not expected to materially impact the Group. The AASB has made limited scope amendments to AASB 10 Consolidated Financial Statements a nd AASB 128 Investments in Associates and Joint Ventures. The amendments clarify the accounting treatment for sale or contribution of assets between an investor and its associates or joint ventures. They confirm that the accounting treatment depends on whether the non-monetary assets sold or contributed to an associate or joint venture constitute a ‘business’ (as defined in AASB 3 Business Combinations ). Where the non-monetary assets constitute a business, the investor will recognise the full gain or loss on the sale or contribution of assets. If the assets do not meet the definition of a business, the gain or loss is recognised by the investor only to the extent of the other investor’s interest in the associate or joint venture. The following small amendments were made to accounting standards: • Annual Improvements 2018-2020 Cycle make minor amendments to AASB 1 First-time Adoption of International Financial Reporting Standards, AASB 9 Financial Instruments and the Illustrative Examples accompanying AASB 16 Leases to clarify the wording or correct minor consequences, oversights or conflicts between requirements in the Standards; • Amendments to AASB 3 Business Combinations update a reference in AASB 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations; • Amendments to AASB 116 Property, Plant and Equipment require an entity to recognise the sales proceeds from selling items produced while preparing property, plant and equipment for its intended use and the related cost in the profit and loss, instead of deducting the amounts received from the cost of the asset; and • Amendments to AASB 137 Provisions, Contingent Liabilities and Contingent Assets clarify which costs a company includes when assessing whether a contract will be onerous. Application of the above amendments is prospective following the application date by the Group and is not expected to materially impact the Group. The standard amends AASB 7 Financial Instruments: Disclosures, AASB 101 Presentation of Financial Statements, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, AASB 134 Interim Financial Reporting and AASB Practice Statement 2 Making Materiality Judgements to: • improve accounting policy disclosures so that they provide more useful information to investors and other primary users of the financial statements; and
1 January 2025 1 July 2025
1 January 2023 1 July 2023
1 January 2022 1 July 2022
AASB 2021-2 Amendments to Australian Accounting Standards—Disclosure of Accounting Policies and Definition of Accounting Estimates
1 January 2023 1 July 2023
• distinguish changes in accounting estimates from changes in accounting policies. Application of the amendments is not expected to materially impact the Group.
AASB 2021-5 Amendments to Australian
AASB 2021-5 has made amendments to AASB 1 First-time Adoption of Australian Accounting Standards and AASB 112 Income Taxes which require companies in specified circumstances to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. Transactions that are expected to be captured by the amendments include leases where the entity is a lessee and decommissioning obligations. Application of the amendments is not expected to materially impact the Group as the Group has already recognised deferred tax on lease arrangements where the Group is a lessee and there are no other transactions expected to be captured within the amendments.
1 January 2023 1 July 2023
Accounting Standards—Deferred Tax related to Assets and Liabilities arising from a Single Transaction
132 132
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