2024 Corporate Report

Financial statements

Section B: Notes to the Group financial statements for the year ended 30 June 2024

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 2023. 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 2021-2 Amendments to Australian Accounting Standards—Disclosure of Accounting Policies and Definition of Accounting Estimates

The standard amends AASB 7 Financial Instruments: Disclosures , AASB 101 Presentation of Financial Statements , AASB 108 A ccounting 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, which requires disclosure of material accounting policy information that is entity specific, where possible, rather than significant accounting policies which are generic • Distinguish changes in accounting estimates from changes in accounting policies. Application of the amendments has not resulted in any change to the Group’s accounting policies or accounting estimates. There are a number of accounting policies that were previously disclosed in the Group's Corporate Report for 30 June 2023, which are no longer disclosed, as they are not considered ‘material accounting policy information'. Also, where possible, the material accounting policy information disclosures have been tailored so that they are Transurban specific. AASB 2021-5 makes 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 captured by the amendments include leases where the entity is a lessee and decommissioning obligations. The application of the amendments has had no impact on 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 captured within the amendments. This standard makes editorial corrections to various Australian Accounting Standards (AAS) and AASB Practice Statement 2 Making Materiality Judgements . The corrections include those made by the IASB to IFRS Standards since June 2021. This Standard also repeals AAS that: • Have been superseded by either subsequent principal versions of the Standard or by other Standards without being formally repealed at the time • Made amendments to other Standards, being amending Standards that have passed their Parliamentary disallowance period and their legal commencement date but have not been formally repealed. The application of the amendments has had no impact on the Group. The standard amends AASB 112 Income Taxes and introduces targeted disclosure requirements in a company’s annual financial statements relating to the new Pillar Two global tax rules to help investors better understand a company's exposure to income taxes arising from the reform, particularly before legislation implementing the rules is in effect. The application of the amendments has resulted in additional disclosures in the Group’s financial statements for the year ended 30 June 2024. Refer to Note B6 for the disclosures.

AASB 2021-5 Amendments to Australian Accounting Standards—Deferred Tax related to Assets and Liabilities arising from a Single Transaction

AASB 2022-7 Editorial Corrections to Australian Accounting Standards and Repeal of Superseded and Redundant Standards

AASB 2023-2 Amendments to Australian Accounting Standards—International Tax Reform— Pillar Two Model Rules

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