Financial statements
Section B: Notes to the Group financial statements for the year ended 30 June 2024
Section B: Notes to the Group financial statements for the year ended 30 June 2024
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 2024. The Group's assessment of the expected 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 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 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 2022-6 Amendments to Australian Accounting Standards—Non- current Liabilities with Covenants AASB 2022-5 Amendments to Australian Accounting Standards—Lease Liability in a Sale and Leaseback
The AASB has made limited scope amendments to AASB 10 Consolidated Financial Statements and AASB 128 Investments in Associates and Joint Ventures . The amendments clarify the accounting treatment for sales 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. 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. 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 deferred the application date of AASB 2020-1 by one year to 1 January 2023. AASB 2022-6 further deferred the application date of AASB 2020-1 by another year to 1 January 2024. AASB 2022-6 also amends AASB 101 Presentation of Financial Statements and AASB Practice Statement 2 Making Materiality Judgements. The amendments specify that covenants to be complied with after reporting date do not affect the classification of debt as current or non-current at the reporting date. Instead, the entity is required to disclose information about these covenants in the notes to the financial statements. The amendments also clarify the situations that are considered settlement of a liability. All of these amendments are applicable to the Group on a retrospective basis from 1 July 2024. They are not expected to have a material impact and may result in additional disclosures in the financial statements. The standard amends AASB 16 Leases which changes the manner in which the seller- lessee measures its gain or loss based on their proportionate share transferred to the buyer-lessor in the right of use asset from a sale and leaseback transaction. The seller- lessee will be required to further remeasure their lease liability, so that any gain or loss previously recognised will now be removed by way of the lease liability adjustment. The amendments are applicable to the Group on a retrospective basis from 1 July 2024 and are not expected to have a material impact as the Group has not had any sale and leaseback transactions. This standard amends AASB 107 Statement of Cash Flows and AASB 7 Financial Instruments: Disclosures and requires additional disclosures addressing supplier finance arrangements. The additional information will enable users of financial statements to assess how supplier finance arrangements affect an entity’s liabilities, cash flows and exposure to liquidity risk. Application of the amendments is prospective and is not expected to materially impact the Group.
1 January 2025
1 July 2025
1 January 2024
1 July 2024
1 January 2024
1 July 2024
AASB 2023-1 Amendments to Australian Accounting Standards— Supplier Finance Arrangements
1 January 2024
1 July 2024
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