Financial statements | Contents
Section B: Notes to the Group financial statements for the year ended 30 June 2025
B3 Basis of preparation (continued) New and amended accounting standards The Group has adopted the following new and amended accounting standards which became effective for the annual reporting period commencing 1 July 2024. The Group’s assessment of the impact of these new and amended standards is set out below.
Reference
Description and impact on the Group
AASB 2020-1 Amendments to Australian Accounting Standards — Classification of Liabilities as Current or Non-current AASB 2022-6 Amendments to Australian Accounting Standards — Non-current Liabilities with Covenants
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 2022-6 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 the 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. Application of the amendments has not resulted in any change to the classification of the Group’s liabilities between current and non-current. Additional disclosures have been included in the Group’s financial statements for the year ended 30 June 2025 relating to borrowings that are subject to compliance with covenants within 12 months after the reporting date. Refer to Note B13 for the disclosures.
In addition to AASB 2020-1 and AASB 2022-6, a number of other new or amended accounting standards became effective for the annual reporting period commencing 1 July 2024, however they have had no impact on the Group.
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