Transurban Corporate Report FY25 Financial statements
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 issued but not yet effective Certain new and amended accounting standards have been published but are not mandatory for the year ended 30 June 2025. The Group's assessment of the expected impact of these new and amended accounting standards 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 2024-4 Amendments to Australian Accounting Standards — Effective Date of Amendments to AASB 10 and AASB 128 [deferred AASB 10 and AASB 128 amendments in AASB 2014-10 apply] AASB 2023-5 Amendments to Australian Accounting Standards — Lack of Exchangeability
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. AASB 2024-4 further defers the application date of AASB 2014-10 so that the amendments are further required to be applied for annual reporting periods beginning on or after 1 January 2028 instead of 1 January 2025. Application of the amendments is prospective and is not expected to materially impact the Group. This Standard amends AASB 121 The Effects of Changes in Foreign Exchange Rates and AASB 1 First-time Adoption of Australian Accounting Standards (severe hyperinflation) to improve the usefulness of information provided to users of financial statements. The amendments require entities to apply a consistent approach to determining whether a currency is exchangeable into another currency and the spot exchange rate to use when it is not exchangeable. The amendments also add new disclosures relating to non-exchangeable currencies affecting an entity’s financial statements. Application of the amendments is prospective and is not expected to materially impact the Group. AASB 18 replaces AASB 101 Presentation of Financial Statements and sets out requirements for the presentation and disclosure of information in general purpose financial statements. The key changes include: • on the face of the statement of profit and loss – newly defined ‘operating profit’ and ‘profit before financing and income taxes’ subtotals and a requirement for all income and expenses to be allocated between operating, investing and financing activities; • in the notes to the financial statements – disclosure of management- defined performance measures (MPMs) which will form part of the audited financial statements; and • aggregation and disaggregation – enhanced requirements for the aggregation and disaggregation of information (presented in the primary financial statements and in the notes) which focus on grouping items based on their shared characteristics. The amendments are applicable to the Group on a retrospective basis from 1 July 2027 and are expected to have an impact on how the Group presents and discloses information in its financial statements.
1 January 2028 1 July 2028
1 January 2025 1 July 2025
AASB 18 Presentation and Disclosure in Financial Statements
1 January 2027 1 July 2027
114
Made with FlippingBook Digital Publishing Software