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 issued but not yet effective (continued)
Application of the standard
Application by the Group
Reference
Description and impact on the Group
AASB 2024-2 Amendments to Australian Accounting Standards — Classification and Measurement of Financial Instruments
AASB 2024-2 amends AASB 7 Financial Instruments: Disclosures and AASB 9 Financial Instruments and amends requirements related to: • derecognising financial assets; • derecognising financial liabilities, including settling financial liabilities using an electronic payment system (derecognition of a financial liability before settlement date); and • assessing contractual cash flow characteristics of financial assets with environmental, social and corporate governance (ESG) and similar features. This Standard also amends the disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income and adds disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs. No material impacts are expected from these amendments, based on the Group’s settlement process and derecognition policies. Further, the Group currently does not have the type of financial assets impacted by amendments. AASB 2024-3 makes minor improvements to the following accounting standards to address inconsistencies or to clarify requirements: • AASB 1 First-time Adoption of Australian Accounting Standards ; • AASB 7 Financial Instruments: Disclosures ; • AASB 9 Financial Instruments ; • AASB 10 Consolidated Financial Statements ; and • AASB 107 Statement of Cash Flows . No material impacts are expected as the changes are minor and include improving the consistency between standards and clarifying existing requirements. AASB 2025-1 amends AASB 7 Financial Instruments: Disclosures and AASB 9 Financial Instruments to allow entities to better reflect contracts referencing nature-dependent electricity in the financial statements, which are often structured as power purchase agreements (PPAs). These amendments: • clarify the application of the 'own-use' criteria to nature-dependent electricity contracts; • permit hedge accounting if these contracts are used as hedging instruments; and • add new disclosure requirements to enable users of financial statements to better understand the effect of these contracts on an entity's financial performance and cash flows. No material impacts are expected as the Group currently does not have the type of PPAs impacted by these amendments.
1 January 2026 1 July 2026
AASB 2024-3 Amendments to Australian Accounting Standards — Annual Improvements Volume 11
1 January 2026 1 July 2026
AASB 2025-1 Amendments to Australian Accounting Standards — Contracts Referencing Nature- dependent Electricity
1 January 2026 1 July 2026
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