McConnell Dowell 2020 Annual Review

70 McConnell Dowell Group • How an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates • How an entity considers changes in facts and circumstances The Group previously presented uncertain income tax liabilities as part of provisions based on amounts expected to be paid to the tax authorities. Following the implementation of AASB Interpretation 23, the Group has adopted the treatment as set out in the IFRIC agenda and has classified uncertain income tax related liabilities to current tax liabilities in the consolidated annual statement of financial position. No additional current or deferred tax liabilities were recognised as a result of AASB Interpretation 23. No significant judgements and estimates were applied in determining the uncertain tax positions. The Group will review uncertain tax positions periodically based on any changes to the circumstances and legal precedent. A reassessment in future may be triggered due to a change in circumstances. New accounting standards not yet effective A number of new standards, amendments to standards and interpretations are effective for annual periods beginning on or after 1 July 2020, and have not been applied in preparing these consolidated financial statements. Those which may be relevant to the Group are set out below and the assessment of the estimated impact that the initial application will have on the consolidated financial statements are set out below. These will be adopted in the period that they become mandatory unless otherwise indicated. Impact of adopting the new standards on the statement Standard/Interpretation Effective date Periods beginning on or after AASB 2019-1 Amendments to Australian Accounting Standards – References to the Conceptual Framework 1 July 2020 AASB 2018-6 Amendments to Australian Accounting Standards – Definition of a Business 1 July 2020 AASB 2018-7 Amendments to Australian Accounting Standards – Definition of Material 1 July 2020 AASB 2019-3 Amendments to Australian Accounting Standards - Interest Rate Benchmark Reform 1 July 2020 AASB 2019-5 Amendments to Australian Accounting Standards - Disclosure of the Effect of New IFRS Standards Not Yet Issued in Australia 1 July 2020 AASB 2019-7 Amendments to Australian Accounting Standards – Disclosure of GFS Measures of Key Fiscal Aggregates and GAAP/GFS Reconciliations 1 July 2020 AASB 2020-4 Amendments to Australian Accounting Standards – Covid-19-Related Rent Concessions 1 July 2020 AASB 17 Insurance Contracts 1 July 2021 AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 1 July 2022 AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments 1 July 2022 AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current 1 July 2022 Notes to the annual financial statements (continued) for the year ended 30 June 2020