Financial Statements 2022 59 Annual Improvements The annual improvements amend the following standards: • AASB 1 First-time Adoption of International Financial Reporting Standards to permit a subsidiary that applies paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported by its parent, based on the parent’s date of transition to IFRS Accounting Standards The Group has assessed that the following amendment to the standards do not have an impact on the Group currently, it will be reconsidered in future as and when it does become applicable. • AASB 9 Financial Instruments to clarify that in applying the ‘10 per cent’ test to assess whether to derecognise a financial liability, an entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other’s behalf The Group has assessed that the following amendment to the standards do not have an impact on the Group currently, it will be reconsidered in future as and when it does become applicable. • AASB 16 Leases to amend Illustrative Example 13 to remove the illustration of the reimbursement of leasehold improvements by the lessor The Group has assessed that the following amendment to the standards do not have an impact on the Group. • AASB 141 Agriculture to remove the requirement to exclude cash flows for taxation when measuring the fair value of a biological asset using a present value technique. This standard is not applicable to the Group. AASB3 Definition of a Business (amendments) – Effective date 01 Jan 2022 Provides clarity on the definition of business and reduces the element of judgement when determining what a business is. The Group has assessed that the following amendment to the standards do not have an impact on the Group currently, it will be reconsidered in future as and when it does become applicable. AASB 16 (amendment) Property, Plant and Equipment: Proceeds before Intended Use – Effective date 1 January 2022 Proceeds from selling items before the related item of PPE is available for use should be recognised in profit or loss, together with the costs of producing those items. IAS 2 Inventories should be applied in identifying and measuring these production costs. The Group has assessed that the following amendment to the standards do not have an impact on the Group currently, it will be reconsidered in future as and when it does become applicable. AASB 37 (amendment) Onerous Contracts Cost of Fulfilling a Contact – Effective date 1 January 2022 While IAS 11 specified which costs were included as a cost of fulfilling a contract, IAS 37 did not, which led to diversity in practice. The International Accounting Standards Board’s amendments address this issue by clarifying those costs that comprise the costs of fulfilling a contract, which includes: • The incremental costs • An allocation of other direct costs The Group has assessed that the following amendment to the standards do not have an impact on the Group currently, it will be reconsidered in future as and when it does become applicable. AASB 2022-1 Amendments to Australian Accounting Standards – Initial Application of AASB 17 and AASB 9 – Comparative Information1- Effective January 2023 Where AASB 17 and AASB 9 are applied at the same time or where AASB 9 is applied before AASB 17, this amends AASB 17 by adding a transition option referred to as ‘a classification overlay’ relating to comparative information about financial assets presented on initial application of AASB 17 and AASB 9 Financial Instruments. The amendments relate to financial assets for which comparative information presented on initial application of AASB 17 and AASB 9 has not been restated for AASB 9. AASB 17 standard is not applicable to the Group.
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