25 The amendments require additional disclosures for investments in equity instruments that are measured at fair value with gains or losses presented in other comprehensive income (FVOCI). The Group is still in the process of determining the impact of the amendment on the Group. AASB 18 Presentation and Disclosure in Financial Statements (New standard – Effective 1 January 2027 Under current Accounting Standards, companies use different formats to present their results, making it difficult for investors to compare financial performance across companies. AASB 18 promotes a more structured income statement. In particular, it introduces a newly defined ‘operating profit’ subtotal and a requirement for all income and expenses to be allocated between three new distinct categories based on a company’s main business activities. The Group is still in the process of determining the impact of the new standard 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 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 AASB 2017-5 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections AASB 2021-7(a-c) Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections Resolves the conflict regarding how much of the gain on disposal the parent can recognise when control of a subsidiary is lost in a transaction with an associate or a joint venture. The Group has assessed that the amendment to the standards does not have an impact on the Group. AASB S1 General Requirements for Disclosure of Sustainability-related Financial Information and AASB S2 Climate-related Disclosures (New Standards) (Effective 1 January 2024) The AASB’s first two standards are designed to be applied together, supporting companies to identify and report information that investors need for informed decision making – in other words, information that is expected to affect the assessments that investors make about companies’ future cash flows. To achieve this, the general standard provides a framework for companies to report on all relevant sustainability-related topics across the areas of governance, strategy, risk management, and metrics and targets. AASB S1 General Requirements for Disclosure of Sustainabilityrelated Financial Information. AASB S1 sets out the general requirements for a company to disclose information about its sustainability related risks and opportunities that is useful to investors in making decisions relating to providing resources to the company. AASB S2 Climate-related Disclosures AASB S2 sets out the requirements for a company to disclose information about its climate-related risks and opportunities, while building on the requirements described in IFRS S1. AASB S2 integrates the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and requires the disclosure of information about both cross-industry and industry specific climate-related risks and opportunities. The Group is still in the process of determining the impact of the new standards on the Group.
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