XML 213 R8.htm IDEA: XBRL DOCUMENT v3.22.2.2
NEW STANDARDS, AMENDMENTS TO STANDARDS AND INTERPRETATIONS
 12 Months Ended
Jun. 30, 2022
New standards amendments to standards and interpretations [abstract]  
NEW STANDARDS, AMENDMENTS TO STANDARDS AND INTERPRETATIONS
3
 
NEW STANDARDS,
 
AMENDMENTS TO STANDARDS
 
AND INTERPRETATIONS
New standards, amendments to standards and interpretations effective for the year ended June 30, 2022
During the financial year,
 
there were no new and revised
 
accounting standards, amendments to standards and
 
new interpretation
adopted by the Group.
New standards, amendments to standards and interpretations not yet effective
At the date
 
of authorisation
 
of these consolidated
 
financial statements, the
 
following relevant
 
standards, amendments to
 
standards
and interpretations that may be
 
applicable to the business of
 
the Group were in issue
 
but not yet effective and
 
may therefore have
an impact on
 
future consolidated financial
 
statements. These new
 
standards, amendments to
 
standards and interpretations
 
will
be adopted at their effective dates.
 
Annual Improvements to IFRS Standards 2018-2020 (Effective July 1, 2022)
As part of its process to
 
make non-urgent but necessary amendments to
 
IFRS
Standards, the International Accounting Standards
Board (“
IASB
”) has issued the
Annual Improvements to
 
IFRS Standards 2018–2020.
These are not
 
expected to have
 
a significant
impact on the Group.
 
Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) (Effective July 1, 2022)
The IASB has amended IAS
 
16
Property, Plant and Equipment
to provide guidance on
 
the accounting for such
 
sale proceeds and
the related production costs.
Under the amendments, proceeds from selling items before the related
 
item of property, plant and equipment (“
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 amendments apply retrospectively,
 
but only to items of property,
 
plant and equipment made available for use on or after the
beginning of the earliest period
 
presented in the financial statements
 
in which the amendments are adopted.
 
The amendment is
not expected to have a significant impact on the Group.
Definition of Accounting Estimate (Amendments to IAS 8) (Effective July 1, 2023)
The amendments introduce
 
a new definition for
 
accounting estimates: clarifying that
 
they are monetary
 
amounts in the financial
statements that are subject to measurement uncertainty.
The amendments also
 
clarify the relationship
 
between accounting policies
 
and accounting estimates
 
by specifying that
 
a company
develops an
 
accounting estimate
 
to achieve
 
the objective
 
set out
 
by an
 
accounting policy.
 
The amendment
 
is not
 
expected to
have a significant impact on the Group.
 
Deferred Tax
 
related to Assets and
 
Liabilities Arising from a single
 
transaction – Amendments to
 
IAS 12
Income Taxes
(Effective July 1, 2023)
IAS
 
12
Income
 
taxes
 
clarifies
 
how
 
companies
 
should
 
account
 
for
 
deferred
 
tax
 
on
 
certain
 
transactions
 
–
 
e.g.
 
leases
 
and
decommissioning provisions. The amendments
 
narrow the scope of
 
the initial recognition exemption
 
so that it does
 
not apply to
transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognize a deferred
tax asset
 
and a
 
deferred tax
 
liability for
 
temporary differences
 
arising on
 
initial recognition
 
of a
 
lease and
 
a decommissioning
provision. The amendment is not expected to have a significant impact on the Group.
Classification
 
of
 
liabilities
 
as
 
current
 
or
 
non-current
 
(Amendments
 
to
 
IAS
 
1
Presentation
 
of
 
Financial
 
Statements
)
(Effective July 1, 2023)
To
promote consistency in application and clarify the requirements on determining if a liability is current or non-current, the IASB
has amended IAS 1 as follows:
 
Right to defer settlement must have substance
Under existing IAS 1 requirements, companies classify a liability as current when they do not have an
unconditional right
 
to defer
settlement of the liability for at least twelve months after the end of the reporting period.
As part of its amendments, the IASB
 
has removed the requirement for a
 
right to be unconditional and instead,
 
now requires that
a right to defer settlement must have substance and exist at the end of the reporting period.
Classification of debt may change
A company
 
classifies a
 
liability as
 
non-current if
 
it has
 
a right
 
to defer
 
settlement for
 
at least
 
twelve months
 
after the
 
reporting
period. The IASB
 
has now clarified that
 
a right to defer
 
exists only if
 
the company complies with
 
conditions specified in
 
the loan
agreement at the end of the reporting period, even
 
if the lender does not test compliance until a
 
later date. The amendment is not
expected to have a significant impact on the Group.
3
 
NEW STANDARDS,
 
AMENDMENTS TO STANDARDS
 
AND INTERPRETATIONS
continued
New standards, amendments to standards and interpretations not yet effective
(continued)
Disclosure of Accounting Policy (Amendments to IAS 1 and IFRS Practice Statement 2) (Effective July 1, 2023)
The
 
Board
 
has
 
recently
 
issued
 
amendments
 
to
 
IAS
 
1
Presentation
 
of
 
Financial
 
Statements
 
and
 
an
 
update
 
to
 
IFRS
 
Practice
Statement 2
Making Materiality Judgements
 
to help companies provide useful accounting policy disclosures.
The key amendments to IAS 1 include:
●
 
requiring companies to disclose their material accounting policies rather than their significant accounting policies;
●
 
clarifying that accounting policies related to immaterial
 
transactions, other events or conditions are themselves immaterial and
as such need not be disclosed; and
●
 
clarifying that not all accounting policies that relate to material transactions, other events or conditions are themselves material
to a company’s financial statements.
The amendments are applied prospectively.
Management
 
has
 
commenced
 
an
 
evaluation
 
to
 
assess
 
the
 
impact
 
the
 
amendment
 
will
 
have
 
on
 
the
 
Group
 
from
 
a
 
disclosure
perspective. More detail will be disclosed in future financial statements.