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NEW STANDARDS, AMENDMENTS TO STANDARDS AND INTERPRETATIONS | 12 Months Ended
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Jun. 30, 2021
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, 2021 During the financial period, the following relevant new and revised accounting standards, amendments to standards and new interpretation were adopted by the Group: Definition of Material (Effective July 1, 2020) The amendment clarifies the definition of material to make it easier to understand and provides guidance on how the definition should be applied. The changes in the definition now ensures that the definition is consistent across all IFRS standards and the Conceptual Framework. ● old definition (IAS 1): Omissions or misstatements of items are material if they could, individually or collectively, influence the economic decisions that users make on the basis of the financial statements; ● new definition (IAS 1): Information is material if omitting, misstating or obscuring it could reasonably be expected to influence the decisions that the primary users of general-purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity. The definition of material omissions or misstatements from IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors has been removed. The amendments to IAS 1 and IAS 8 did not have a significant impact on the Group. Amendments to References to Conceptual Framework in IFRS (Effective July 1, 2020) The IASB decided to revise the Conceptual Framework because certain important issues were not covered and certain guidance was unclear or out of date. The revised Conceptual Framework, issued by the IASB in March 2018, includes: ● new concepts on measurement including factors to be considered when selecting the measurement basis; ● new concepts on presentation and disclosure, including when to classify income and expenses in other comprehensive income; ● new guidance on when assets and liabilities are removed from financial statements; ● updated definitions of an asset and liability; ● updated recognition criteria for including assets and liabilities in financial statements; ● clarified concepts of prudence, stewardship, measurement uncertainty and substance over form; and ● the IASB also updated references to the Conceptual Framework in IFRS by issuing Amendments to References to the Conceptual Framework in IFRS. The amendments to the References to the Conceptual Framework did not have a significant impact on 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. These new standards, amendments to standards and interpretations are not expected to have a significant impact on the Group unless stated otherwise. 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 IASB International Accounting Standards Board has issued the Annual Improvements to IFRS Standards 2018–2020. 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. Management has begun performing evaluation of whether the amendment will have a significant impact on the Group. More detail will be disclosed in future financial statements. 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. 3 NEW STANDARDS, AMENDMENTS TO STANDARDS AND INTERPRETATIONS continued New standards, amendments to standards and interpretations not yet effective (continued) 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. Classification of liabilities as current or non-current (Amendments to IAS 1) (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. 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 of the impact of the amendment will have on the Group. More detail will be disclosed in future financial statements.

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