Note 31. New and Amended Accounting Policies Not Yet Adopted by the Entity (continued) The Group plans on adopting the amendment for the reporting period ending 30 June 2028. The Group is still in the process of assessing the impact of the new standard, particularly with respect to the structure of the Group’s statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as “other”. AASB 2024-2: Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments AASB 2024-2 amends AASB 7 and AASB 9 in relation to: – settling financial liabilities using an electronic payment system; – assessing contractual cash flow characteristics of financial assets with environmental, social and corporate governance (ESG) and similar features; and – disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income, and adds disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs. The Group plans on adopting the amendment for the reporting period ending 30 June 2027. The amendment is not expected to have a material impact on the financial statements once adopted. AASB 2024-3: Amendments to Australian Accounting Standards – Annual Improvements Volume 11 AASB 2024-3 amends the following: – AASB 1 to improve consistency between AASB 1 and the requirements for hedge accounting in AASB 9, as well as to improve the understandability of AASB 1; – AASB 7 to replace a cross-reference and improve the consistency in the language used in AASB 7 with the language used in AASB 13; – AASB 9 to clarify how a lessee accounts for the derecognition of a lease liability when it is extinguished and address inconsistencies between AASB 9 and the requirements in AASB 15 in relation to the term “transaction price”; – AASB 10 in relation to determining de facto agents of an entity; and – AASB 107 to replace the term “cost method” with “at cost”, as the term is no longer defined in Australian Accounting Standards. The Group plans on adopting the amendment for the reporting period 30 June 2027. The amendment is not expected to have a material impact on the financial statements once adopted. 73 Melbana Energy Limited Annual Report 2025
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