NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
NOT E 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued  
 
u) Adoption of New and Revised Accounting Standa rds 
 
During the current reporting period the Group adopted all of the new and revised Australian Accountin g Standards 
and Interpretations  applicable to its operation s which became mandator y.  The nature and effect of selected new 
standards and amendments on the Group’s consolidated financial report are described below. Adoption of the other 
new mandatorily applicable standards did not have a material impact on the financial statement, financial position 
or performance of the Group. 
 
AASB 2011-4 - Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel 
Disclosure  
This standard removes the requirements to include individual key management personnel disclosures in the notes 
to and forming part of the Financial Report.  This standard also removes the individual KMP disclosure requirements 
for all disclosing entities in relation to equity holdings, loans and other related party transactions.   
 
Amendments to IAS 32 - Offsetting Financial Assets and Financial Liabilities  
The amendments to IAS 32 clarify the requirements relating to the offset of financial assets and financial liabilities.  
Specifically, the amendments clarify the meaning of ‘currently has a legally enforceable right of set -off’ and 
‘simultaneous realization and settlement’.  As the Group does not have any financial assets and financial liabilities 
that qualify for offset, the application of the amendments has had no impact on the disclosure or the Group’s 
consolidated financial statements. 
Recently issued acc ounting standards to b e applied in future reporting periods: 
The following Standards and Interpretations have been issued but are not yet effective. These are the standards that 
the Group reasonably expects will have an impact on its disclosures, financial position or performance with applied 
at a future date.  The Group’s assessment of the impact of these ne w standards, amendments to standards, and 
interpretations is set out below. 
 
AASB 9/IFRS 9 – Financial Instruments  
AASB 9/ IFRS 9 introduces new requirements for the classification, measurement, and derecognition of financial 
assets and financial liabilities.  The final version of IFRS 9 supersedes all previous versions of the standard.  However, 
for annual periods beginning before 1 January 2018, an entity may elect to apply those earlier versions of IFRS 9 if 
the entity’s relevant date of initial application is before 1 February 2015.  T he effective date of this standard is for 
fiscal years beginning on or after 1 January 2018.  Management is currently assessing the impact of the new standard 
but it is not expected to have a material impact on the Group’s consolidated financial statements.  
 
  
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