text: **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 accounting standards to be 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 new 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. The 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. 