Maranguka Annual Report 2024 - Flipbook - Page 16
New and revised standards that are effective for these 昀椀nancial statements
Several amendments and clari昀椀cations to Australian Accounting Standards and interpretations are
mandatory for the 30 June 2024 reporting period. These include:
~ AASB 2021‐2: Amendments to Australian Accounting Standards – Disclosure of Accounting
Policies and De昀椀nition of Accounting Estimates
~ AASB 2021‐6 Amendments to Australian Accounting Standards – Disclosure of Accounting
Policies: Tier 2 and Other Australian Accounting Standards
The application of these amendments and clari昀椀cations have not had a material impact on the
carrying values of the company’s asset, liability or equity balances; nor a material impact on the
disclosures in the 昀椀nancial report nor the recognition and measurement of the company’s revenue
or expenses.
New standards and interpretations not yet adopted
Certain new accounting standards, amendments and interpretations have been published that are
not mandatory for 30 June 2024 reporting periods and have not been early adopted by the company.
These include:
~ AASB 2014‐10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets
between an Investor and its Associate or Joint Venture (effective for the year ending 30 June 2026)
~ AASB 2022‐6 Amendments to Australian Accounting Standards – Non‐current Liabilities with
Covenants (effective for the year ending 30 June 2025)
~ AASB 2023‐1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements
(effective for the year ending 30 June 2025)
It is not expected that AASB 2014‐10, AASB 2022‐6 or AASB 2023‐1 will have a material impact on the
company in future reporting periods.
Note 3 ‐ Accounting policies
The material accounting policies adopted in the preparation of the 昀椀nancial report are set out below.
These policies has been consistently applied to the period presented, unless otherwise stated.
Income Tax
Maranguka Limited is a not‐for‐pro昀椀t charity and it is exempt from income tax under Division 50 of
the Income Tax Assessment Act 1997.
Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of
GST incurred is not recoverable from the Australian Taxation Of昀椀ce (ATO). Receivables and payables
are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable
from, or payable to, the ATO is included with other receivables or payables in the statement of
昀椀nancial position.
Cash 昀氀ows are presented on a gross basis. The GST components of cash 昀氀ows arising from investing
or 昀椀nancing activities which are recoverable from, or payable to, the ATO are presented as operating
cash 昀氀ows included in receipts from customers or payments to suppliers.
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