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New Accounting Standards

Adoption of New Australian Accounting Standard Requirements

No accounting standard has been adopted earlier than the application date as stated in the standard.

The Company has applied the requirements of AASB 9 Financial Instruments from 1 July 2018. Management has revisited the recognition and measurement requirements for its instruments including investments and has assessed that the implementation of this new standard, and other new-amending standards and interpretations did not have a material impact on the financial statement as that date.

Future Australian Accounting Standard Requirements

All new/revised/amending standards and/or interpretations that were issued prior to the sign-off date and are applicable to the future reporting period(s) are not expected to have a future material impact on the AAF Company’s financial statements.