CSL Ltd Annual Report 2019

CSL Limited Annual Report 2019 129 Note 23: Subsequent Events Other than as disclosed elsewhere in these statements, there are no matters or circumstances which have arisen since the end of the financial year which have significantly affected or may significantly affect the operations of the Group, results of those operations or the state of affairs of the Group in subsequent financial years. Note 24: New and Revised Accounting Standards (a) New and revised standards and interpretations adopted by the Group The Group has adopted, for the first time, certain standards and amendments to accounting standards. The adoption of AASB 15 Revenue from Contracts with Customers and AASB 9 Financial Instruments as of 1 July 2018 has been disclosed in these financial statements. The Group has also early adopted AASB 2018-6 Amendment to Australian Accounting Standards – Definition of a Business, which clarifies theminimum requirements for a business. (b) New and revised standards and interpretations not yet adopted by the Group The following new and revised accounting standards and interpretations published by the Australian Accounting Standards Board which are considered relevant to the Group, are not yet effective. Unless otherwise stated below the Group has not yet completed its assessment of the impact of these new and revised standards on the financial report. Applicable to the Group for the year ended 30 June 2020: AASB 16 – Leases This standard introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee will recognise a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments. The Group will elect to use the exemptions proposed by the standard on lease contracts for which the lease terms ends within 12 months as of the date of initial application, and lease contracts for which the underlying asset is of low value. Key judgments in determining the lease value include incremental borrowing rates and lease period. Depreciation on the asset and interest on the liability will be recognised. The new standard will create new assets (right of use assets) and new liabilities (lease liabilities) and change the character of various items in the statement of comprehensive income. Amounts that had been included in lease expense will be reported in depreciation and interest expense under the new standard. The most significant category of right of use assets and liabilities will be plasma centre leases. The impact of adopting the standard on the net profit before tax is not expected to be material. AASB2018-2 (Amendment to AASB 119 – Employee Benefits) This pronouncement specifies how an entity accounts for defined benefit plans when a plan amendment, curtailment or settlement occurs during a reporting period. It requires entities to use the updated actuarial assumptions to determine current service cost and net interest for the remainder of the annual reporting period after such an event occurs. It also clarifies that when such an event occurs, an entity recognises the past service cost or a gain or loss on settlement separately from its assessment of the asset ceiling. IFRIC Interpretation 23 – Uncertainty over income tax treatments IFRIC23 clarifies the application of recognition and measurement requirements of AASB 112 Income Taxes where there is uncertainty over income tax treatments. The interpretation is not expected to result in any material change to the financial statements of the group.