CSL Ltd Annual Report 2021

Note 24: Amendments to Accounting Standards and Interpretations (a) Amendments to accounting standards and interpretations adopted by the Group In addition to the impact of the IFRIC announcement with respect to Cloud Computing and SaaS arrangements disclosed in Note g, the Group has adopted the following amendments to accounting standards. None of the changes have had a material impact on the Group’s accounting policies nor have they required any restatement. • AASB 2018-6 Amendments to Australian Accounting Standards – Definition of a Business • AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform • AASB 2018-7 Amendments to Australian Accounting Standards – Definition of Material • AASB 2019-1 Amendments to Australian Accounting Standards – References to the Conceptual Framework • AASB 2019-5 Amendments to Australian Accounting Standards – Disclosure of the Effect of New IFRS Standards Not Yet Issued in Australia (b) Amendments to accounting standards and interpretations not yet effective for the Group A number of other accounting standards and interpretations have been issued and will be applicable in future periods. While these remain subject to ongoing assessment, no significant impacts have been identified to date. These standards have not been applied in the preparation of these Financial Statements. Applicable to the Group for the year ending 30 June 2022: • AASB 2020-8 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform – Phase 2 Applicable to the Group for the year ending 30 June 2023: • AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018-2020 and Other Amendments – Reference to the Conceptual Framework — Amendments to AASB 3 Business Combinations – Property, Plant and Equipment — Proceeds before Intended Use – Onerous Contracts — Cost of Fulfilling a Contract Applicable to the Group for the year ending 30 June 2024: • Amendments to AASB 101: Classification of Liabilities as Current or Non-current • AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates • AASB 2021-5 Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities arising from a Single Transaction CSL Limited Annual Report 2020/21 147