Icon Energy Limited Annual Report 2017

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2017 NOTE 25 - STATEMENT OF ACCOUNTING POLICIES (a) Application date of standard Application start date for the Group 1 January 2018 1 July 2018 1 January 2018 1 July 2018 1 January 2019 1 July 2019 Reference Impact on Group financial report AASB 9 - Financial Instruments AASB 16 - Leases Aside from cash and cash equivalents, the Group doesn't hold any financial instruments of material value. Therefore, Icon does not expect any material impact to the financial statements in regards to the implementation of this standard. There are no current operating leases in place that the Group is a party to. Therefore, Icon does not expect any material impact on the net asset position of the Group or on the financial statements in regards to the implementation of this standard. Standards and Interpretations issued but not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2017 reporting periods. Some of them are available for early adoption at 30 June 2017, but have not been applied in preparing this financial report. The consolidated entity's assessment of the impact of these new standards and interpretations is set out below: AASB 15 - Revenue from contracts with customers As the Group is in the exploration phase of operations it does not generate any revenue of material value. Therefore, Icon does not expect any material impact to the financial statements in regards to the implementation of this standard. The following is a summary of the material accounting policies adopted by the consolidated entity in the preparation of the financial statements. The accounting policies have been consistently applied unless otherwise stated. Changes in Accounting Policies Standards and Interpretations adopted The consolidated entity has adopted all the new, revised or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are mandatory for the current reporting period. Any new, revised or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2017 FINANCIAL REPORT 60 ICON ENERGY ANNUAL REPORT 2017