Icon Energy Limited Annual Report 2022

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2022 NOTE 23 - STATEMENT OF ACCOUNTING POLICIES (a) Application date of standard Application start date for the Group 1 January 2022 30 June 2023 1 January 2023 30 June 2024 This standard amends AASB 101 Presentation of Financial Statements to: • Clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period • Specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability • Explain that rights are in existence if covenants are complied with at the end of the reporting period • Introduce a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The impact of application of this Amending Standard that it will have on the Group's consolidated financial statements has not yet been assessed. Impact on Group financial report Standards and Interpretations issued but not yet adopted NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Standards and Interpretations adopted The Consolidated Entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. None of these have had a material impact on Consolidate Entity's financial statements. AASB 2021-2 Amendments to AASB 7, AASB 101, AASB 134 Interim Financial Reporting and AASB Practice Statement 2 Making Materiality Judgements– Disclosure of Accounting Policies This standard amends AASB 101 Presentation of Financial Statements and requires the disclosure of material accounting policy information, instead of significant accounting policies. 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 Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2022 reporting periods. Some of them are available for early adoption at 30 June 2022, but have not been applied in preparing this financial report. The Consolidated Entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations. AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-Current Reference Icon Energy Annual Report 2022 53