Notes to the Consolidated Financial Statements for the year ended 30 June 2025 38 Icon Energy Annual Report 2025 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2025 NOTE 22 - SUMMARY OF OTHER MATERIAL ACCOUNTING POLICY INFORMATION (a) (b) Principles of Consolidation (c) Critical accounting estimates and judgments Exploration and evaluation expenditure A controlled entity is any entity controlled by Icon Energy Limited. Control exists where Icon Energy Limited is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. A list of controlled entities is contained in Note 15 to the accounts. All controlled entities have a June financial year end. The board of directors evaluates estimates and judgments incorporated into the financial statements based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Group. The actual results may differ from the resulting accounting estimates. The application of the Group's policy for exploration and evaluation discussed in Note 22(e) requires the board of directors to make certain estimates and assumptions as to future events and circumstances. Any such estimates and assumptions may change as new information becomes available. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to the estimates are recognised prospectively. The estimates, assumptions and judgements that are material to the financial report and have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Certain new accounting standards and interpretations have been issued by the AASB but are not yet effective and have not been early adopted by the Consolidated Entity. The Consolidated Entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations. Standards and Interpretations adopted The Consolidated Entity has adopted all new and amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. None of these changes had a material impact on the financial statements. The following is a summary of the material accounting policies adopted by the Consolidated Entity in the preparation of the financial statements. These accounting policies have been consistently applied to all periods presented in these consolidated financial statements, unless otherwise stated. Changes in Accounting Policies Where controlled entities have entered or left the Consolidated Entity during the year, their operating results have been included from the date control was obtained or until the date control ceased. Standards and Interpretations issued but not yet adopted All inter-company balances and transactions between entities in the Consolidated Entity, including any unrealised profits or losses, have been eliminated on consolidation.
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