Page 84 - BWA 2021 ANNUAL REPORT

WESTERN AUSTRALIAN BASKETBALL FEDERATION INC.
Notes to the financial statements
for the year ended 31 December 2021
Note
15 Statement of significant accounting policies (cont.)
15.4.2 Coronavirus (COVID-19) pandemic
Judgement has been exercised in considering the impacts that the COVID-19 pandemic has had, or may have, on the Association based on known information. This consideration extends to the impact of holding games and competitions. Other than as addressed in specific notes, there does not currently appear to be either any significant impact upon the financial statements or any significant uncertainties with respect to events or conditions which may impact the entity unfavourably as at the reporting date or subsequently as a result of the COVID-19 pandemic.
15.5 New Accounting Standards and Interpretations not yet mandatory or early adopted
Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2021 reporting period and have not been early adopted by the Association. These include:
◼ AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-For-Profit Tier 2 Entities ◼ AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018-2020 and Other
Amendments
◼ AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-Current
◼ AASB 2020-6 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-Current – Deferral of Effective Date
These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.
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