ALLUP SILICA LIMITED NOTES TO THE FINANCIAL STATEMENTS 46 FINANCIAL REPORT ALLUP SILICA Year Ending 30 June 2023 Note 1: Summary of Significant Accounting Policies (continued) (r) New and Amended Accounting Polices Not Yet Adopted by the Company AASB 2020-1: Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current The amendment amends AASB 101 to clarify whether a liability should be presented as current or noncurrent. The Company plans on adopting the amendment for the reporting period ending 30 June 2024. The amendment is not expected to have a material impact on the financial statements once adopted. AASB 2021-2: Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates Note 2: Loss before Income Tax Loss before income tax from continuing operations includes the following items: Revenue Interest received from financial institutions 2023 $ 93,734 2022 $ 1,308 Expenses Depreciation and amortisation of non-current assets Rental expense on operating lease Share-based payment expenses Exploration and evaluation expenditure written-off Auditor’s remuneration: Audit and review expense - SW Audit - Walker Wayland (Audit) WA Pty Ltd 4,819 35,491 57,732 324,942 41,570 - 862 34,364 344,582 - 10,000 6 253
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