YMAC Annual Report 2022

Notes to the Consolidated Financial Statements
as at 30 June 2022
1.17. Application of new and revised Accounting Standards
New, revised or amending Accounting Standards and Interpretations adopted
In the year ended 30 June 2022, the Directors have reviewed all of the new and revised
Standards and Interpretations issued by the AASB that are relevant to the Company and
effective for the current annual reporting period. As a result of this review, the Directors
have determined that there is no material impact of the new and revised Standards and
Interpretations on the Company and, therefore, no material change is necessary to
Consolidated Entity accounting policies.
The Directors have also reviewed all of the new and revised Standards and Interpretations
in issue not yet adopted for the year ended 30 June 2022. As a result of this review
the Directors have determined that there is no material impact of the Standards and
Interpretations in issue not yet adopted on the Company and, therefore, no change is
necessary to Consolidated Entity accounting policies.
2022 2021
NOTE 2 - L EASES $ $
Note 2A Right of Use Assets
Opening Right of Use Assets 2,457,893 2,860,081
Additions during the year 4,428 242,623
Depreciation (618,593) (644,811)
Closing Balance 1,843,728 2,457,893
Note 2B Lease Liability
Opening Lease Liability 2,863,008 3,079,838
Additions during the year 4,428 242,623
Interest expense 105,773 124,567
Repayments (577,866) (584,020)
Closing Balance 2,395,343 2,863,008
Lease Liability - Current 612,793 469,764
Lease Liability – Non-current 1,782,550 2,393,244
Total Lease Liability 2,395,343 2,863,008
The Corporation held leases for office space during the year. The average lease term
at 30 June 2022 is 2.2 years.
Yamatji Marlpa Aboriginal Corporation | Annual Report 2022 | 63