41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 188
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
NOTES TO THE FINANCIAL STATEMENTS continued
Section 1: Basis of preparation continued
The Directors are satisfied that the possibility of such an outcome is sufficiently remote that adopting the going concern
basis of preparation is appropriate.
Accordingly, after making enquiries and having considered forecasts and appropriate sensitivities, the Directors have
formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation that the
Group has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months
from the date of these financial statements.
Standards and interpretations effective in the current period
During the year the following new and revised standards and interpretations have been adopted and have not had a
material impact on the amounts reported in these financial statements:
•
IAS 16 Property, plant and equipment – proceeds before intended use
•
IAS 37 (amendments) Onerous contracts – Cost of fulfilling a contract
•
IFRS 3 (amendments) Business Combinations – Reference to the Conceptual Framework
Impact of accounting standards and interpretations in issue but not yet effective
At the date of approval of these financial statements there are a number of new standards and amendments to existing
standards in issue but not yet effective. The Group has not early adopted the new or amended standards in preparing
these consolidated financial statements.
The following new or amended standards and interpretations are not expected to have a significant impact on the Group’s
consolidated financial statements:
•
IFRS 16 (amendments) Covid-19 related rent concessions beyond 30 June 2021
•
IFRS 16 (amendments) Lease liability in a sale and leaseback
•
IFRS 17 Insurance contracts
•
IAS 8 Definition of accounting estimates
•
IAS 12 Deferred tax related to assets and liabilities arising from a single transaction
•
IFRS 4 Applying IFRS 9 Financial instruments with IFRS 4 Insurance contracts – Extension of the temporary exemption
from applying IFRS 9
•
IAS 1 (amendments) Classification of liabilities as current or non-current
•
IAS 1 (amendments) Non-current liabilities with Covenants
•
IAS 1 (amendments) and IFRS Practice Statement 2 Disclosure of accounting policies
•
IFRS Standards (annual improvements)
The impact of all other IFRS Standards not yet adopted is not expected to be material.
