Interfront 2024 Annual Report

A B C D FINANCIAL INFORMATION International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2024 1.5 Financial instruments (continued) Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk. A financial asset is past due when a counterparty has failed to make a payment when contractually due. Classification The entity has the following types of financial assets (class and category) as reflected on the face of the statement of financial position or in the notes thereto: CLASS CATEGORY Receivables from exchange transactions Financial asset measured at amortised cost Cash and cash equivalents Financial asset measured at fair value The entity has the following types of financial liabilities (class and category) as reflected on the face of the statement of financial position or in the notes thereto: CLASS CATEGORY Payables from exchange transactions Financial liability measured at amortised cost 1.6 Tax Current tax assets and liabilities Current tax for current and prior periods is, to the extent unpaid, recognised as a liability. If the amount already paid in respect of current and prior periods exceeds the amount due for those periods, the excess is recognised as a Statutory receivable. Current tax liabilities for the current and prior periods are measured at the amount expected to be paid to the tax authorities, using the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets and liabilities A deferred tax liability is recognised for all taxable temporary differences, except to the extent that the deferred tax liability arises from the initial recognition of an asset or liability in a transaction which, at the time of the transaction, affects neither accounting surplus nor taxable profit (tax loss). Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.