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 NOTES TO THE FINANCIAL STATEMENTS Changes in accounting policy The financial statements have been prepared in accordance with the Standards of Generally Recognised Accounting Practice on a basis consistent with the prior year. The entity has not adopted any new policies in the current financial year. New standards and interpretations 3.1 Standards and interpretations effective and adopted in the current year In the current year, the entity has adopted the following standards and interpretations that are effective for the current financial year and that are relevant to its operations: STANDARD/ INTERPRETATION: EFFECTIVE DATE: YEARS BEGINNING ON OR AFTER EXPECTED IMPACT: iGRAP 21: The Effect of Past Decisions on Materiality 01 April 2023 No material impact. GRAP 25 (as revised): Employee Benefits 01 April 2023 No material impact. GRAP 2020: Improvements to the Standards of GRAP 2020 01 April 2023 No material impact. GRAP 1 (amended): Presentation of Financial Statements (Materiality) 01 April 2023 No material impact. 3.2 Standards and interpretations issued, but not yet effective The entity has not applied the following standards and interpretations, which have been published and are mandatory for the entity’s accounting periods beginning on or after 01 April 2024 or later periods: STANDARD/ INTERPRETATION: EFFECTIVE DATE: YEARS BEGINNING ON OR AFTER EXPECTED IMPACT: GRAP 107 Mergers – Unlikely there will be a material impact GRAP 106 Transfer of Functions Between Entities Not Under Common Control – Unlikely there will be a material impact GRAP 105 Transfer of Functions Between Entities Under Common Control – Unlikely there will be a material impact GRAP 2023 Improvements to the Standards of GRAP 2023 – Not expected to impact results but may result in additional disclosure GRAP 1 (amended): Presentation of Financial Statements (Going Concern) – Not expected to impact results but may result in additional disclosure iGRAP 22 Foreign Currency Transactions and Advance Consideration 01 April 2025 Unlikely there will be a material impact