Notes to the Financial Statements for the Financial Year Ended 30 September 2024 Sustaining Lives, Empowering Communities Governance That Inspires Confidence Financial Insights Through Numbers Empowering Ownership PG. 199 3. MATERIAL ACCOUNTING POLICY INFORMATION (CONT’D) (u) Financial instruments (Cont’d) (ii) Financial liabilities and equity instruments Classification as debt or equity Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs. Financial liabilities Measurement category Criteria Financial liabilities Financial liabilities at amortised cost Financial liabilities are subsequently measured at amortised cost, using the effective interest rate method where the time value of money is significant. Payables and accruals (Note 31) Lease liability (Note 32) Loans and borrowings (Note 33) Derecognition of financial liabilities The Group and the Company derecognise financial liabilities when, and only when, the Group’s and the Company’s obligations are discharged, cancelled or they expire. (v) Cash and cash equivalents The Group and the Company adopt the indirect method in the preparation of the statements of cash flows. Cash and cash equivalents are short-term and highly liquid investments and are readily convertible to cash with insignificant risk of changes in value. For the purpose of the statements of cash flows, cash and cash equivalents are presented net of bank overdrafts.
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