NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued  u)  Adoption of New and Revised Accounting Standards  AASB 2011-4 -  Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel  Disclosure Amendments to IAS 32 -  Offsetting Financial Assets and Financial Liabilities Recently issued accounting standards to be applied in future reporting periods:  AASB 9/IFRS 9 –  Financial Instruments - 71 -  AASB 9/IFRS 9 introduces new requirements for the classification, measurement, and derecognition of financial  assets and financial liabilities. The final version of IFRS 9 supersedes all previous versions of the standard. However,  for annual periods beginning before 1 January 2018, an entity may elect to apply those earlier versions of IFRS 9 if  the entity’s relevant date of initial application is before 1 February 2015. The effective date of this standard is for  fiscal years beginning on or after 1 January 2018. Management is currently assessing the impact of the new standard  but it is not expected to have a material impact on the Group’s consolidated financial statements.  The following Standards and Interpretations have been issued but are not yet effective. These are the standards that  the Group reasonably expects will have an impact on its disclosures, financial position or performance with applied  at a future date. The Group’s assessment of the impact of these new standards, amendments to standards, and  interpretations is set out below.  The amendments to IAS 32 clarify the requirements relating to the offset of financial assets and financial liabilities. Specifically, the amendments clarify the meaning of ‘currently has a legally enforceable right of set-off’ and  ‘simultaneous realization and settlement’. As the Group does not have any financial assets and financial liabilities  that qualify for offset, the application of the amendments has had no impact on the disclosure or the Group’s  consolidated financial statements. This standard removes the requirements to include individual key management personnel disclosures in the notes  to and forming part of the Financial Report. This standard also removes the individual KMP disclosure requirements  for all disclosing entities in relation to equity holdings, loans and other related party transactions. During the current reporting period the Group adopted all of the new and revised Australian Accounting Standards  and Interpretations applicable to its operations which became mandatory. The nature and effect of selected new  standards and amendments on the Group’s consolidated financial report are described below. Adoption of the other  new mandatorily applicable standards did not have a material impact on the financial statement, financial position  or performance of the Group. 