Notes to the consolidated financial statements 30 June 2022 (continued) 33 Remuneration of auditors During the year the following fees were paid or payable for services provided by the auditor of the parent entity, IGO Limited, and its related practices: 2022 $ 2021 $ Amounts received or due and receivable by BDO Audit (WA) Pty Ltd Audit and review of financial statements 223,750 205,500 Other assurance services 10,500 9,000 234,250 214,500 Amounts received or due and receivable by an associate of the Auditor of the Group for: Corporate advisory services 24,950 81,845 Other compliance and advisory services 11,000 13,093 35,950 94,938 Total services provided by BDO 270,200 309,438 34 Summary of significant accounting policies (a) New and amended standards and interpretations adopted by the Group The Group has adopted all of the new or amended Accounting Standards and Interpretations issues by the Accounting Standards Board (AASB) that are mandatory for the current reporting period. The Group has not elected to early adopt any new standards or amendments during the current financial year. (b) New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2022 reporting periods and have not been early adopted by the Group. The Group's assessment of the impact of these new standards is that they are not expected to have a material impact on the Group in the current or future reporting periods. (c) Other significant accounting policies (i) Impairment of assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value-in-use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Directors' declaration 30 June 2022 In the Directors' opinion: (a) the financial statements and notes set out on pages 86 to 152 are in accordance with theCorporations Act 2001, including: (i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements, and (ii) giving a true and fair view of the consolidated entity's financial position as at 30 June 2022 and of its performance for the year ended on that date, and (b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable, and (c) at the date of this declaration, there are reasonable grounds to believe that the members of the extended closed Group identified in note 32 will be able to meet any obligations or liabilities to which they are, or may become, subject by virtue of the deed of cross guarantee described in note 32. The Directors have been given the declarations by the Chief Executive Officer and Chief Financial Officer required by section 295A of theCorporations Act 2001. This declaration is made in accordance with a resolution of the Directors. Peter Bradford Managing Director Perth, Western Australia Dated this 29th day of August 2022 Notes to the consolidated financial statements 30 June 2022 Directors’ Declaration 30 June 2022 152 — IGO ANNUAL REPORT 2022 IGO ANNUAL REPORT 2022 — 153
RkJQdWJsaXNoZXIy MjE2NDg3