Lendlease Annual Report 2024

Financial Statements 159 36. Reserves Hedging Reserve $m Foreign Currency Translation Reserve $m Non Controlling Interest Acquisition Reserve $m Other Reserve $m Equity Compensation Reserve $m Total Reserve $m Balance at 1 July 2022 48 (27) (97) 106 154 184 Net investment hedge - (20) - - - (20) Effect of foreign exchange movements - 112 (4) - - 108 Effective cash flow hedges 1 - - - - 1 Total comprehensive income 1 92 (4) - - 89 Fair value movement on allocation and vesting of securities - - - - - - Total other movements through reserves - - - - - - Balance at 30 June 2023 49 65 (101) 106 154 273 Balance at 1 July 2023 49 65 (101) 106 154 273 Effect of foreign exchange movements - (51) - - - (51) Effective cash flow hedges (7) - - - - (7) Total comprehensive income (7) (51) - - - (58) Fair value movement on allocation and vesting of securities - - - - (7) (7) Total other movements through reserves - - - - (7) (7) Balance at 30 June 2024 42 14 (101) 106 147 208 37. Impact of New and Revised Accounting Standards New Accounting Standards adopted 1 July 2023 From 1 July 2023, the Group adopted AASB 17 Insurance Contracts and Disclosure of Accounting Policies and Definitions of Accounting Estimates (Amendments to AASB 7, 101, 108 and AASB Practice Statement 2 ), which did not have a material impact on the Group. New Accounting Standards and Interpretations Not Yet Adopted Accounting Standard Requirement Impact on Financial Statements AASB 2020-1 Amendments to Australian Accounting Standards - Classification of Liabilities as Current and Non-current The amendments, as issued in 2020 and 2022, aim to clarify the requirements on determining whether a liability is current or non-current, and require new disclosures for non-current liabilities that are subject to future covenants. The amendments apply for annual reporting periods beginning on or after 1 January 2024. Based on preliminary analysis performed, the amendments are not expected to have a material impact on the Group. AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture and consequential amendments. AASB 2014-10 amends AASB 10 and AASB 128 to clarify the requirements for recording the sale or contribution of assets between an investor and its associate or joint venture. The amendment becomes mandatory for the June 2026 financial year and will be applied prospectively. Based on preliminary analysis performed, the amendments are not expected to have a material impact on the Group. AASB 18 Presentation and Disclosure in Financial Statements AASB 18 aims to provide greater consistency in presentation of the income and cash flow statements, and more disaggregated information. The Standard will change how the Group presents its results on the face of the income statement and disclose information in the notes to the financial statements. Certain ‘non-GAAP’ measures (management- defined performance measures) – will now form part of the audited financial statements. There will be three new categories of income and expenses, two defined income statement subtotals and one single note on management-defined performance measures. The Standard is effective for the June 2028 financial year and will be applied retrospectively. Management is currently undertaking an analysis to determine the impact of the Standard on the Group.