Ombud Council AR 2026

PART F: FINANCIAL INFORMATION

29. Initial adoption of the revised GRAP 104 – Financial Instruments The entity adopted the revised GRAP 104 Financial Instruments Standard with effect from 1 April 2025. There are no reclassification adjustments in the categorisation of financial instruments between the requirements of GRAP 104 (2009) and the revised Standard. On initial adoption of the revised GRAP 104 Financial Instruments Standard, the entity assessed the classification and measurement of all financial assets and financial liabilities in accordance with the requirements of the revised Standard. The assessment concluded that there were no changes to the measurement categories previously applied under GRAP 104 (2009). Accordingly, no financial assets or financial liabilities were reclassified on transition to the revised Standard. There were therefore no changes in the carrying amounts of financial instruments arising from: • reclassification between measurement categories; or • changes in measurement attributes on transition to the revised Standard. 30. Changes in accounting policy The annual financial statements have been prepared in accordance with Standards of Generally Recognised Accounting Practice on a basis consistent with the prior year except for the adoption of the following new or revised standards. • Revised GRAP 104 – Financial Instruments There are no aggregate effects of the changes in accounting policy on the annual financial statements for the year ended 31 March 2026.

Ombud Council 2025/26 Annual Report

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