Vodafone Group Plc – Annual report – 31 March 2025
Industry: telecoms
New accounting pronouncements adopted on 1 April 2024
The Group adopted the following new accounting policies on 1 April 2024 to comply with amendments to IFRS:
- Amendments to IAS 1 ‘Classification of Liabilities as Current or Non-current’ and ‘Non-current Liabilities with Covenants’;
- Amendment to IFRS 16 ‘Lease Liability in a Sale and Leaseback’; and
- Amendments to IAS 7 and IFRS 7 ‘Supplier Finance Arrangements’.
The impact of adopting the above amendments to IAS 1 ‘Presentation of Financial Statements’ is discussed below. No material impact has resulted from the adoption of the amendments to IFRS 16. The Group has provided additional disclosures in note 15 ‘Trade and other payables’ in respect of supplier arrangements as a result of the amendments to IAS 7 and IFRS 7.
Amendments to IAS 1 ‘Presentation of Financial Statements’
The Group has previously classified balances relating to certain bonds as current liabilities if it was the Group’s intention to exercise options to redeem them within 12 months of the reporting date. Following the adoption of the IAS 1 amendments on 1 April 2024, bonds that are repayable in more than 12 months are classified as non-current liabilities regardless of any intention to redeem the bonds early. The impact of adopting the amendments on the consolidated statement of financial position was a reduction to the value of bonds presented within current borrowings and a matching increase in the value of bonds presented in non-current borrowings; the value of the adjustments as at 31 March 2024 was €931 million and at 31 March 2023 was €2,013 million.
The Group’s financial reporting is presented in accordance with these standards from 1 April 2024.
Accounts examples 