Cue Energy Resources Limited Annual Report 2024

Cue Energy Resources Limited Notes to the financial statements 30 June 2024 Note 2. Material accounting policy information (continued) 35 (j) Goods and Services Tax ('GST') and other similar taxes Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority. (k) Foreign currency Functional and presentation currency The functional currencies of Group companies is the currency of the primary economic environment in which it operates. The consolidated financial statements are presented in Australian dollars, the Consolidated Entity’s presentation currency. Transactions and balances Transactions in foreign currencies of entities within the Consolidated Entity are translated into functional currency at the rate of exchange ruling at the date of the transaction. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined. Foreign currency monetary items that are outstanding at the reporting date (other than monetary items arising under foreign currency contracts where the exchange rate for that monetary item is fixed in the contract) are translated using the spot rate at the end of financial year. Foreign operations The results and financial position of Consolidated Entity’s foreign operations are translated into its presentation currency using the following procedures: (a) assets and liabilities for each statement of financial position presented (i.e. including comparatives) shall be translated at the closing rate at the date of that statement of financial position; (b) income and expenses for each statement presenting profit or loss and other comprehensive income (i.e. including comparatives) shall be translated at average exchange rates for the year; and (c) all resulting exchange differences shall be recognised in other comprehensive income. (l) Advances paid for rehabilitation works Advances paid for rehabilitation works represent amounts paid to special purpose funds established with the primary objective of meeting future rehabilitation obligations and are recognised and measured in accordance with AASB Interpretation 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds (AASBI 5). AASBI 5 requires restoration provisions and contributions to funds to be separately disclosed in the Consolidated Entity’s statement of financial position. (m) Contract assets and liabilities Contract assets and liabilities are recognized and measured in accordance with AASB 15 Revenue from Contracts with Customers. Contract assets Contract assets represent rights to consideration for performance obligations satisfied to date, which will be recognised as trade receivables when the right to invoice becomes unconditional. 49 Cue Energy Resources Limited Annual Report 2024

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