2021 Annual Report

Notes to the consolidated financial statements 30 June 2021 (continued) 32 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: 2021 $ 2020 $ Amounts received or due and receivable by BDO Audit (WA) Pty Ltd Audit and review of financial statements 205,500 177,500 Other assurance services 9,000 8,000 214,500 185,500 Amounts received or due and receivable by an associate of the Auditor of the Group for: Tax services - 5,000 Corporate advisory services 81,845 18,000 Other compliance and advisory services 13,093 12,500 94,938 35,500 Total services provided by BDO 309,438 221,000 33 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 2021 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. IGO Limited 64 Notes to The Consolidated Financial Statements 30 June 2021 132 — IGO ANNUAL REPORT 2021