Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 251

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 251
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. The amendment could affect the classification of liabilities,
particularly for entities that previously considered management’s intentions to determine classification and for some liabilities
that can be converted into equity. Inter alia, the amendment requires the following:

Liabilities
are classified as non-current if the entity has a substantive right to defer settlement for at least 12 months at the end of the reporting
period. The amendment no longer refers to unconditional rights. The assessment determines whether a right exists, but it does not consider
whether the entity will exercise the right.

’ Settlement’
is defined as the extinguishment of a liability with cash, other economic resources or an entity’s own equity instruments. There
is an exception for convertible instruments that might be converted into equity, but only for those instruments where the conversion
option is classified as an equity instrument as a separate component of a compound financial instrument.

The
amendments are applied retrospectively for annual periods beginning on or after 1 January 2024, with early application permitted. The
amendments had no significant impact on the consolidated financial statements.

F-17

CLEARMIND
MEDICINE INC.

Notes to
the Consolidated Financial Statements

(Expressed
in United States Dollars)

  Material                         

  New and amended IFRS accounting standards that are  
  effective for the current year (continued)          
 ──────────────────────────────────────────────────────

  ii)      Amendments to IAS 1 Presentation                                                                                         

The
amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of
the term ’significant accounting policies’ with ‘material accounting policy information’. Accounting policy information
is material if, when considered together with other information included in an entity’s financial statements, it can reasonably
be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial
statements.

The
supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions,
other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature
of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information
relating to material transactions, other events or conditions is itself material.

The
IASB has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’
described in