Company: WEBNF
Filing Date: 2025-11-04
Form Type: 20-F
Source: 0001104659-25-105894
Chunk: 14

Company: WESTPAC BANKING CORP
Filing Date: 2025-11-04
Form: 20-F
Item: Item 14
Chunk 14
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 the location of disclosures, the timing of reporting and disclosures relating to judgements, uncertainties and errors. AASB S1 is a voluntary standard and provides guidance on the application of AASB S2.
AASB S2
This standard sets out disclosure requirements in general purpose financial reports about climate-related risks and opportunities that could reasonably be expected to affect the entity’s cash flows, access to finance or cost of capital over the short, medium or long term. The main climate-related financial disclosure requirements relate to four key areas of governance, strategy, risk management, and metrics and targets. The standard also requires disclosures on scenario analysis and greenhouse gas emissions (Scope 1, 2 and 3). General requirements such as the conceptual foundations for reporting such information, the location of disclosures, the timing of reporting and disclosures relating to judgements, uncertainties and errors are also provided. The Group is continuing to progress the implementation of AASB S2 which becomes effective for the Group for the 30 September 2026 year end.
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WESTPAC GROUP 2025 ANNUAL REPORT
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NOTES TO THE FINANCIAL STATEMENTS

FINANCIAL PERFORMANCE
Note 2.Segment reporting
Accounting policy​

Operating segments are presented on a basis consistent with information provided internally to Westpac’s key decision makers and reflect the management of the business, rather than the legal structure of Westpac.Internally, Westpac uses an adjusted AAS measure of performance which excludes Notable Items in assessing the financial performance of its segments.Notable Items are items that management believes are not reflective of Westpac’s ongoing business performance and are grouped into the following broad categories:●Unrealised fair value gains and losses on economic hedges that do not qualify for hedge accounting ●Net ineffectiveness on qualifying hedges ●Large items that are not reflective of Westpac’s ordinary operations. In individual reporting periods large items may include:–Provisions for remediation, litigation, fines and penalties–The impact of asset sales and revaluations–The write-down of assets (including goodwill and capitalised software)–Restructuring costsThe performance of each operating segment reflects internal charges, transfer pricing adjustments and revenue and expenses resulting from inter-segment transactions. These are eliminated on consolidation in the Group Businesses segment. Inter-segment pricing is determined on an arm’s length basis.
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Not