AASB 2016-3 Amendments to that is ‘distinct’ to be recognised as determine to access). Australian Accounting Standards – a separate performance obligation; whether the 01 Jan 2019 Clarifications to AASB 15 licence For items purchased online, the entity is a principal if it obtains transfers to The assessment has indicated that This Standard amends AASB 15 to there will be no significant impact for control of the good or service prior to the customer clarify the requirements on identifying performance the public sector, other than the transferring to the customer; and over time obligations, principal versus agent considerations and the impact identified for AASB 15 above. For licences identified as being (right to use) timing of recognising revenue from granting a licence. The distinct from other goods or services or at a point amendments require: in a contract, entities need to in time (right A promise to transfer to a customer a good or service AASB 2016-7 Amendments to This Standard defers the mandatory 01 Jan 2019 amending standard will defer the Australian Accounting Standards – effective date of AASB 15 for not-for- application period of AASB 15 for Deferral of AASB 15 for Not-for- profit entities from 1 January 2018 not-for-profit entities to the reporting period. Profit Entities to 1 January 2019. AASB 2016-8 Amendments to AASB 15 and not need to be the recipient of Australian Accounting Standards – AASB 9 in a goods and/or services; Australian Implementation Guidance context. The “contract” could include an for Not-for-Profit Entities The areas within arrangement entered into under the these standards direction of another party; that are amended Contracts are enforceable if they AASB 2016-8 inserts Australian requirements and for not-for-profit are enforceable by legal or authoritative implementation guidance for not-for- application “equivalent means”; into AASB 9 and AASB 15. include: Contracts do not have to have This Standard amends AASB 9 and AASB 15 to include AASB 9 commercial substance, only requirements to assist not-for-profit entities in applying the Statutory economic substance; and respective standards to particular transactions and events. receivables are Performance obligations need to recognised and be “sufficiently specific” to be able measured to apply AASB 15 to these 01 Jan 2019 similarly to transactions. financial assets This standard clarifies the application of AASB 15
AASB 2016-3 Amendments to Australian Accounting Standards – Clarifications to AASB 15 This Standard amends AASB 15 to clarify the requirements on identifying performance obligations, principal versus agent considerations and the timing of recognising revenue from granting a licence. The amendments require: A promise to transfer to a customer a good or service that is ‘distinct’ to be recognised as a separate performance obligation; For items purchased online, the entity is a principal if it obtains control of the good or service prior to transferring to the customer; and For licences identified as being distinct from other goods or services in a contract, entities need to determine whether the licence transfers to the customer over time (right to use) or at a point in time (right to access). 01 Jan 2019 The assessment has indicated that there will be no significant impact for the public sector, other than the impact identified for AASB 15 above. AASB 2016-7 Amendments to Australian Accounting Standards – Deferral of AASB 15 for Not-for- Profit Entities This Standard defers the mandatory effective date of AASB 15 for not-for- profit entities from 1 January 2018 to 1 January 2019. 01 Jan 2019 amending standard will defer the application period of AASB 15 for not-for-profit entities to the reporting period. AASB 2016-8 Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Entities AASB 2016-8 inserts Australian requirements and authoritative implementation guidance for not-for- into AASB 9 and AASB 15. This Standard amends AASB 9 and AASB 15 to include requirements to assist not-for-profit entities in applying the respective standards to particular transactions and events. 01 Jan 2019 This standard clarifies the application of AASB 15 and AASB 9 in a context. The areas within these standards that are amended for not-for-profit application include: AASB 9 Statutory receivables are recognised and measured similarly to financial assets AASB 15 not need to be the recipient of goods and/or services; The “contract” could include an arrangement entered into under the direction of another party; Contracts are enforceable if they are enforceable by legal or “equivalent means”; Contracts do not have to have commercial substance, only economic substance; and Performance obligations need to be “sufficiently specific” to be able to apply AASB 15 to these transactions.