AASB 2014-5 Amends the measurement of 1 Jan 2018, The assessment has indicated Amendments to trade receivables and the except that will be no significant Australian recognition of dividends as amendments to impact for the public sector. Accounting follows: AASB 9 (Dec Standards arising 2009) and AASB Trade receivables that do from AASB 15 9 (Dec 2010) not have a significant apply from 1 Jan financing component, are to be measured at their 2018 transaction price, at initial recognition. Dividends are recognised in the profit and loss only when: the entity’s right to receive payment of the dividend is established; it is probable that the economic benefits associated with the dividend will flow to the entity; and the amount can be measured reliably. AASB 2015-8 This Standard defers the 1 Jan 2018 This amending standard will Amendments to mandatory effective date of defer the application period of Australian AASB 15 from 1 January 2017 AASB 15 for for-profit entities Accounting to 1 January 2018. to the 2018-19 reporting Standards period in accordance with the – Effective Date of transition requirements. AASB 15 AASB 2016-7 This Standard defers the 1 Jan 2019 This amending standard will mandatory effective date of the application period of Amendments to AASB 15 for not-for-profit AASB 15 for not-for-profit Australian Accounting entities from 1 January 2018 entities to the 2019-20 Standards to 1 January 2019. reporting period. – Deferral of AASB 15 for Entities In addition to the new standards and amendments above, the AASB has issued a list of other amending standards that are not effective for the 2017-18 reporting period (as listed below). In general, these amending standards include editorial and references changes that are expected to have insignificant impacts on public sector reporting. AASB 2017-3 Amendments to Australian Accounting Standards Clarifications to AASB 4 – AASB 2017-5 Amendments to Australian Accounting Standards Effective Date of – Amendments to AASB 10 and AASB 128 and Editorial Corrections AASB 2018-1 Amendments to Australian Accounting Standards Annual Improvements – 2015 2017 Cycle –
AASB 2014-5 Amendments to Australian Accounting Standards arising from AASB 15 Amends the measurement of trade receivables and the recognition of dividends as follows: Trade receivables that do not have a significant financing component, are to be measured at their transaction price, at initial recognition. Dividends are recognised in the profit and loss only when: the entity’s right to receive payment of the dividend is established; it is probable that the economic benefits associated with the dividend will flow to the entity; and the amount can be measured reliably. 1 Jan 2018, except amendments to AASB 9 (Dec 2009) and AASB 9 (Dec 2010) apply from 1 Jan 2018 The assessment has indicated that will be no significant impact for the public sector. AASB 2015-8 Amendments to Australian Accounting Standards – Effective Date of AASB 15 This Standard defers the mandatory effective date of AASB 15 from 1 January 2017 to 1 January 2018. 1 Jan 2018 This amending standard will defer the application period of AASB 15 for for-profit entities to the 2018-19 reporting period in accordance with the transition requirements. AASB 2016-7 Amendments to Australian Accounting Standards – Deferral of AASB 15 for Entities This Standard defers the mandatory effective date of AASB 15 for not-for-profit entities from 1 January 2018 to 1 January 2019. 1 Jan 2019 This amending standard will the application period of AASB 15 for not-for-profit entities to the 2019-20 reporting period. In addition to the new standards and amendments above, the AASB has issued a list of other amending standards that are not effective for the 2017-18 reporting period (as listed below). In general, these amending standards include editorial and references changes that are expected to have insignificant impacts on public sector reporting. AASB 2017-3 Amendments to Australian Accounting Standards – Clarifications to AASB 4 AASB 2017-5 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections AASB 2018-1 Amendments to Australian Accounting Standards – Annual Improvements 2015 – 2017 Cycle