The core principle of 1 January 2018 The changes in revenue AASB 15 AASB 15 requires an recognition requirements Revenue from Contracts entity to recognise in AASB 15 may result in with Customers revenue when the entity changes to the timing and satisfies a performance amount of revenue obligation by transferring recorded in the financial a promised good or statements. The Standard service to a customer. will also require additional disclosures on service revenue and contract modifications. AASB 2014–5 Amends the measurement 1 Jan 2017, except The assessment has of trade receivables and amendments to AASB 9 indicated that there will be Amendments to Australian Accounting Standards the recognition of (Dec 2009) and AASB no significant impact for arising from AASB 15 dividends. the public sector. 9 (Dec 2010) apply from 1 Trade receivables, that do Jan 2018 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. AASB 2015–8 This Standard defers the 1 January 2018 This amending standard Amendments to Australian mandatory effective date will the application Accounting Standards of AASB 15 from 1 period of AASB 15 for – Effective Date of AASB 15 January 2017 to 1 entities to the January 2018. reporting period in accordance with the transition requirements. AASB 2016–3 This Standard amends 1 January 2018 The assessment has Amendments to Australian AASB 15 to clarify the indicated that there will be Accounting Standards requirements on no significant impact for – Clarifications to AASB 15 identifying performance the public sector, other obligations, principal than the impact identified versus agent for AASB 15 above. considerations and the timing of recognising revenue from granting a
AASB 15 Revenue from Contracts with Customers The core principle of AASB 15 requires an entity to recognise revenue when the entity satisfies a performance obligation by transferring a promised good or service to a customer. 1 January 2018 The changes in revenue recognition requirements in AASB 15 may result in changes to the timing and amount of revenue recorded in the financial statements. The Standard will also require additional disclosures on service revenue and contract modifications. AASB 2014–5 Amendments to Australian Accounting Standards arising from AASB 15 Amends the measurement of trade receivables and the recognition of dividends. 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 2017, except amendments to AASB 9 (Dec 2009) and AASB 9 (Dec 2010) apply from 1 Jan 2018 The assessment has indicated that there 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 January 2018 This amending standard will the application period of AASB 15 for entities to the reporting period in accordance with the transition requirements. 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 1 January 2018 The assessment has indicated that there will be no significant impact for the public sector, other than the impact identified for AASB 15 above.