losses earlier, as opposed to The initial application of the current approach that AASB 9 is not expected to recognises impairment only significantly impact the when incurred. financial position however will be a change to the way financial instruments are classified and new disclosure requirements. AASB 2014-1 Amends various AASs to reflect 1 Jan 2018 This amending standard Amendments to the AASB’s decision to defer will defer the application Australian the mandatory application date period of AASB 9 to the Accounting of AASB 9 to annual reporting 2018-19 reporting period Standards [Part E periods beginning on or after 1 in accordance with the Financial January 2018, and to amend transition requirements. Instruments] reduced disclosure requirements. AASB 2014-7 Amends various AASs to 1 Jan 2018 The assessment has Amendments to incorporate the consequential indicated that will be no Australian amendments arising from the significant impact for the Accounting issuance of AASB 9. public sector. Standards arising from AASB 9 AASB 15 The core principle of AASB 15 1 Jan 2018 The changes in revenue Revenue from requires an entity to recognise recognition requirements in Contracts with revenue when the entity satisfies AASB 15 may result in Customers a performance obligation by changes to the timing and transferring a promised good or amount of revenue service to a customer. Note that recorded in the financial amending standard AASB 20158 statements. The Standard Amendments to Australian will also require additional Accounting Standards Effective disclosures on service – Date of AASB 15 has deferred revenue and contract the effective date of AASB 15 to modifications. annual reporting periods beginning on or after 1 January 2018, instead of 1 January 2017. Amends the measurement of AASB 2014-5 1 Jan 2018, The assessment has Amendments to trade receivables and the except indicated that there will be Australian recognition of dividends as amendments to no significant impact for Accounting follows: AASB 9 (Dec the public sector. Standards 2009) and trade receivables that do not arising from AASB 9 (Dec have a significant financing AASB 15 2010) apply from component, are to be measured 1 Jan 2018 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
losses earlier, as opposed to the current approach that recognises impairment only when incurred. The initial application of AASB 9 is not expected to significantly impact the financial position however will be a change to the way financial instruments are classified and new disclosure requirements. AASB 2014-1 Amendments to Australian Accounting Standards [Part E Financial Instruments] Amends various AASs to reflect the AASB’s decision to defer the mandatory application date of AASB 9 to annual reporting periods beginning on or after 1 January 2018, and to amend reduced disclosure requirements. 1 Jan 2018 This amending standard will defer the application period of AASB 9 to the 2018-19 reporting period in accordance with the transition requirements. AASB 2014-7 Amendments to Australian Accounting Standards arising from AASB 9 Amends various AASs to incorporate the consequential amendments arising from the issuance of AASB 9. 1 Jan 2018 The assessment has indicated that will be no significant impact for the public sector. 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. Note that amending standard AASB 20158 Amendments to Australian Accounting Standards – Effective Date of AASB 15 has deferred the effective date of AASB 15 to annual reporting periods beginning on or after 1 January 2018, instead of 1 January 2017. 1 Jan 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 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 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 there will be no significant impact for the public sector.