AASB 2014-1 Amendments to application date of AASB 9 to annual application period of AASB 9 to the This Australian Accounting Standards reporting periods beginning on or 2018-19 reporting period in amending [Part E Financial Instruments] after 1 January 2018, and to amend standard will accordance with the transition defer reduced disclosure requirements. requirements. Amends various AASs to reflect the AASB’s decision to defer the mandatory 01 Jan 2018 assessment has indicated that there will be no significant impact AASB 2014-7 Amendments to Amends various AASs to incorporate 01 Jan 2018 for the public sector. Australian Accounting Standards the consequential amendments arising arising from AASB 9 from the issuance of AASB 9. AASB 15 Revenue from Contracts – Effective Date of AASB 15 has in revenue recognition deferred the effective date of AASB requirements in AASB 15 may result with Customers 15 to annual reporting periods in changes to the timing and amount beginning on or after 1 January of revenue recorded in the financial The core principle of AASB 15 requires an entity 2018, instead of 1 statements. The Standard will also to recognise revenue when the entity satisfies a January 2017. require additional disclosures on performance obligation by transferring a service revenue and contract promised good or service to a customer. Note modifications. 01 Jan 2018 that amending standard AASB 2015 8 Amendments to Australian Accounting Standards AASB 2014-5 Amendments to measured at their transaction price, at amount can apply from 1 Jan 2018 Australian Accounting Standards initial recognition. be measured arising from AASB 15 Dividends are recognised in the reliably. The assessment has indicated that profit and loss only when: there will be no significant impact o the entity’s right to receive 1 Jan 2018, Amends the measurement of trade for the public sector. payment of the dividend is except receivables and the recognition of dividends established; amendments to as follows: o it is probable that the economic AASB 9 (Dec Trade receivables that do not have a benefits associated with the dividend 2009) and AASB significant financing component, are to be will flow to the entity; and o the 9 (Dec 2010)
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. 01 Jan 2018 This amending standard will defer 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. 01 Jan 2018 assessment has indicated that there 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 2015 8 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. 01 Jan 2018 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: o the entity’s right to receive payment of the dividend is established; o it is probable that the economic benefits associated with the dividend will flow to the entity; and o 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 there will be no significant impact for the public sector.