AASB 2014-5 Amends the measurement of trade 1 Jan 2017, except The assessment has Amendments to Australian receivables and the recognition of amendments to indicated that there will be no Accounting Standards dividends. AASB 9 (Dec 2009) significant impact for the arising from AASB 15 and AASB 9 (Dec public sector. Trade receivables, that do not have 2010) apply from a significant financing component, 1 Jan 2018 are to be measured at their transaction price, at initial recognition. Dividends are recognised in the profit and loss only when: the right to receive entity’s 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 mandatory 1 Jan 2018 This amending standard will Amendments to Australian effective date of AASB 15 from defer the application period of Accounting Standards 1 January 2017 to 1 January 2018. AASB 15 for for-profit entities – Effective Date of AASB 15 to the 2018-19 reporting period in accordance with the transition requirements. AASB 2016-3 This Standard amends AASB 15 to 1 Jan 2018 The assessment has Amendments to Australian clarify the requirements on indicated that there will be no Accounting Standards identifying performance obligations, significant impact for the – Clarifications to AASB 15 principal versus agent public sector, other than the considerations and the timing of impact identified for AASB 15 recognising revenue from granting a above. licence. The amendments require: A promise to transfer to a customer a good or service that is to be recognised as a ‘distinct’ 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). AASB 2016-7 This Standard defers the mandatory 1 Jan 2019 This amending standard will Amendments to Australian effective date of AASB 15 for defer the application period of Accounting Standards entities from 1 January 2018 to AASB 15 for not-for-profit – 1 January 2019. entities to the 2019-20 Deferral of AASB 15 for Not-for-Profit Entities reporting period.
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 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 2016-3 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). 1 Jan 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. 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 entities from 1 January 2018 to 1 January 2019. 1 Jan 2019 This amending standard will defer the application period of AASB 15 for not-for-profit entities to the 2019-20 reporting period.
FRD-120K-Accounting-and-Reporting-Pronouncements-Applicabl.docx