value. AASB 119 Employee Entitlements All entities required to recognise – reissued actuarial gains and losses for defined benefit plans on the same basis (FMOs currently permit Public Financial Corporations and Government Business Enterprises to apply any of the three recognition options). Additional disclosures are also required for defined benefit plans. Annual leave is to be disclosed as a long-term benefit. Revisions to termination benefits may result in changed timing for recognition of termination expenses. We do not anticipate a significant financial impact for the GRDC. AASB 2011-10 Amendments to Australian See above. Accounting Standards arising from AASB 119 (September 2011) AASB 2012-2 Amendments to Australian As appropriate. Accounting Standards – Disclosures Offsetting – Financial Assets and Financial Liabilities [AASB 7 & AASB 132] AASB 2012-5 Amendments to Australian Minimal impact. Most likely entities may Accounting Standards arising only be affected by the changes to from Annual Improvements AASB 101 and AASB 116 (if at all). 2009–2011 Cycle [AASB 1, AASB 101, AASB 116, AASB 132 & AASB 134 and Interpretation 2] AASB 2012-6 Amendments to Australian As appropriate. Accounting Standards - Mandatory Effective Date of AASB 9 and Transition Disclosures All other new standards, revised standards, interpretations and amendments to standards that were issued prior to the sign-off date and are applicable to the current reporting period did not have a material effect, and are not expected to have a future material effect, on the Corporation’s financial statements.
value. AASB 119 Employee Entitlements – reissued All entities required to recognise actuarial gains and losses for defined benefit plans on the same basis (FMOs currently permit Public Financial Corporations and Government Business Enterprises to apply any of the three recognition options). Additional disclosures are also required for defined benefit plans. Annual leave is to be disclosed as a long-term benefit. Revisions to termination benefits may result in changed timing for recognition of termination expenses. We do not anticipate a significant financial impact for the GRDC. AASB 2011-10 Amendments to Australian Accounting Standards arising from AASB 119 (September 2011) See above. AASB 2012-2 Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and Financial Liabilities [AASB 7 & AASB 132] As appropriate. AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle [AASB 1, AASB 101, AASB 116, AASB 132 & AASB 134 and Interpretation 2] Minimal impact. Most likely entities may only be affected by the changes to AASB 101 and AASB 116 (if at all). AASB 2012-6 Amendments to Australian Accounting Standards - Mandatory Effective Date of AASB 9 and Transition Disclosures As appropriate. All other new standards, revised standards, interpretations and amendments to standards that were issued prior to the sign-off date and are applicable to the current reporting period did not have a material effect, and are not expected to have a future material effect, on the Corporation’s financial statements.
grdcannualreport2013-14inword.docx