AASB 1058 Income of This standard replaces AASB 1004 1 Jan 2019 The assessment has Entities Contributions and establishes indicated that revenue from revenue recognition principles for capital grants that are transactions where the consideration provided under an to acquire an asset is significantly enforceable agreement that less than fair value to enable to have sufficiently specific entity to further its obligations, will now be objectives. deferred and recognised as performance obligations are satisfied. As a result, the timing recognition of revenue will change. In addition to the new standards and amendments above, the AASB has issued a list of other amending standards that are not effective for the 2016-17 reporting period (as listed below). In general, these amending standards include editorial and references changes that are expected to have insignificant impacts on public sector reporting. AASB 2016-1 Amendments to Australian Accounting Standards Recognition of Deferred Tax Assets for – Unrealised Losses [AASB 112] AASB 2016-2 Amendments to Australian Accounting Standards Disclosure Initiative: Amendments to – AASB 107 AASB 2016-5 Amendments to Australian Accounting Standards Classification and Measurements of – Share-based Payment Transactions AASB 2016-6 Amendments to Australian Accounting Standards Applying AASB 9 Financial Instruments – with AASB 4 Insurance Contracts AASB 2017-1 Amendments to Australian Accounting Standards Transfers of Investment Property, – Annual Improvements 2014-16 Cycle and Other Amendments AASB 2017-2 Amendments to Australian Accounting Standards Further Annual Improvements 2014-16 – Cycle Notes: For the current year, given the number of consequential amendments to AASB 9 Financial Instruments and AASB 15 Revenue from Contracts with Customers, the standards/interpretations have been grouped together to provide a more relevant view of the upcoming changes.
AASB 1058 Income of Entities This standard replaces AASB 1004 Contributions and establishes revenue recognition principles for transactions where the consideration to acquire an asset is significantly less than fair value to enable to entity to further its objectives. 1 Jan 2019 The assessment has indicated that revenue from capital grants that are provided under an enforceable agreement that have sufficiently specific obligations, will now be deferred and recognised as performance obligations are satisfied. As a result, the timing recognition of revenue will change. In addition to the new standards and amendments above, the AASB has issued a list of other amending standards that are not effective for the 2016-17 reporting period (as listed below). In general, these amending standards include editorial and references changes that are expected to have insignificant impacts on public sector reporting. AASB 2016-1 Amendments to Australian Accounting Standards – Recognition of Deferred Tax Assets for Unrealised Losses [AASB 112] AASB 2016-2 Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments to AASB 107 AASB 2016-5 Amendments to Australian Accounting Standards – Classification and Measurements of Share-based Payment Transactions AASB 2016-6 Amendments to Australian Accounting Standards – Applying AASB 9 Financial Instruments with AASB 4 Insurance Contracts AASB 2017-1 Amendments to Australian Accounting Standards – Transfers of Investment Property, Annual Improvements 2014-16 Cycle and Other Amendments AASB 2017-2 Amendments to Australian Accounting Standards – Further Annual Improvements 2014-16 Cycle Notes: For the current year, given the number of consequential amendments to AASB 9 Financial Instruments and AASB 15 Revenue from Contracts with Customers, the standards/interpretations have been grouped together to provide a more relevant view of the upcoming changes.
FRD-120K-Accounting-and-Reporting-Pronouncements-Applicabl.docx