AUSTRALIAN ACCOUNTING STANDARDS ISSUED THAT ARE NOT YET EFFECTIVE Certain new AASs have been published that are not mandatory for the 30 June 2017 reporting period. DTF assesses the impact of these new standards and advises the TSC of their applicability and early adoption. As at 30 June 2017, the following standards and interpretations applicable to the TSC had been issued but are not yet effective for the financial year ending 30 June 2017. The TSC has not early adopted these standards. for the classification 1 January 2018 The assessment has identified that AASB 9 and measurement of financial the amendments are likely to result Financial assets, a new hedging accounting in earlier recognition of impairment Instruments model and a revised impairment loss losses and at more regular model intervals. The key to recognise impairment losses earlier, changes While there will be no significant as opposed to the current approach that include the impact arising from AASB 9, there recognises impairment only when simplified will be a change to the way incurred. requirements financial instruments are disclosed. Accounting, and to amend reduced disclosure requirements. AASB Amends various AASs to reflect the Amendments 1 January 2018 This amending standard will defer AASB’s decision to defer the mandatory to AASs [Part the application period of AASB application date of AASB 9 to annual Financial 9 to the 2018–19 reporting reporting periods beginning on or after 1 Instruments] period in accordance with the January 2018 transition requirements. as a consequence of Chapter 6 Hedge 110 TAXISERVICESCOMMISSION ANNUAL REPORT 2016–17
AUSTRALIAN ACCOUNTING STANDARDS ISSUED THAT ARE NOT YET EFFECTIVE Certain new AASs have been published that are not mandatory for the 30 June 2017 reporting period. DTF assesses the impact of these new standards and advises the TSC of their applicability and early adoption. As at 30 June 2017, the following standards and interpretations applicable to the TSC had been issued but are not yet effective for the financial year ending 30 June 2017. The TSC has not early adopted these standards. AASB 9 Financial Instruments The key changes include the simplified requirements for the classification and measurement of financial assets, a new hedging accounting model and a revised impairment loss model to recognise impairment losses earlier, as opposed to the current approach that recognises impairment only when incurred. 1 January 2018 The assessment has identified that the amendments are likely to result in earlier recognition of impairment losses and at more regular intervals. While there will be no significant impact arising from AASB 9, there will be a change to the way financial instruments are disclosed. AASB Amendments to AASs [Part 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 as a consequence of Chapter 6 Hedge Accounting, and to amend reduced disclosure requirements. 1 January 2018 This amending standard will defer the application period of AASB 9 to the 2018–19 reporting period in accordance with the transition requirements. 110 TAXISERVICESCOMMISSION ANNUAL REPORT 2016–17
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