AASB 127 Separate This revised Standard 1 January Current assessment prescribes the accounting 2014 indicates that there is limited Financial Statements and disclosure impact on Victorian Public (not-for-profit requirements for Sector entities. Ongoing entities) investments in work is being done to subsidiaries, joint monitor and assess the ventures and associates impact of this standard. when an entity prepares separate financial statements. This revised Standard 1 January Current assessment AASB 128 Investments sets out the requirements 2014 indicates that there is limited in Associates and Joint Ventures for the application of the impact on Victorian Public (not-for-profit equity method when Sector entities. Ongoing entities) accounting for work is being done to investments in associates monitor and assess the and joint ventures. impact of this standard. AASB 1055 extends the 1 July 2014 This Standard is not AASB 1055 Budgetary Reporting scope of budgetary applicable as no budget reporting that is currently disclosure is required. applicable for the whole of government and general government sector to not-for-profit entities within the general government sector, provided that these entities present separate budget to the parliament. AASB 1056 replaces 1 July 2016 The standard was issued in AASB 1056 Superannuation AAS 25 Financial June 2014. While preliminary assessment has Entities Reporting by Superannuation Plans. not identified any material The standard was impact arising from developed in light of AASB 1056, further work to changes in recent years, assess the impact of this developments in the standard will be undertaken. superannuation industry and adoption Australia’s of IFRS. In addition to the new standards above, the AASB has issued a list of amending standards that are not effective for the 2013–14 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. The AASB Interpretation in the list below is also not effective for the 2013–14 reporting period and is considered to have insignificant impacts on public sector reporting. AASB Amendments to Australian Accounting Standards Arising from AASB 9 2010‒7 (December 2010) AASB Amendments to Australian Accounting Standards Arising from the 2011‒7 Consolidation and Joint Arrangements Standards Amendments to AASB 1049 Relocation of Budgetary Reporting 2013‒1 Requirements
AASB 127 Separate Financial Statements This revised Standard prescribes the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when an entity prepares separate financial statements. 1 January 2014 (not-for-profit entities) Current assessment indicates that there is limited impact on Victorian Public Sector entities. Ongoing work is being done to monitor and assess the impact of this standard. AASB 128 Investments in Associates and Joint Ventures This revised Standard sets out the requirements for the application of the equity method when accounting for investments in associates and joint ventures. 1 January 2014 (not-for-profit entities) Current assessment indicates that there is limited impact on Victorian Public Sector entities. Ongoing work is being done to monitor and assess the impact of this standard. AASB 1055 Budgetary Reporting AASB 1055 extends the scope of budgetary reporting that is currently applicable for the whole of government and general government sector to not-for-profit entities within the general government sector, provided that these entities present separate budget to the parliament. 1 July 2014 This Standard is not applicable as no budget disclosure is required. AASB 1056 Superannuation Entities AASB 1056 replaces AAS 25 Financial Reporting by Superannuation Plans. The standard was developed in light of changes in recent years, developments in the superannuation industry and Australia’s adoption of IFRS. 1 July 2016 The standard was issued in June 2014. While preliminary assessment has not identified any material impact arising from AASB 1056, further work to assess the impact of this standard will be undertaken. In addition to the new standards above, the AASB has issued a list of amending standards that are not effective for the 2013–14 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. The AASB Interpretation in the list below is also not effective for the 2013–14 reporting period and is considered to have insignificant impacts on public sector reporting. AASB 2010‒7 Amendments to Australian Accounting Standards Arising from AASB 9 (December 2010) AASB 2011‒7 Amendments to Australian Accounting Standards Arising from the Consolidation and Joint Arrangements Standards 2013‒1 Amendments to AASB 1049 Relocation of Budgetary Reporting Requirements
201314deecdannualreport.docx