accounting AASB 11 Joint reporting period. policies Arrangements and AASB 12 Disclosure of Interests in Other Entities [New] VAGO A sample disclosure has been included for departments 131 Commentary recommendation that aggregate portfolio entities in their annual report – Note 1 Summary under section 53(1)(b) of the Financial Management Act of significant 1994. accounting policies [New] Review of the BFMGs Additional guidance has been included on the 142143 Commentary classification between controlled and administered items. – Note 2 Departmental (controlled) outputs [Revised] Note 3 General The illustration has been amended to align the amounts 151 Administered improvements in the balance sheet with the transfer of the outputs (noncontrolled) described in the illustration. items [New] General Additional guidance has been included to illustrate 162165 Commentary improvements restated financial statements. – Note 8 Correction of error [Revised] AASB 11 The transition requirements have been removed because 182 Commentary AASB 11 became operative from the 201415 reporting – Note 13 period. Investments accounted for using the equity method [New] Note 15 General Additional illustrative disclosures have been included on 189 Nonfinancial improvements of nonfinancial physical assets ‘Fair value measurement physical assets held for to emphasise that fair value information sale’ classified as held should be disclosed for the comparative period. for sale including disposal group and directly associated liabilities [New] Note 17 General Additional illustrative disclosures (Table 17.8 and 17.10) 200, 203204 – Property, plant, improvements have been included to emphasise that fair value and equipment information should be disclosed for the comparative period. As comparative information on significant unobservable inputs should be disclosed, the illustration has been amended to state that Table 17.11 is also relevant to the comparative period. [Revised] Note 17 AASB 20157 The guidance has been updated to reflect the early 202, 204, Property, plant, Amendments to adoption of AASB 20157 by the State for the 201415 207 – Australian Accounting reporting period. Entities are required to adopt the
accounting policies AASB 11 Joint Arrangements and AASB 12 Disclosure of Interests in Other Entities reporting period. [New] Commentary – Note 1 Summary of significant accounting policies VAGO recommendation A sample disclosure has been included for departments that aggregate portfolio entities in their annual report under section 53(1)(b) of the Financial Management Act 1994. 131 [New] Commentary – Note 2 Departmental (controlled) outputs Review of the BFMGs Additional guidance has been included on the classification between controlled and administered items. 142143 [Revised] Note 3 Administered (noncontrolled) items General improvements The illustration has been amended to align the amounts in the balance sheet with the transfer of the outputs described in the illustration. 151 [New] Commentary – Note 8 Correction of error General improvements Additional guidance has been included to illustrate restated financial statements. 162165 [Revised] Commentary – Note 13 Investments accounted for using the equity method AASB 11 The transition requirements have been removed because AASB 11 became operative from the 201415 reporting period. 182 [New] Note 15 Nonfinancial physical assets classified as held for sale including disposal group and directly associated liabilities General improvements Additional illustrative disclosures have been included on ‘Fair value measurement of nonfinancial physical assets held for sale’ to emphasise that fair value information should be disclosed for the comparative period. 189 [New] Note 17 – Property, plant, and equipment General improvements Additional illustrative disclosures (Table 17.8 and 17.10) have been included to emphasise that fair value information should be disclosed for the comparative period. As comparative information on significant unobservable inputs should be disclosed, the illustration has been amended to state that Table 17.11 is also relevant to the comparative period. 200, 203204 [Revised] Note 17 – Property, plant, AASB 20157 Amendments to Australian Accounting The guidance has been updated to reflect the early adoption of AASB 20157 by the State for the 201415 reporting period. Entities are required to adopt the 202, 204, 207
Summary%20of%20changes%20to%202015-16%20Model%20Report.docx