AASB 14 AASB 14 permits first-time 1 January The assessment has indicated Regulatory adopters of Australian 2016 that there is no expected Deferral Accounts Accounting Standards who impact, as those that conduct 1 conduct rate-regulated rate-regulated activities have activities to continue to already adopted Australian account for amounts related to Accounting Standards. rate regulation in accordance with their previous GAAP. AASB 15 Revenue The core principle of AASB 15 1 January The changes in revenue from Contracts requires an entity to recognise 2018 recognition requirements in with Customers revenue when the entity AASB 15 may result in changes satisfies a performance to the timing and amount of obligation by transferring a revenue recorded in the promised good or service to a financial statements. The customer. Standard will also require additional disclosures on service revenue and contract modifications. A potential impact will be the upfront recognition of revenue from licences that cover multiple reporting periods. Revenue that was deferred and amortised over a period may now need to be recognised immediately as a transitional adjustment against the opening retained earnings if there are no former performance obligations outstanding. AASB 2014–5 Amends the measurement of 1 January The assessment has indicated Amendments to trade receivables and the 2017, except that there will be no significant Australian recognition of dividends. amendments impact for the public sector. Accounting to AASB 9 Trade receivables that do not Standards arising (December have a significant financing from AASB 15 2009) and component, are to be AASB 9 measured at their transaction (December price, at initial recognition. 2010) apply Dividends are recognised in from 1 January the profit and loss only when: 2018. the right to receive entity’s payment of the dividend is established it is probable that the economic benefits associated with the dividend will flow to the entity; and the amount can be measured reliably. AASB 2015–8 This Standard defers the 1 January This amending standard will Amendments to mandatory effective date of 2018 defer the application period of Australian AASB 15 from 1 January 2017 AASB 15 to the 2018–19 Accounting to 1 January 2018. reporting period in accordance with the transition requirements. Effective Date of AASB 15
AASB 14 Regulatory Deferral Accounts 1 AASB 14 permits first-time adopters of Australian Accounting Standards who conduct rate-regulated activities to continue to account for amounts related to rate regulation in accordance with their previous GAAP. 1 January 2016 The assessment has indicated that there is no expected impact, as those that conduct rate-regulated activities have already adopted Australian Accounting Standards. AASB 15 Revenue from Contracts with Customers The core principle of AASB 15 requires an entity to recognise revenue when the entity satisfies a performance obligation by transferring a promised good or service to a customer. 1 January 2018 The changes in revenue recognition requirements in AASB 15 may result in changes to the timing and amount of revenue recorded in the financial statements. The Standard will also require additional disclosures on service revenue and contract modifications. A potential impact will be the upfront recognition of revenue from licences that cover multiple reporting periods. Revenue that was deferred and amortised over a period may now need to be recognised immediately as a transitional adjustment against the opening retained earnings if there are no former performance obligations outstanding. AASB 2014–5 Amendments to Australian Accounting Standards arising from AASB 15 Amends the measurement of trade receivables and the recognition of dividends. Trade receivables that do not have a significant financing component, are to be measured at their transaction price, at initial recognition. Dividends are recognised in the profit and loss only when: the entity’s right to receive payment of the dividend is established it is probable that the economic benefits associated with the dividend will flow to the entity; and the amount can be measured reliably. 1 January 2017, except amendments to AASB 9 (December 2009) and AASB 9 (December 2010) apply from 1 January 2018. The assessment has indicated that there will be no significant impact for the public sector. AASB 2015–8 Amendments to Australian Accounting Date of AASB 15 This Standard defers the mandatory effective date of AASB 15 from 1 January 2017 to 1 January 2018. 1 January 2018 This amending standard will defer the application period of AASB 15 to the 2018–19 reporting period in accordance with the transition requirements. Effective
201516detannualreportFinancial.docx