AASB 2014–4 Amends AASB 116 Property, 1 January The assessment has indicated Amendments to Plant and Equipment and 2016 that there is no expected impact Australian AASB 138 Intangible Assets as the revenue-based method Accounting to: is not used for depreciation and amortisation. establish the principle for the of basis of depreciation and Acceptable amortisation as being the Methods of expected pattern of Depreciation and consumption of the future Amortisation economic benefits of an [AASB 116 & asset AASB 138] prohibit the use of methods to calculate the depreciation or amortisation of an asset, tangible or intangible, because revenue generally reflects the pattern of economic benefits that are generated from operating the business, rather than the consumption through the use of the asset. AASB 2014-9 Amends AASB 127 Separate 1 January The assessment indicates that Amendments to Financial Statements to allow 2016 there is no expected impact as Australian entities to use the equity the entity will continue to Accounting method of accounting for account for the investments in Standards—Equity investments in subsidiaries, subsidiaries, joint ventures and Method in joint ventures and associates associates using the cost Separate Financial in their separate financial method as mandated if Statements [AASB statements. separate financial statements 1, 127 & 128] are presented in accordance with FRD 113A. AASB 2014- 10 AASB 2014-10 amends 1 January The assessment has indicated Amendments to AASB 10 Consolidated 2016 that there is limited impact, as Australian Financial Statements and the revisions to AASB 10 and Accounting AASB 128 Investments in AASB 128 are guidance in Standards—Sale Associates to ensure nature. or Contribution of consistent treatment in Assets between an dealing with the sale or Investor and its contribution of assets between Associate or Joint an investor and its associate Venture [AASB 10 or joint venture. The & AASB 128] amendments require that: a full gain or loss to be recognised by the investor when a transaction involves a business (whether it is housed in a subsidiary or not); and a partial gain or loss to be recognised by the parent when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary.
AASB 2014–4 Amendments to Australian Accounting of Acceptable Methods of Depreciation and Amortisation [AASB 116 & AASB 138] Amends AASB 116 Property, Plant and Equipment and AASB 138 Intangible Assets to: establish the principle for the basis of depreciation and amortisation as being the expected pattern of consumption of the future economic benefits of an asset prohibit the use of methods to calculate the depreciation or amortisation of an asset, tangible or intangible, because revenue generally reflects the pattern of economic benefits that are generated from operating the business, rather than the consumption through the use of the asset. 1 January 2016 The assessment has indicated that there is no expected impact as the revenue-based method is not used for depreciation and amortisation. AASB 2014-9 Amendments to Australian Accounting Standards—Equity Method in Separate Financial Statements [AASB 1, 127 & 128] Amends AASB 127 Separate Financial Statements to allow entities to use the equity method of accounting for investments in subsidiaries, joint ventures and associates in their separate financial statements. 1 January 2016 The assessment indicates that there is no expected impact as the entity will continue to account for the investments in subsidiaries, joint ventures and associates using the cost method as mandated if separate financial statements are presented in accordance with FRD 113A. AASB 2014- 10 Amendments to Australian Accounting Standards—Sale or Contribution of Assets between an Investor and its Associate or Joint Venture [AASB 10 & AASB 128] AASB 2014-10 amends AASB 10 Consolidated Financial Statements and AASB 128 Investments in Associates to ensure consistent treatment in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The amendments require that: a full gain or loss to be recognised by the investor when a transaction involves a business (whether it is housed in a subsidiary or not); and a partial gain or loss to be recognised by the parent when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. 1 January 2016 The assessment has indicated that there is limited impact, as the revisions to AASB 10 and AASB 128 are guidance in nature.
201516detannualreportFinancial.docx