AASB 9 Financial Instruments, operative for AASB 16 Leases, operative for reporting periods reporting periods commencing 1 January 2018 as commencing 1 January 2019. The key change revised by AASB 2014-1 introduced by AASB 16 includes the recognition Amendments to Australian Accounting Standards (Part E Financial Instruments). of most operating leases on the balance sheet. AASB 9 simplifies requirements for the Several other amending standards and classification and measurement of financial assets, AASB interpretations have been issued that apply to introduces a new hedging accounting model and future reporting periods, but are considered to have also considers a revised impairment loss model to limited impact on public sector reporting. recognise impairment losses earlier, as opposed to the current approach that recognises impairment There is no intention to early adopt the above only when incurred. accounting standards. AASB 15 Revenue from Contracts with Customers, The ABS released a new manual, Australian System of operative for reporting periods commencing Government Finance Statistics: Concepts, Sources and 1 January 2019 for not for profit entities. The Methods 2015 on 23 December 2015. For the purpose core principle of AASB 15 requires an entity to of financial reporting under AASB 1049, the new recognise revenue when the entity satisfies a manual will apply for reporting periods beginning performance obligation by transferring a from 1 July 2018. The State will assess the potential promised good or service to a customer. reporting implications of the amendments. AASB 1058 Income of Not-for-Profit Entities, Rounding operative for reporting periods commencing All amounts in the financial report have been 1 January 2019. This standard will replace a part rounded to the nearest $1 million unless otherwise of AASB 1004 Contributions and establishes stated. Figures in this financial report may not add principles for transactions that are not within the due to rounding. scope of AASB 15, where the consideration to acquire an asset is significantly less than fair value to enable not for profit entities to further their objectives.
AASB 9 Financial Instruments, operative for reporting periods commencing 1 January 2018 as revised by AASB 2014-1 Amendments to Australian Accounting Standards (Part E Financial Instruments). AASB 9 simplifies requirements for the classification and measurement of financial assets, introduces a new hedging accounting model and also considers a revised impairment loss model to recognise impairment losses earlier, as opposed to the current approach that recognises impairment only when incurred. AASB 15 Revenue from Contracts with Customers, operative for reporting periods commencing 1 January 2019 for not for profit entities. 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. AASB 1058 Income of Not-for-Profit Entities, operative for reporting periods commencing 1 January 2019. This standard will replace a part of AASB 1004 Contributions and establishes principles for transactions that are not within the scope of AASB 15, where the consideration to acquire an asset is significantly less than fair value to enable not for profit entities to further their objectives. AASB 16 Leases, operative for reporting periods commencing 1 January 2019. The key change introduced by AASB 16 includes the recognition of most operating leases on the balance sheet. Several other amending standards and AASB interpretations have been issued that apply to future reporting periods, but are considered to have limited impact on public sector reporting. There is no intention to early adopt the above accounting standards. The ABS released a new manual, Australian System of Government Finance Statistics: Concepts, Sources and Methods 2015 on 23 December 2015. For the purpose of financial reporting under AASB 1049, the new manual will apply for reporting periods beginning from 1 July 2018. The State will assess the potential reporting implications of the amendments. Rounding All amounts in the financial report have been rounded to the nearest $1 million unless otherwise stated. Figures in this financial report may not add due to rounding.
2016-17_midyearfinancialreport.docx