such that they need not apply the disclosure requirements set out in the Standard in comparative information provided for periods before the initial application of the Standard. In accordance with these transitional provisions, the Company has not made any new disclosures required by AASB 13 for the 2013 comparative period. Other than the additional disclosures, the application of AASB 13 does not have any material impact on the amounts recognised in the financial statements. AASB 2012-10 This standard amends AASB 10 and various Australian to Accounting Standards to revise the transition guidance on the ‘Amendments Australian Accounting initial application of those Standards. This standard also Standards Transition – clarifies the circumstances in which adjustments to an entity’s Guidance and Other previous accounting for its involvement with other entities are Amendments’ required and the timing of such adjustments. The adoption of this amending standard does not have any material impact on the financial statements. AASB 119 In the current year, the Company has applied AASB 119 (as ‘Employee Benefits’ (2011), AASB revised in 2011) Benefits’ and the related ‘Employee 2011-10 ‘Amendments consequential amendments for the first time. AASB 119 (as to Australian Accounting revised in 2011) changes the accounting for defined benefit Standards arising from plans and termination benefits. The most significant change AASB 119 (2011)’ and relates to the accounting for changes in defined benefit AASB 2011-11 obligations and plan assets. The amendments require the to AASB ‘Amendments recognition of changes in defined benefit obligations and in the 119 (September 2011) fair value of plan assets when they occur, and hence eliminate arising from Reduced the approach’ permitted under the previous version of Disclosure ‘corridor AASB 119 and accelerate the recognition of past service costs. Requirements’ In addition, AASB 119 (as revised in 2011) introduces certain changes in the presentation of the defined benefit cost including more extensive disclosures. The application of the standard has resulted in the discounting of the long term employee benefits in the current financial year. There has been no material change due to the adoption of this standard in the retrospective periods in relation to this amendment. The adoption of this standard does not have any material impact on the defined benefit plan of the group (Refer to note 11 for details). Standards and Interpretations affecting the reported results or financial position There are no new and revised Standards and Interpretations adopted in these financial statements affecting the reporting results or financial position. Standards and Interpretations in issue not yet adopted
such that they need not apply the disclosure requirements set out in the Standard in comparative information provided for periods before the initial application of the Standard. In accordance with these transitional provisions, the Company has not made any new disclosures required by AASB 13 for the 2013 comparative period. Other than the additional disclosures, the application of AASB 13 does not have any material impact on the amounts recognised in the financial statements. AASB 2012-10 ‘Amendments to Australian Accounting Standards – Transition Guidance and Other Amendments’ This standard amends AASB 10 and various Australian Accounting Standards to revise the transition guidance on the initial application of those Standards. This standard also clarifies the circumstances in which adjustments to an entity’s previous accounting for its involvement with other entities are required and the timing of such adjustments. The adoption of this amending standard does not have any material impact on the financial statements. AASB 119 ‘Employee Benefits’ (2011), AASB 2011-10 ‘Amendments to Australian Accounting Standards arising from AASB 119 (2011)’ and AASB 2011-11 ‘Amendments to AASB 119 (September 2011) arising from Reduced Disclosure Requirements’ In the current year, the Company has applied AASB 119 (as revised in 2011) ‘Employee Benefits’ and the related consequential amendments for the first time. AASB 119 (as revised in 2011) changes the accounting for defined benefit plans and termination benefits. The most significant change relates to the accounting for changes in defined benefit obligations and plan assets. The amendments require the recognition of changes in defined benefit obligations and in the fair value of plan assets when they occur, and hence eliminate the ‘corridor approach’ permitted under the previous version of AASB 119 and accelerate the recognition of past service costs. In addition, AASB 119 (as revised in 2011) introduces certain changes in the presentation of the defined benefit cost including more extensive disclosures. The application of the standard has resulted in the discounting of the long term employee benefits in the current financial year. There has been no material change due to the adoption of this standard in the retrospective periods in relation to this amendment. The adoption of this standard does not have any material impact on the defined benefit plan of the group (Refer to note 11 for details). Standards and Interpretations affecting the reported results or financial position There are no new and revised Standards and Interpretations adopted in these financial statements affecting the reporting results or financial position. Standards and Interpretations in issue not yet adopted
Yooralla-Financial-Report-2013-14.docx