AASB 2014–1 Amends various AASs to 1 January This amending standard will defer Amendments to reflect the AASB's decision to 2018 the application period of AASB 9 Australian defer the mandatory to the 2018–19 reporting period in Accounting application date of AASB 9 to accordance with the transition Standards annual reporting periods requirements. beginning on or after 1 [Part E Financial January 2018 as a Instruments] consequence of Chapter 6 Hedge Accounting, and to amend reduced disclosure requirements. AASB 2014–7 Amends various AASs to 1 January The assessment has indicated Amendments to incorporate the consequential 2018 that there will be no significant amendments arising from the impact for the public sector. Australian Accounting issuance of AASB 9. Standards arising from AASB 9 AASB 15 Revenue The core principle of AASB 15 1 January The changes in revenue from Contracts with requires an entity to recognise 2018 recognition requirements in AASB Customers revenue when the entity 15 may result in changes to the satisfies a performance timing and amount of revenue obligation by transferring a recorded in the financial promised good or service to a statements. The Standard will customer. also require additional disclosures on service revenue and contract modifications. AASB 2014–5 Amends the measurement of 1 January The assessment has indicated Amendments to 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 from 1 Dividends are recognised in January 2018. 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. This Standard defers the 1 January This amending standard will AASB 2015–8 Amendments to mandatory effective date of 2018 the application period of AASB 15 Australian AASB 15 from 1 January 2017 to the 2018–19 reporting period in Accounting to 1 January 2018. accordance with the transition requirements. Effective Date of AASB 15
AASB 2014–1 Amendments to Australian Accounting Standards [Part E Financial Instruments] Amends various AASs to reflect the AASB's decision to defer the mandatory application date of AASB 9 to annual reporting periods beginning on or after 1 January 2018 as a consequence of Chapter 6 Hedge Accounting, and to amend reduced disclosure requirements. 1 January 2018 This amending standard will defer the application period of AASB 9 to the 2018–19 reporting period in accordance with the transition requirements. AASB 2014–7 Amendments to Australian Accounting Standards arising from AASB 9 Amends various AASs to incorporate the consequential amendments arising from the issuance of AASB 9. 1 January 2018 The assessment has indicated that there will be no significant impact for the public sector. 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. AASB 2014–5 Amendments to Australian Accounting Standards arising from AASB 15 Amends the measurement of 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 the application period of AASB 15 to the 2018–19 reporting period in accordance with the transition requirements. Effective
201617detannualreportFinancial.docx