Summary of changes Effective date Possible Accounting Standards impact AASB 9 The new standard AASB 9 includes revised guidance on the classification and measurement 1 January 2018 High Financial Instruments (December 2014) of financial assets, including a new expected credit loss model for calculating impairment, and supplements the new general hedge accounting requirements previously published. It AASB 2014-7 Amendments to Australian supersedes AASB 9 (issued in December 2009 as amended) and AASB 9 (issued in – Accounting Standards arising from AASB 9 December 2010 as amended). (December 2014) – AASB 2014-8 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014) Application of AASB 9 – (December 2009) and AASB 9 (December 2010) AASB 13 Fair Value Measurement Reissued Australian Accounting Standards that incorporate IFRSs. Exception in paragraph 1 January 2018 48 applies only to financial assets, financial liabilities and other contracts within the scope of AASB 9 Financial Instruments (or AASB 139 Financial Instruments: Recognition and Measurement, if AASB 9 has not yet been adopted) [AASB 2014-7]. AASB 2016-6 Amendments to Australian AASB 2016-6 amends AASB 4 Insurance Contracts to permit issuers of insurance contracts 1 January 2018 Minimal to choose to apply the approach’ to calculate a single line item adjustment to profit Accounting Standards Applying AASB 9 Financial – ‘overlay Instruments with AASB 4 Insurance Contracts and loss; and to choose to be temporarily exempt from AASB 9 when those issuers’ activities are predominantly connected with insurance, provide they make additional disclosures to enable users to make comparisons with issuers applying AASB 9. AASB 2015-10 AASB 2015-10 requires the mandatory effective date (application date) of amendments to 1 January 2018 Minimal Amendments to Australian AASB 10 and AASB 128 to be applied for annual reporting periods beginning on or after Accounting Standards Effective Date of – 1 January 2018 instead of 1 January 2016. Amendments to AASB 10 and AASB 128 AASB 10 Consolidated Financial Statements AASB 128 Investments in Associates and Joint Ventures Accounting Standards Summary of changes Effective date Possible impact
Accounting Standards Summary of changes Effective date Possible impact AASB 9 Financial Instruments (December 2014) AASB 2014-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014) AASB 2014-8 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014) – Application of AASB 9 (December 2009) and AASB 9 (December 2010) The new standard AASB 9 includes revised guidance on the classification and measurement of financial assets, including a new expected credit loss model for calculating impairment, and supplements the new general hedge accounting requirements previously published. It supersedes AASB 9 (issued in December 2009 – as amended) and AASB 9 (issued in December 2010 – as amended). 1 January 2018 High AASB 13 Fair Value Measurement Reissued Australian Accounting Standards that incorporate IFRSs. Exception in paragraph 48 applies only to financial assets, financial liabilities and other contracts within the scope of AASB 9 Financial Instruments (or AASB 139 Financial Instruments: Recognition and Measurement, if AASB 9 has not yet been adopted) [AASB 2014-7]. 1 January 2018 AASB 2016-6 Amendments to Australian Accounting Standards – Applying AASB 9 Financial Instruments with AASB 4 Insurance Contracts AASB 2016-6 amends AASB 4 Insurance Contracts to permit issuers of insurance contracts to choose to apply the ‘overlay approach’ to calculate a single line item adjustment to profit and loss; and to choose to be temporarily exempt from AASB 9 when those issuers’ activities are predominantly connected with insurance, provide they make additional disclosures to enable users to make comparisons with issuers applying AASB 9. 1 January 2018 Minimal AASB 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 AASB 10 Consolidated Financial Statements AASB 128 Investments in Associates and Joint Ventures AASB 2015-10 requires the mandatory effective date (application date) of amendments to AASB 10 and AASB 128 to be applied for annual reporting periods beginning on or after 1 January 2018 instead of 1 January 2016. 1 January 2018 Minimal Accounting Standards Summary of changes Effective date Possible impact
Changes-to-Standards-Relevant-to-2017-18-Financial-Statements.docx