AASB 2016-3 This Standard amends AASB 15 to clarify the 1-Jan-18 The assessment has indicated Amendments to requirements on identifying performance that there will be no significant Australian obligations, principal versus considerations impact for the public sector, other Accounting and the timing of recognising revenue from than the impact identified for Standards granting a licence. The amendments require: AASB 15 above. – Clarifications to A promise to transfer to a customer a good AASB 15 or service that is to be recognised ‘distinct’ as a separate performance obligation; For items purchased online, the entity is a principal if it obtains control of the good or service prior to transferring to the customer; and For licences identified as being distinct from other goods or services in a contract, entities need to determine whether the licence transfers to the customer over time (right to use) or at a point in time (right to access). AASB 2016-7 This Standard defers the mandatory effective 1-Jan-19 This amending standard will defer Amendments to date of AASB 15 for not-for-profit entities from 1 the application period of AASB 15 Australian January 2018 to 1 January 2019. for not-for-profit entities to the Accounting 2019-20 reporting period. Standards – Deferral of AASB 15 for Entities AASB 2016-8 This Standard amends AASB 9 and AASB 15 to 1-Jan-19 The assessment has indicated Amendments to include requirements to assist not-for-profit that there will be no significant Australian entities in applying the respective standards to impact for the public sector, other Accounting particular transactions and events. The than the impacts identified for Standards amendments: AASB 9 and AASB 15 above. – Australian require non-contractual receivables arising Implementation from statutory requirements (i.e. taxes, rates Guidance for and fines) to be initially measured and Not-for-Profit recognised in accordance with AASB 9 as if Entities those receivables are financial instruments; and clarifies circumstances when a contract with a customer is within the scope of AASB 15.
AASB 2016-3 Amendments to Australian Accounting Standards – Clarifications to AASB 15 This Standard amends AASB 15 to clarify the requirements on identifying performance obligations, principal versus considerations and the timing of recognising revenue from granting a licence. The amendments require: A promise to transfer to a customer a good or service that is ‘distinct’ to be recognised as a separate performance obligation; For items purchased online, the entity is a principal if it obtains control of the good or service prior to transferring to the customer; and For licences identified as being distinct from other goods or services in a contract, entities need to determine whether the licence transfers to the customer over time (right to use) or at a point in time (right to access). 1-Jan-18 The assessment has indicated that there will be no significant impact for the public sector, other than the impact identified for AASB 15 above. AASB 2016-7 Amendments to Australian Accounting Standards – Deferral of AASB 15 for Entities This Standard defers the mandatory effective date of AASB 15 for not-for-profit entities from 1 January 2018 to 1 January 2019. 1-Jan-19 This amending standard will defer the application period of AASB 15 for not-for-profit entities to the 2019-20 reporting period. AASB 2016-8 Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Entities This Standard amends AASB 9 and AASB 15 to include requirements to assist not-for-profit entities in applying the respective standards to particular transactions and events. The amendments: require non-contractual receivables arising from statutory requirements (i.e. taxes, rates and fines) to be initially measured and recognised in accordance with AASB 9 as if those receivables are financial instruments; and clarifies circumstances when a contract with a customer is within the scope of AASB 15. 1-Jan-19 The assessment has indicated that there will be no significant impact for the public sector, other than the impacts identified for AASB 9 and AASB 15 above.
11001-DPC-VPSC-annual-report-2016_2017-ACCESSIBLE-V1.docx