AASB 2016-3 This Standard amends AASB 15 to clarify the requirements on 1 January 2018 Amendments to Australian identifying performance obligations, principal versus agent Accounting Standards considerations and the timing of recognising revenue from granting – Clarifications to AASB 15 a licence. The amendments require: Promise to transfer to a customer a good or service that is to be recognised as a separate performance ‘distinct’ 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. 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 16 Leases The key changes introduced by AASB 16 include the recognition of 1 January 2019 most operating leases (which are currently not recognised) on balance sheet. AASB 1058 Income of This Standard will replace AASB 1004 Contributions and 1 January 2019 Not-for-Profit Entities 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 2016-8 This Standard amends AASB 9 and AASB 15 to include 1 January 2019 Amendments to Australian requirements and implementation guidance to assist not-for-profit Accounting Standards entities in applying the respective standards to particular – Australian Implementation transactions and events. Guidance for Not-for-Profit Entities In addition to the new standards and amendments above, the AASB has issued a list of other amending standards that are not effective for the 2017 to 2018 reporting period (as listed below). In general, these amending standards include editorial and references changes that are expected to have insignificant impacts on public sector reporting. AASB 2016-6 Amendments to Australian Accounting Standards Applying AASB 9 Financial Instruments – with AASB 4 Insurance Contracts
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 agent considerations and the timing of recognising revenue from granting a licence. The amendments require: 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. 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 January 2018 AASB 16 Leases The key changes introduced by AASB 16 include the recognition of most operating leases (which are currently not recognised) on balance sheet. 1 January 2019 AASB 1058 Income of Not-for-Profit Entities This Standard will replace 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. 1 January 2019 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 and implementation guidance to assist not-for-profit entities in applying the respective standards to particular transactions and events. 1 January 2019 In addition to the new standards and amendments above, the AASB has issued a list of other amending standards that are not effective for the 2017 to 2018 reporting period (as listed below). In general, these amending standards include editorial and references changes that are expected to have insignificant impacts on public sector reporting. AASB 2016-6 Amendments to Australian Accounting Standards – Applying AASB 9 Financial Instruments with AASB 4 Insurance Contracts
ACFEBoardAnnualReport1718.docx