AASB 2014-1 Amends various AASs to reflect the decision to defer the 1 January 2018 AASB’s Amendments to Australian mandatory application date of AASB 9 to annual reporting periods Accounting Standards beginning on or after 1 January 2018 and to amend reduced [Part E Financial disclosure requirements. Instruments] AASB 2014-7 Amends various AASs to incorporate the consequential 1 January 2018 Amendments to Australian amendments arising from the issuance of AASB 9. Accounting Standards arising from AASB 9 AASB 15 Revenue from The core principle of AASB 15 requires an entity to recognise 1 January 2018 Contracts with Customers revenue when the entity satisfies a performance obligation by transferring a promised good or service to a customer. Note that amending standard AASB 2015-8 Amendments to Australian Accounting Standards Effective Date of AASB 15 has deferred – the effective date of AASB 15 by one year. AASB 2014-5 Amends the measurement of trade receivables and the recognition 1 January 2018 Amendments to Australian of dividends. Accounting Standards Trade receivables, that do not have a significant financing arising from AASB 15 component, are to be measured at their transaction price, at initial recognition. Dividends are recognised in the profit and loss only when: The right to receive payment of the dividend is entity’s established; it is probable that the economic benefits associated with the dividend will flow to the entity. The amount can be measured reliably. AASB 2015-8 This Standard defers the mandatory effective date of AASB 15 from 1 January 2018 Amendments to Australian 1 January 2017 to 1 January 2018. Accounting Standards – Effective Date of AASB 15 AASB 2016-7 This standard defers the mandatory effective date of AASB 15 for 1 January 2019 Amendments to Australian notfor-profit entities from 1 January 2018 to 1 January 2019. Accounting Standards – Deferral of AASB 15 for Not-for-Profit Entities
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 and to amend reduced disclosure requirements. 1 January 2018 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 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. Note that amending standard AASB 2015-8 Amendments to Australian Accounting Standards – Effective Date of AASB 15 has deferred the effective date of AASB 15 by one year. 1 January 2018 AASB 2014-5 Amendments to Australian Accounting Standards arising from AASB 15 Amends the measurement of trade 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. The amount can be measured reliably. 1 January 2018 AASB 2015-8 Amendments to Australian Accounting Standards – Effective 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 AASB 2016-7 Amendments to Australian Accounting Standards – Deferral of AASB 15 for Not-for-Profit Entities This standard defers the mandatory effective date of AASB 15 for notfor-profit entities from 1 January 2018 to 1 January 2019. 1 January 2019
ACFEBoardAnnualReport1718.docx