Standard/ Summary Applicable Impact on Authority Interpretation for annual financial statements reporting periods beginning AASB 20141 Amends various standards to reflect 1 Jan 2018 This amending standard Amendments to the AASB’s decision to defer the will defer the application Australian mandatory application date of AASB 9 period of AASB 9 to the Accounting to annual reporting periods beginning 2018-19 reporting period Standards [Part on or after 1 January 2018 as a in accordance with the E Financial consequence of Chapter 6 Hedge transition requirements. Instruments] Accounting, and to amend reduced disclosure requirements. AASB 20144 Amends AASB 116 Property, Plant 1 Jan 2016 The assessment has Amendments to and Equipment and AASB 138 indicated that there is no Australian Intangible Assets to: expected impact as the Accounting revenue-based method is establish the principle for the basis not used for depreciation of depreciation and amortisation as of and amortisation. being the expected pattern of Acceptable consumption of the future economic Methods of benefits of an asset Depreciation prohibit the use of revenuebased and methods to calculate the Amortisation depreciation or amortisation of an [AASB 116 & asset, tangible or intangible, AASB 138] because revenue generally reflects the pattern of economic benefits that are generated from operating the business, rather than the consumption through the use of the asset. AASB 20156 The Amendments extend the scope of 1 Jan 2016 The amending standard Amendments to AASB 124 Related Party Disclosures will result in extended Australian to not-for-profit public sector entities. A disclosures on the entity’s Accounting guidance has been included to assist key management the application of the standard by personnel (KMP), and the public sector entities. related party transactions. Related Party Disclosures to Not-for-Profit Public Sector Entities [AASB 10, AASB 124 & AASB 1049] AASB 2015-7 amends AASB 13 1 July 2016 No expected change. Amendments Fair to Australian Value Measurement to provide Accounting disclosure relief to not-for-profit public sector entities from certain disclosures Value about the fair value measurements of Disclosures of property, plant and equipment held for Not-for-Profit their current service potential rather Public Sector than to generate net cash inflows. This Entities. includes relief from disclosures of quantitative information about the significant unobservable inputs used in fair value measurements and of the sensitivity of certain fair value measurements to changes in unobservable inputs.
Standard/ Interpretation Summary Applicable for annual reporting periods beginning Impact on Authority financial statements AASB 20141 Amendments to Australian Accounting Standards [Part E Financial Instruments] Amends various standards 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 Jan 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 20144 Amendments to Australian Accounting of Acceptable Methods of Depreciation and Amortisation [AASB 116 & AASB 138] Amends AASB 116 Property, Plant and Equipment and AASB 138 Intangible Assets to: establish the principle for the basis of depreciation and amortisation as being the expected pattern of consumption of the future economic benefits of an asset prohibit the use of revenuebased methods to calculate the depreciation or amortisation of an asset, tangible or intangible, because revenue generally reflects the pattern of economic benefits that are generated from operating the business, rather than the consumption through the use of the asset. 1 Jan 2016 The assessment has indicated that there is no expected impact as the revenue-based method is not used for depreciation and amortisation. AASB 20156 Amendments to Australian Accounting Related Party Disclosures to Not-for-Profit Public Sector Entities [AASB 10, AASB 124 & AASB 1049] The Amendments extend the scope of AASB 124 Related Party Disclosures to not-for-profit public sector entities. A guidance has been included to assist the application of the standard by public sector entities. 1 Jan 2016 The amending standard will result in extended disclosures on the entity’s key management personnel (KMP), and the related party transactions. Amendments to Australian Accounting Value Disclosures of Not-for-Profit Public Sector Entities. AASB 2015-7 amends AASB 13 Fair Value Measurement to provide disclosure relief to not-for-profit public sector entities from certain disclosures about the fair value measurements of property, plant and equipment held for their current service potential rather than to generate net cash inflows. This includes relief from disclosures of quantitative information about the significant unobservable inputs used in fair value measurements and of the sensitivity of certain fair value measurements to changes in unobservable inputs. 1 July 2016 No expected change.
AnnlRport2014-15.docx