entity satisfies a changes to the timing performance and amount of obligation by revenue recorded in transferring a the financial promised good or statements. The service to a standard will also customer. require additional disclosures on service revenue and contract modifications. AASB 9 Financial The key changes 1 Jan 2018 The assessment has Instruments include the simplified identified that the requirements for the financial impact of classification and available for sale measurement of (AFS) assets will now financial assets, a be reported through new hedging other comprehensive accounting model income (OCI) and no and a revised longer recycled to the impairment loss profit and loss. model to recognise While the preliminary impairment losses assessment has not earlier, as opposed identified any material to the current impact arising from approach that AASB 9, it will recognises continue to be impairment only monitored and when incurred. assessed.
entity satisfies a performance obligation by transferring a promised good or service to a customer. changes to the timing and amount of revenue recorded in the financial statements. The standard will also require additional disclosures on service revenue and contract modifications. AASB 9 Financial Instruments The key changes include the simplified requirements for the classification and measurement of financial assets, a new hedging accounting model and a revised impairment loss model to recognise impairment losses earlier, as opposed to the current approach that recognises impairment only when incurred. 1 Jan 2018 The assessment has identified that the financial impact of available for sale (AFS) assets will now be reported through other comprehensive income (OCI) and no longer recycled to the profit and loss. While the preliminary assessment has not identified any material impact arising from AASB 9, it will continue to be monitored and assessed.
Annual%20Report%202016-2017.docx