sustainability Victoria had been issued but were not mandatory for the financial year ending 30 June 2013. sustainability Victoria has not early adopted these standards. Standard/Interpretation Summary Applicable Impact on for annual authority reporting financial periods statements AASB 9 Financial This standard simplifies Beginning 1 Detail of impact instruments requirements for the Jan 2015 is still being classification and assessed. measurement of financial assets resulting from phase 1 of the IASB's project to replace IAS 39 Financial Instruments: Recognition and Measurement (AASB 139 Financial Instruments: Recognition and Measurement). AASB 2010 to 7 consequential Beginning 1 No significant Amendments to amendments are in relation to Jan 2015 impact is Australian Accounting the introduction of AASB 9. expected from Standards arising from these AASB 9 (December consequential 2010) (AASB 1, 3, 4, 5, amendments 7, 101, 102, 108, 112, on entity 118, 120,121 ,127, reporting. 128, 131, 132, 136, 137,139, 1023 and 1038, and Interpretations 2, 5, 10, 12, 19 and 127) AASB 2011 to 4 This Standard amends AASB Beginning 1 No significant amendments to 124 Related Party Disclosures July 2013 impact is Australian Accounting by removing the disclosure expected from Standards to Remove requirements in AASB 124 in these Individual Key relation to individual key consequential Management management personnel amendments Personnel Disclosure (KMP). on entity requirements (AASB reporting. 124) <pp> 39 2. Financial Risk Management Objectives and Policies The Sustainability Victoria Board (Responsible Body) has ultimate responsibility for ensuring that in achieving business objectives, Sustainability Victoria manages risks appropriately. The Risk Management Framework has been developed to ensure best
sustainability Victoria had been issued but were not mandatory for the financial year ending 30 June 2013. sustainability Victoria has not early adopted these standards. Standard/Interpretation Summary Applicable for annual reporting periods Impact on authority financial statements AASB 9 Financial instruments This standard simplifies requirements for the classification and measurement of financial assets resulting from phase 1 of the IASB's project to replace IAS 39 Financial Instruments: Recognition and Measurement (AASB 139 Financial Instruments: Recognition and Measurement). Beginning 1 Jan 2015 Detail of impact is still being assessed. AASB 2010 to 7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) (AASB 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 120,121 ,127, 128, 131, 132, 136, 137,139, 1023 and 1038, and Interpretations 2, 5, 10, 12, 19 and 127) consequential amendments are in relation to the introduction of AASB 9. Beginning 1 Jan 2015 No significant impact is expected from these consequential amendments on entity reporting. AASB 2011 to 4 amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure requirements (AASB 124) This Standard amends AASB 124 Related Party Disclosures by removing the disclosure requirements in AASB 124 in relation to individual key management personnel (KMP). Beginning 1 July 2013 No significant impact is expected from these consequential amendments on entity reporting. <pp> 39 2. Financial Risk Management Objectives and Policies The Sustainability Victoria Board (Responsible Body) has ultimate responsibility for ensuring that in achieving business objectives, Sustainability Victoria manages risks appropriately. The Risk Management Framework has been developed to ensure best
annual%20report%20sv%202012-13%20word.docx