licence. The amendments require: A promise to transfer to a customer a good or service that is to be ‘distinct’ 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; and For licences identified as 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 2016–7 This Standard defers the 1 January 2018 This amending standard Amendments to Australian mandatory effective date will defer the application Accounting Standards of AASB 15 for period of AASB 15 for – Deferral of AASB 15 for entities from 1 entities to the Not-for- Profit Entities January 2018 to 1 2019–20 reporting period. January 2019. AASB 2016–8 This Standard amends 1 January 2019 The assessment has Amendments to Australian AASB 9 and AASB 15 to indicated that there will be Accounting Standards include requirements to no significant impact for – Australian Implementation assist not- for-profit the public sector, other entities in applying the than the impacts identified Guidance for Not-for- Profit Entities respective standards to for AASB 9 and AASB 15 particular transactions and above. events. The amendments: require receivables arising from statutory requirements (i.e. taxes, rates and fines) to be initially measured and recognised in accordance with AASB 9 as if those receivables are
licence. The amendments require: A 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; and For licences identified as 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 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 entities from 1 January 2018 to 1 January 2019. 1 January 2018 This amending standard will defer the application period of AASB 15 for entities to the 2019–20 reporting period. 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 to assist not- for-profit entities in applying the respective standards to particular transactions and events. The amendments: require receivables arising from statutory requirements (i.e. taxes, rates and fines) to be initially measured and recognised in accordance with AASB 9 as if those receivables are 1 January 2019 The assessment has indicated that there will be no significant impact for the public sector, other than the impacts identified for AASB 9 and AASB 15 above.
AnnualReport2016-2017wordwebversion.docx