BERRY STREET VICTORIA INC . ABN 24 719 196 762 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009
Note 23 : NEW ACCOUNTING STANDARDS FOR APPLICATION IN FUTURE PERIODS ( Continued )
AASB 2008 – 1 : Amendments to Australian Accounting Standard — Share-based Payments : Vesting Conditions and Cancellations [ AASB 2 ] ( applicable for annual reporting periods commencing from 1 January 2009 ).
This amendment to AASB 2 clarifies that vesting conditions consist of service and performance conditions only . Other elements of a share-based payment transaction should therefore be considered for the purposes of determining fair value . Cancellations are also required to be treated in the same manner whether cancelled by the entity or by another party . This Standard is not currently applicable to the association .
AASB 2008 – 2 : Amendments to Australian Accounting Standards — Puttable Financial Instruments and Obligations arising on Liquidation [ AASB 7 , AASB 101 , AASB 132 and AASB 139 and Interpretation 2 ] ( applicable for annual reporting periods commencing from 1 January 2009 ).
These amendments introduce an exception to the definition of a financial liability , to classify as equity instruments certain puttable financial instruments and certain other financial instruments that impose an obligation to deliver a pro rata share of net assets only upon liquidation .
AASB 2008 – 5 : Amendments to Australian Accounting Standards arising from the Annual Improvements Project ( July 2008 ) and AASB 2008 – 6 :
Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project ( July 2008 ) detail numerous non-urgent but necessary changes to accounting standards arising from the IASB ’ s annual improvements project . No changes are expected to materially affect the association .
AASB 2008 – 8 : Amendments to Australian Accounting Standards — Eligible Hedged Items [ AASB 139 ] ( applicable for annual reporting periods commencing from 1 July 2009 ).
This amendment clarifies how the principles that determine whether a hedged risk or portion of cash flows is eligible for designation as a hedged item should be applied in particular situations and is not expected to materially affect the association .
AASB 2008 – 13 : Amendments to Australian Accounting Standards arising from AASB Interpretation 17 — Distributions of Non-cash Assets to Owners [ AASB 5 and AASB 110 ] ( applicable for annual reporting periods commencing from 1 July 2009 ).
This amendment requires that non-current assets held for distribution to owners be measured at the lower of carrying value and fair value , less costs to distribute .
AASB Interpretation 15 : Agreements for the Construction of Real Estate ( applicable for annual reporting periods commencing from 1 January 2009 ).
Under the Interpretation , agreements for the construction of real estate shall be accounted for in accordance with AASB 111 where the agreement meets the definition of ‘ construction contract ’ per AASB 111 and when the significant risks and rewards of ownership of the work in progress transfer to the buyer continuously as construction progresses . Where the recognition requirements in relation to construction are satisfied but the agreement does not meet the definition of ‘ construction contract ’, revenue is to be accounted for in accordance with AASB 118 . This policy is not currently applicable to the association .
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