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BERRY STREET VICTORIA INC . ABN 24 719 196 762 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010
New Accounting Standards for Application in Future Periods
The AASB has issued new and amended accounting standards and interpretations that have mandatory application dates for future reporting periods . The association has decided against early adoption of these standards . A discussion of those future requirements and their impact on the association follows :
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AASB 9 : Financial Instruments and AASB 2009-11 : Amendments to Australian Accounting Standards arising from AASB 9 [ AASB 1 , 3 , 4 , 5 , 7 , 101 , 102 , 108 , 112 , 118 , 121 , 127 , 128 , 131 , 132 , 136 , 139 , 1023 & 1038 and Interpretations 10 & 12 ] ( applicable for annual reporting periods commencing on or after 1 January 2013 ).
These standards are applicable retrospectively and amend the classification and measurement of financial assets . The association has not yet determined any potential impact on the financial statements .
The changes made to accounting requirements include :
— simplifying the classifications of financial assets into those carried at amortised cost and those carried at fair value ;
— simplifying the requirements for embedded derivatives ; — removing the tainting rules associated with held-to-maturity assets ;
— removing the requirements to separate and fair value embedded derivatives for financial assets carried at amortised cost ;
— allowing an irrevocable election on initial recognition to present gains and losses on investments in equity instruments that are not held for trading in other comprehensive income . Dividends in respect of these investments that are a return on investment can be recognised in profit or loss and there is no impairment or recycling on disposal of the instrument ;
— requiring financial assets to be reclassified where there is a change in an entity ’ s business model as they are initially classified based on ( a ) the objective of the entity ’ s business model for managing the financial assets ; and ( b ) the characteristics of the contractual cash flows .
AASB 124 : Related Party Disclosures ( applicable for annual reporting periods commencing on or after 1 January 2011 ).
This standard removes the requirement for government related entities to disclose details of all transactions with the government and other government-related entities and clarifies the definition of a related party to remove inconsistencies and simplify the structure of the standard . No changes are expected to materially affect the association .
AASB 2009 – 5 : Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project [ AASB 5 , 8 , 101 , 107 , 117 , 118 , 136 & 139 ] ( applicable for annual reporting periods commencing from 1 January 2010 ).
These standards 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 2009 – 12 : Amendments to Australian Accounting Standards [ AASBs 5 , 8 , 108 , 110 , 112 , 119 , 133 , 137 , 139 , 1023 & 1031 and Interpretations 2 , 4 , 16 , 1039 & 1052 ] ( applicable for annual reporting periods commencing on or after 1 January 2011 ).
This Standard makes a number of editorial amendments to a range of Australian Accounting Standards and Interpretations , including amendments to reflect changes made to the text of IFRSs by the IASB . The Standard also amends AASB 8 to require entities to exercise judgment in assessing whether a government and entities known to be under the control of that government are considered a single customer for the purposes of certain operating segment disclosures . The amendments are not expected to impact the association .
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