Financial Audit Update Thursday 3 March 2011 and Thursday 10 March 2011_part8 pptx

Leases • Future Developments (IASB ED/2010/9): – Standard expected to be released in 2011 – Simplified retrospective approach for application – All leases (operating and finance) on balance sheet – Potential implications: • Entities with high number of low value leases (e.g. car fleet) reassess lease terms, etc at each reporting date • Changes to key analytical measures (e.g. covenants) • Grantor accounting in Public Private Partnerships • Deed of Grant in Trust (DOGIT) Land This is trial version www.adultpdf.com Financial Instruments • Minor amendments to AASB 139 for 2010-11 (not expected to have a significant impact) • New standard - AASB 9 (to replace AASB 139) • Effective 1 January 2013 • Amends requirements for classification, measurement & disclosure of financial assets • Most financial assets currently measured at amortised cost will now need to be at fair value This is trial version www.adultpdf.com Reduced Disclosure Requirements • New Standard - AASB 1053 • Effective from 1 July 2013 • Establishes 2 tiers for financial reporting • Tier 2 requires fewer disclosures • Regulator (Treasury) can mandate Tier 1 • Treasury is not allowing early adoption • Treasury finalising policy position This is trial version www.adultpdf.com Revenue • Future Developments (IASB ED/2010/6): – Standard expected to be released in 2011 – Retrospective application is proposed – Extensive changes to current revenue and construction standards (AASB 118 and AASB 111) – Identify performance obligations within contracts and recognise revenue as each obligation is satisfied • ED 180 on income from non-exchange transactions to be revised and re-released This is trial version www.adultpdf.com Other Developments • Exposure draft on related party disclosures in the not-for-profit public sector expected early 2011 with revised standard possibly around September • Issues paper on control in the not-for-profit public sector (phase 2) expected early 2011 with standard issued by December 2011 • Revised standard extending relief from consolidation, the equity method and proportionate consolidation (ED 205) expected by mid 2011 This is trial version www.adultpdf.com Thank you for attending This is trial version www.adultpdf.com . Requirements • New Standard - AASB 10 53 • Effective from 1 July 20 13 • Establishes 2 tiers for financial reporting • Tier 2 requires fewer disclosures • Regulator (Treasury) can mandate Tier 1 • Treasury. Developments (IASB ED/2 010/ 6): – Standard expected to be released in 2011 – Retrospective application is proposed – Extensive changes to current revenue and construction standards (AASB 118 and AASB 111) –. Trust (DOGIT) Land This is trial version www.adultpdf.com Financial Instruments • Minor amendments to AASB 139 for 2 010- 11 (not expected to have a significant impact) • New standard - AASB 9