Appendix B Accounting Policies
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied for all years reported unless otherwise stated. The financial statements include separate statements for James Cook University (the University) as the parent entity and the consolidated entity consisting of James Cook University and its controlled entities (the Group).
The principal address of James Cook University is: 1 James Cook Drive, Townsville, Queensland 4811.
Basis of preparation
The annual financial statements represent the audited general purpose financial statements of James Cook University and its controlled entities. They have been prepared on an accrual basis and comply with the Australian Accounting Standards.
Additionally the statements have been prepared in accordance with the following statutory requirements:
Higher Education Support Act 2003 (Financial Statement Guidelines)
Financial Accountability Act 2009
Financial Reporting Requirements for Queensland Government Agencies (including Accounting Policy Guidelines)
James Cook University is a not-for-profit entity and these statements have been prepared on that basis. Some of the requirements for not-for-profit entities are inconsistent with the International Financial Reporting Standards (IFRS) requirements.
Date of authorisation for issue
The financial statements were authorised for issue by James Cook University at the date of signing the Management Certificate.
Critical Accounting Estimates and Judgements
The preparation of financial statements in conformity with Australian Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the University's accounting policies. These are detailed below and in the notes that follow.
Key judgements - Smart State Research Facility Fund debt forgiveness
In the financial statements the Parent and the Group recognised revenue for the year as at 31 December, which represented one-third of the Smart State Research Facility loan that the Queensland State Government acknowledges and agrees that they will not seek, and will forgive the repayment, provided that the University complies with all of its obligations under the loan agreement between the State and the University.
The University intends to comply with all of its obligations under the loan agreement and it is therefore appropriate to recognise the debt forgiveness.
Key judgements – Carbon Pricing
The Australian Government passed its Clean Energy Act in November 2011 with a start date of 1 July 2012. The legislation will result in the introduction of a price on carbon emissions made by Australian businesses from 1 July 2012.
On information available, the introduction of the carbon pricing mechanism is not expected to have a significant impact on the Group's critical accounting estimates, assumptions and management judgements
Reporting basis and conventions
The financial statements have been prepared on an accruals basis and are based on historical costs modified by the revaluation of selected non-current assets, and financial assets and liabilities for which the fair value basis of accounting has been applied.
a) Principles of consolidation
The consolidated financial statements incorporate the assets, liabilities and results of entities controlled by James Cook University as at 31 December each year.
A controlled entity of James Cook University is one where James Cook University has the power to govern the decision-making in relation to the financial and operating policies of the other entity. A list of the controlled entities of James Cook University is contained in Note 32 to the financial statements. All consolidated entities have a 31 December year-end.
All inter-company balances and transactions between entities in the Group, including any unrealised profits or losses, have been eliminated on consolidation. Accounting policies of subsidiaries have been changed, where necessary, to ensure consistency with those policies applied by the parent entity.
Where controlled entities have entered or left the Group during the year, their operating results have been included/excluded from the date control was obtained or until the date control ceased.
Non-controlling interest in the equity and results of the entities that are controlled are shown as a separate item in the consolidated financial report.
Business combinations occur where an acquirer obtains control over one or more businesses.
A business combination is accounted for by applying the acquisition method, unless it is a combination involving entities or businesses under common control. The business combination will be accounted for from the date that control is attained, whereby the fair value of the identifiable assets acquired and liabilities (including contingent liabilities) assumed is recognised (subject to certain exemptions).
When measuring the consideration transferred in the business combination, any asset or liability resulting from a contingent consideration arrangement is also included. Subsequent to initial recognition, contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability is remeasured each reporting period to fair value, recognising any change to fair value in the statement of comprehensive income, unless the change in value can be identified as existing at acquisition date.
All transaction costs incurred in relation to the business combination are expensed to the statement of comprehensive income.
The acquisition of a business may result in the recognition of goodwill or a gain from a bargain purchase.
Goodwill is recognised initially at the excess of cost over the acquirer's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If the fair value of the acquirer's interest is greater than cost, the surplus is immediately recognised in the statement of comprehensive income.
James Cook University and certain controlled entities are, by virtue of Section 50-5 of the Income Tax Assessment Act 1997, exempt from the liability to pay income tax. The controlled entities subject to income tax adopt the following method of tax effect accounting.
The income tax expense or revenue for the year is the tax payable on the current year's taxable income based on the notional income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantially enacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to measure the deferred tax asset or liability. No deferred tax asset or liability is recognised in relation to these temporary differences if they arose in a transaction, other than a business combination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in subsidiaries where the parent entity is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.
Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity.
The University and certain controlled entities are subject to payroll tax, fringe benefits tax and goods and services tax (GST).
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the balance sheet are shown inclusive of GST. Cash flows are presented in the cash flow statement on a gross basis, except for the GST component on investing and financing activities, which are disclosed as operating cash flows.
c) Foreign currency translation
Functional and presentation currency
The functional currency of each of the group's entities is measured using the currency of the primary economic environment in which that entity operates. The consolidated financial statements are presented in Australian dollars which is the parent entity's functional and presentation currency.
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.
Translation differences on non-monetary items, such as equities held at fair value through profit or loss, are reported as part of the fair value gain or loss. Translation differences on non-monetary items, such as equities classified as available-for-sale financial assets, are included in the fair value reserve in equity.
The financial results and position of foreign operations whose functional currency is different from Group's presentation currency are translated as follows:
assets and liabilities are translated at year-end exchange rates prevailing at the end of the reporting period;
income and expenses are translated at average exchange rates for the period; and
all resulting exchange differences shall be recognised in other comprehensive income.
Exchange differences arising on translation of foreign operations are transferred directly to the Group's foreign currency translation reserve in the statement of financial position. These differences are recognised in the statement of comprehensive income in the period in which the operation is disposed.
d) Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions and other short-term, highly liquid investments with original maturities within 12 months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of a change in value.
e) Trade receivables
Trade receivables are generally due for settlement within 30 days of the date of invoice. The carrying value less provision for impairment is a reasonable approximation of their fair values due to the short-term nature of trade receivables.
Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off. A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the trade receivable is impaired. The amount of the provision is recognised in the statement of comprehensive income as 'Impairment of assets', refer Note 11.
Inventories are valued at the lower of cost and net realisable value.
g) Property, plant and equipment
Each class of property, plant and equipment is carried at cost or fair value, less where applicable, any accumulated depreciation and impairment losses.
Gains and losses on disposal are determined by comparing proceeds with the carrying amount. These are included in the statement of comprehensive income.
Land, buildings and infrastructure assets
Land, buildings and infrastructure assets are valued at their fair value in accordance with the Queensland Treasury's asset policy - "Non-Current Asset Policies for the Queensland Public Sector" (February 2012), less accumulated depreciation for building and infrastructure assets and accumulated impairment losses for land and building assets. Buildings under construction are recorded at cost. The asset recognition threshold for land is $1 and $10,000 for building and infrastructure assets.
Plant and equipment
Plant and equipment with a value of equal to or greater than $5,000 is recorded at cost less accumulated depreciation and accumulated impairment losses. Plant and equipment donated to the University is recorded at management's valuation in the year of donation. Additions with a value of less than $5,000 are expensed in the year of purchase.
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred.
In accordance with the "Non-Current Asset Policies for the Queensland Public Sector" (February 2012) collections are classified as a common use, reference or heritage (rare book) collection. Each collection type is subject to specific accounting treatments.
A common use collection generally has a limited life with the greatest usage within the first year and a rapid decline in use in subsequent years. With the declining use and obsolescence, common use items are expensed on acquisition.
A reference collection generally has a longer useful life and would be replaced if lost or damaged. A recognition threshold of $1 million applies to the collection. At balance date the University’s reference collection had a carrying value of less than $1 million. As a result, the University's reference collection has been expensed.
Rare books are valued at their fair value in accordance with Queensland Treasury's asset policy - "Non-Current Asset Policies for the Queensland Public Sector" (February 2012). The asset recognition threshold is $5,000.
Museums and art
Museums and art are valued at fair value in accordance with Queensland Treasury's asset policy - "Non-Current Asset Policies for the Queensland Public Sector" (February 2012). Additions to the collections purchased since the last valuation date are recorded at cost. The asset recognition threshold is $5,000.
Land, buildings, infrastructure and cultural assets (including the museums and art) are revalued every five years in accordance with Queensland Treasury's asset policy - "Non-Current Asset Policies for the Queensland Public Sector" (February 2012), and are included in the financial statements at the revalued amounts. Interim revaluations of assets valued at fair value are performed using relevant indices or other reliable measures.
Any accumulated depreciation at the date of revaluation is restated proportionately with the change in the gross carrying amount of the asset so that the carrying amount of the asset after revaluation equals its revalued amount.
Revaluation increments are credited directly to the asset revaluation surplus, except where the increment reverses a decrement previously recognised in the statement of comprehensive income. In such cases the increments are recognised as revenue in the statement of comprehensive income. Revaluation decrements are recognised as an expense in the statement of comprehensive income except where the decrement reverses a revaluation increment held in the asset revaluation surplus.
h) Depreciation of property, plant and equipment
Property, plant and equipment, other than land, library (rare books), art and museum collections, are depreciated on a straight line basis over their expected useful lives.
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of the reporting period.
An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These are included in the statement of comprehensive income. When revalued assets are sold, amounts included in the revaluation surplus relating to that asset are transferred to retained earnings.
i) Intangible assets
Computer software with a value equal to or greater than $100,000 is recognised at cost of acquisition less accumulated amortisation and accumulated impairment losses. Computer software is amortised over its useful life, which varies from 5-32 years. Additions with a value of less than $100,000 are expensed in the year of acquisition.
Licences which have a finite useful life are carried at cost less accumulated amortisation and impairment losses. Amortisation is calculated using the straight-line method to allocate the cost of licences over their estimated useful lives, which at present is 10 years. Licences which have an indefinite useful life are tested annually for impairment and carried at cost less accumulated impairment losses.
Goodwill and goodwill on consolidation are initially recorded at the amount by which the purchase price for a business combination exceeds the fair value attributed to the interest in the net fair value of identifiable assets, liabilities and contingent liabilities at date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Changes in the ownership interests in a subsidiary are accounted for as equity transactions and do not affect the carrying amount of goodwill. Goodwill on acquisition of associates is included in investments in associates. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Gains and losses on disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Research and development
Expenditure on research activities is recognised in the statement of comprehensive income as expense, when it is incurred.
j) Impairment of assets
At the end of each reporting period, the Group reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell and value in use, is compared to the asset's carrying value. Any excess of the asset's carrying value over its recoverable amount is transferred to the asset revaluation surplus. The excess of the asset's carrying value over the asset revaluation surplus for that class of asset is expensed to the statement of comprehensive income.
k) Investments and other financial assets
The Group classifies its investments in the following categories: loans and receivables, held-to-maturity investments and available-for-sale financial assets. The classification depends on the purpose for which the investments were acquired. Management determines the classification of its investments at initial recognition and re-evaluates this designation at the end of each reporting period.
Investments are initially measured at cost on trade date, when the related contractual rights or obligations exist. Subsequent to initial recognition these investments are measured as set out below.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are stated at amortised cost using the effective interest rate method. They are included in current assets, except for those with maturities greater than 12 months after the end of the end of the reporting period which are classified as non-current assets.
These investments have fixed maturities, and it is the Group's intention to hold these investments to maturity. Held-to-maturity investments are stated at amortised cost using the effective interest rate method. They are included in non-current assets where they are expected to mature later than 12 months after the end of the reporting period.
Available-for-sale financial assets
Available-for-sale financial assets, comprising principally managed funds, are non-derivatives that are either designated in this category or not classified in any of the other categories. Available-for- sale financial assets are reflected at fair value which is based on the market value of investments as at 31 December. Unrealised gains and losses are recognised as other comprehensive income in the available-for-sale reserve in equity. They are included in non-current assets unless the intention is to dispose of the investment within 12 months of the statement of financial position date.
The Group assesses at each balance date whether there is objective evidence that a financial asset or group of financial assets is impaired. In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether an impairment has arisen. Impairment losses are recognised in the statement of comprehensive income.
l) Investments in associates
Associates are entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for in the parent entity financial statements using the cost method and in the consolidated financial statements using the equity method of accounting, after initially being recognised at cost. The equity method of accounting recognises the Group's share of post-acquisition reserves of its associates.
m) Interests in jointly controlled operations and assets
The Group's share of assets, liabilities, revenue and expenses of joint venture operations are included in the appropriate items of the consolidated financial statements. Details of the Group's interests are shown in Note 19.
The Group's interests in joint venture entities are brought to account using the equity method of accounting in the consolidated financial statements. The parent entity's interests in joint venture entities are brought to account using the cost method.
n) Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year, which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. The carrying value is a reasonable approximation of their fair values due to the short-term nature of trade and other payables
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the statement of comprehensive income over the period of the borrowings using the effective interest method.
p) Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to prepare for their intended use or sale are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in the statement of comprehensive income in the period in which they are incurred.
q) Leased non-current assets
Leases of property, plant and equipment where the Group has substantially all the risks and benefits incidental to the ownership of the asset are classified as finance leases.
Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period. Finance leased assets are depreciated on a straight-line basis over their estimated useful lives.
Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the period in which they are incurred.
r) Employee benefits
Wages and salaries
Liabilities for short-term employee benefits including wages and salaries, non-monetary benefits and bonuses due to be settled within 12 months after the end of the period are measured at the amount expected to be paid when the liability is settled and recognised in other payables. Liabilities for accumulating and non-accumulating sick leave are recognised when the leave is taken and measured at the rates paid or payable.
The liability for annual leave employee benefits expected to be paid within 12 months after the end of the reporting period is recognised as a current liability and measured at the amount expected to be paid when the liability is settled.
Long service leave
The liability for long service leave is recognised for the Group’s liability for employee long service leave benefits arising from services rendered by employees to balance date.
The University recognises a liability for long service leave for employees from commencement of employment. The part of the liability that is expected to be payable within 12 months of the end of the reporting period is classified as a current liability and measured at its nominal amount. That part expected to be settled more than 12 months after the end of the reporting period is recognised as a non-current liability for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service.
Expected future payments are discounted using market yields at the end of the reporting period on national government bonds with terms of maturity and currency that match, as closely as possible, the estimated future cash outflows.
Retirement benefit obligations
Employees of the University are entitled to benefits on retirement, disability or death from the University's superannuation plan. The University has a defined benefit division and a defined contribution division within its plan. The defined benefit division provides a lump sum benefit or pension based on years of service and final average salary.
The UniSuper Defined Benefit Division (DBD), the predominant plan within the University, is a defined benefit plan under superannuation law however, as a result of amendments to Clause 34 of the UniSuper Trust Deed; it is deemed a defined contribution plan under Accounting Standard AASB 119 Employee Benefits. The DBD receives fixed contributions from the University and the University's legal or constructive obligation is limited to these contributions.
Contributions made by the University to employee superannuation funds are charged as expenses when incurred.
s) Revenue recognition
Revenue is measured at fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties.
Australian Government financial assistance (excluding Commonwealth Grants Scheme Income) and State and Local Government financial assistance is recognised as revenue when the University obtains control over the income. Control over the income would normally be obtained upon the earlier of their receipt or their becoming contractually due. Commonwealth Grants Scheme income is recognised in the year in which it is earned. Financial assistance that Department of Industry, Innovation, Climate Change, Science, Research and Tertiary Education (DIICCSRTE) has identified as being recoverable from the University is disclosed as "Australian Government unspent financial assistance", within other liabilities.
Student fees and charges
Fees and charges are recognised as income in the year received/invoiced, except to the extent that fees and charges relate to courses to be held in future periods. Such income is treated as unearned revenue within other liabilities.
Sale of goods
Revenue from the sale of goods is recognised upon the delivery of goods to customers.
Interest revenue is recognised on receipt or on an accrual basis at the end of the reporting period, taking into account the interest rates applicable to the financial assets.
Dividend revenue is recognised when the right to receive a dividend has been established. Dividends received from associates and joint venture entities are accounted for in accordance with the equity method of accounting.
Royalty revenue is recognised when the right to receive a royalty has been established.
Rendering of services
Revenue from rendering of services is recognised upon the delivery of the service to the customer.
Grants and contributions that are non-reciprocal in nature are recognised as revenue in the year in which the Group obtains control over them. Where grants that are reciprocal in nature are received, revenue is recognised as it is earned over the term of the funding arrangements.
t) Comparative Figures
Where required, comparative figures have been adjusted to conform with changes in presentation in the current financial year and so may differ from the prior year audited financial statements.
u) Rounding amounts
Amounts shown in these financial statements have been rounded to the nearest thousand dollars ($1,000).
v) Correction of a prior period error
Annual leave – current liability
In the financial statements for prior years, the University recorded annual leave as a trade and other payable. The portion of annual leave expected to be paid within 12 months after the end of the reporting period was recognised in current payables and measured at the amount expected to be paid when the liability was settled. The portion of annual leave not due to be settled within 12 months after the end of the reporting period was classified as a non-current payable measured at the net present value of the amount expected to be paid when the liability was settled. This error had the effect of understating current liabilities and overstating non-current liabilities.
The employee benefit liability for annual leave is now recognised as a current liability and measured at the amount expected to be paid when the liability is settled.
Annual leave – academic
Traditionally academic annual leave in the Higher Education Sector was deemed to have been taken at the end of the reporting period. Although unused annual leave could carry forward to the following year, in practice this rarely occurred.
An upgrade to the Human Resources Information System, which manages annual leave for professional and technical employees, identified the opportunity to manage academic annual leave in the same manner. The work undertaken has resulted in quantifying an amount of unused academic annual leave, leading to an error in the reported values in employee benefits liability for academic annual leave in 2011. The prior period employee benefit liability for academic annual leave for 2010 and earlier reporting periods has not been collected in a way that allows retrospective application and it is impracticable to recreate the information.
Long service leave - reclassification
In the financial statements for prior years, the University recorded long service leave as a current and non-current provision. Long service leave has now been reclassified as a current and non-current employee benefit liability.
w) New Accounting Standards and Interpretations
Certain new Accounting Standards and Interpretations have been published that are not mandatory for 31 December 2012 reporting periods. The Group does not anticipate early adoption of any of the following Australian Accounting Standards or Interpretations.
AASB 9: Financial Instruments (December 2010) and AASB 2010-7: Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) (applicable for annual reporting periods commencing on or after 1 January 2013)
The Group has not yet been able to reasonably estimate the impact of these pronouncements on its financial statements.
AASB 10: Consolidated Financial Standards, AASB 11: Joint Arrangements, AASB 12: Disclosure of Interests in Other Entities, AASB 127: Separate Financial Statements (August 2011), AASB 128: Investments in Associates and Joint Ventures (August 2011) and AASB 2011-7: Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards (applicable for annual reporting periods commencing on or after 1 January 2013)
These Standards are not expected to significantly impact the Group’s financial statements.
AASB 13: Fair Value Measurement and AASB 2011-8: Amendment to Australian Accounting Standards arising from AASB 13 (applicable for annual reporting periods commencing on or after 1 January 2013
These Standards are expected to result in more detailed fair value disclosures, but are not expected to significantly impact the amounts recognised in the Group’s financial statements.
AASB 2011-4: Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements (applicable for annual reporting periods beginning on or after I July 2013).
These Standards are not expected to significantly impact the Group's financial statements.
AASB 2011-9: Amendments to Australian Accounting Standards - Presentation of Items of Other Comprehensive Income (applicable for annual reporting periods commencing on or after 1 July 2012)
This Standard affects presentation only and is therefore not expected to significantly impact the Group.
AASB 119: Employee Benefits (September 2011) and AASB 2011-10: Amendments to Australian Accounting Standards arising from AASB 119 (applicable for annual reporting periods commencing on or after 1 January 2013)
These Standards introduce a number of changes to accounting and presentation of defined benefit plans. The Group does not have any defined benefit plans and so is not impacted by the amendment.
AASB 2012-2: Amendments to Australian Accounting Standards - Disclosures - Offsetting Financial Assets and Financial Liabilities (applicable for annual reporting periods commencing on or after 1 January 2013).
This Standard is not expected to significantly impact the Group's financial statements.
AASB 2012-3: Amendments to Australian Accounting Standards - Offsetting Financial Assets and Financial Liabilities (applicable for annual reporting periods commencing on or after 1 January 2014).
This Standard is not expected to significantly impact the Group's financial statements.
AASB 2012-5: Amendments to Australian Accounting Standards arising from Annual Improvements 2009-2011 Cycle (applicable for annual reporting periods commencing on or after 1 January 2013).
This Standard is not expected to significantly impact the Group's financial statements.
For enquiries in relation to this Appendix please contact [email protected]
|Policy Domain||Financial Management|
Directive – Council
Date for next review:
Date notification sent by Approval Authority to [email protected]