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Bounty Oil & Gas N.L. Annual Report – 2011
AASB 2010-3 “Amendments to
Australian Accounting Standards arising
from the Annual Improvements Project”
AASB 2010-4 “Further Amendments to
Australian Standards arising from the
Annual Improvements Project”
Interpretation 19 “Extinguishing Financial
Liabilities with Equity Instruments”
The application of AASB 2010-3 makes amendments to AASB 3(2008)
“Business Combinations” to clarify that the measurement choice
regarding non-controlling interests at the date of acquisition is only
available in respect of non-controlling interests that are present
ownership interests and that entitle their holders to a proportionate share
of the entity’s net assets in the event of liquidation. All other types of noncontrolling
interests are measured at their acquisition date fair value,
unless another measurement basis is required by other Standards. In
addition, the application of AASB 2010-3 makes amendments to AASB
3(2008) to give more guidance regarding the accounting for share-based
payment transactions of the acquired that are not replaced should be
measured in accordance with AASB 2 “Share-based Payment at the
acquisition date (“market-based measure”).
Except for the amendments to AASB 7 and AASB 101 described earlier
in this section, the application of AASB 2010-4 has not had any material
effect on amounts reported in the financial statements.
This Interpretation provides guidance regarding the accounting for the
extinguishment of a financial liability by the issue of equity instruments. In
particular, the equity instruments issued under such arrangements will be
measured by fair value and any difference between the carrying amount
of the financial liability extinguished and the fair value of equity
instruments issued will be recognised in profit or loss. To date, the group
has not entered into transactions of this nature.
2.5 Standards and Interpretations in issue not yet adopted
At the date of authorisation of the financial statements, the Standards and Interpretations listed below were in issue
but not yet effective.
Standard/Interpretation
Effective for annual reporting
periods beginning on or after
Expected to be initially applied
in the financial year ending
AASB 124 “Related Party Disclosures”
(revised December 2009), AASB 2009-
12 “Amendments to Australian
Accounting Standards”
AASB 9 “Financial Instruments”, AASB
2009-11 “Amendments to Australian
Accounting Standards arising from AASB
9” and AASB 2010-7 “Amendments to
Australian Accounting Standards arising
from AASB 9 (December 2010)”
AASB 2008-14 “Amendments to
Australian Interpretation – Prepayments
of Minimum Funding Requirement”
AASB 7 “Financial Instruments:
Disclosure”, AASB 2010-4 “Further
Amendments to Australian Accounting
Standards arising from Annual
Improvements Project”
AASB 2010-5 “Amendments to
Australian Accounting Standards”
AASB 2010-6 “Amendments to
Australian Accounting Standards –
Disclosures on Transfers of Financial
Assets”
AASB 2010-8 “Amendments to
Australian Accounting Standards –
Deferred Tax: Recovery of Underlying
Assets”
1 January, 2011 30 June, 2012
1 January, 2013 30 June, 2014
1 January, 2011 30 June, 2012
1 January, 2011 30 June, 2012
1 January, 2011 30 June, 2012
1 July, 2011 30 June, 2012
1 January, 2012 30 June, 2013
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