Annual Report 2008-09 - Legal Services Commissioner

Chapter EIGHT
Financial Statements
Notes to the financial statements for the financial year ended 30 June 2009
r. New accounting standards and interpretations
Certain new accounting standards and interpretations have been published that are not mandatory for the 30 June 2009
reporting period.
As at 30 June 2009, the following standards and interpretations had been issued but were not mandatory for the financial
year ending 30 June 2009. The Commissioner has not, and does not intend to, adopt these standards early.
Standard / Interpretation
Summary
Applicable for
annual reporting
periods beginning on
Impact financial
statements
AASB 8 Operating Segments Supersedes AASB 114 Segment Reporting Beginning 1 Jan 2009 Not applicable.
AASB 2007‐3 Amendments to Australian
Accounting Standards arising from AASB
8 [AASB 5, AASB 6, AASB 102, AASB 107,
AASB 119, AASB 127, AASB 134, AASB 136,
AASB 1023 and AASB 1038].
An accompanying amending standard, also
introduced consequential amendments into
other Standards.
Beginning 1 Jan 2009
AASB 8 does not apply
to not-for-profit entities
therefore amendments
arising from AASB 8 will
have an insignificant
impact.
AASB 123 Borrowing Costs
Option to expense borrowing cost related to
a qualifying asset had been removed. Entities
are now required to capitalise borrowing costs
relevant to qualifying assets.
Beginning 1 Jan 2009
The Legal Services
Commissioner
continues to expense
borrowing costs.
AASB 2007‐6 Amendments to Australian
Accounting Standards arising from
AASB 123 [AASB 1, AASB 101, AASB 107,
AASB 111, AASB 116 & AASB 138 and
Interpretations 1 & 12]
An accompanying amending standard, also
introduced consequential amendments into
other Standards.
Beginning 1 Jan 2009
Standard will have no
impact to not-forprofit
public sector
as departments have
an exemption from
capitalising borrowing
costs.
AASB 2008‐2 Amendments to Australian
Accounting Standards ‐ Puttable Financial
Instruments and Obligations arising on
Liquidation
[AASB 7, AASB 101, AASB 132, AASB 139 &
Interpretation 2]
This Amending Standard introduces an
exception to the definition of financial liability,
to classify as equity instruments certain puttable
financial instruments and certain instruments
that impose on an entity an obligation to
deliver to another party a pro rata share of the
net assets of the entity only on liquidation of
the entity.
Beginning 1 Jan 2009
Not applicable to
not‐for‐profit entities.
AASB 2008‐5 Amendments to Australian
Accounting Standards arising from the
Annual Improvements Project
[AASBs5, 7 101, 102, 107, 108, 110, 116,
118, 119, 120, 123, 127, 128, 129, 131, 132,
134, 136, 138, 139, 140, 141, 1023 & 1038]
Some amendments result in accounting
changes for presentation, recognition and
measurement purposes, while some other
amendments that relate to terminology and
editorial changes are expected to have no or
minimal effect on Department’s accounting.
Beginning 1 Jan 2009
Impact is being
evaluated.
AASB 2008‐7 Amendments to Australian
Accounting Standards ‐ Cost of an
Investment in a Subsidiary, Jointly
Controlled Entity or Associate [AASB 1,
AASB 118, AASB 121, AASB 127 & AASB
136]
Changes mainly relate to treatment of
dividends from subsidiaries, associates and
jointly controlled entities.
Beginning 1 Jan 2009
Impact is being
evaluated.
Legal Services COMMISSIONER 2009 Annual Report 71