Annual Report 2008-09 - Legal Services Commissioner

Chapter EIGHT
Financial Statements
Notes to the financial statements for the financial year ended 30 June 2009
Standard / Interpretation
Summary
Applicable for
annual reporting
periods beginning on
Impact financial
statements
AASB 2008-11 Amendments to Australian
Accounting Standard – Business
Combinations Among Not-for-Profit
Entities [AASB 3]
This Standard makes amendments as a result
of a review by the AASB, of the suitability of
applying the requirements in that Standard for
business combinations among not-for-profit
entities. Amendments only relate to local
governments.
Beginning 1 Jul 2009
Impact is insignificant.
AASB 2008-13 Amendments to Australian
Accounting Standards arising from AASB
Interpretation 17 – Distributions of Noncash
Assets to Owners
[AASB 5 & AASB 110]
Some of the amendments are in respect of the
classification, presentation and measurement
of non-current assets held for distribution to
owners in their capacity as owners
Beginning 1 Jul 2009
Impact is being
evaluated.
AASB 2009-4 Amendments to Australian
Accounting Standards arising from the
Annual Improvements Project
[AASB 2 and AASB 138 and AASB
Interpretations 9 & 16]
Various consequential amendments to
existing standards as a result of IASB’s Annual
Improvement’s project.
Beginning 1 Jul 2009
Impact is expected to
be insignificant.
AASB 2009-7 Amendments to Australian
Accounting Standards
[AASB 5, 7, 107, 112, 136 & 139 and
Interpretation 17]
A suite of amendments as a result of editorial
corrections by the AASB and by the IASB, some
of which relate to correcting errors made in
AASB 2008-12.
Beginning 1 Jul 2009
Impact is being
evaluated.
AASB 2009-3 Amendments to Australian
Accounting Standards – Embedded
Derivatives
[AASB 139 & Interpretation 9]
The amendments clarify the requirements in
AASB 139 and Interpretation 9 in relation to the
treatment of embedded derivatives within a
host contract that is reclassified out of the fair
value through profit or loss category.
Ending 30 Jul 2009
Impact is insignificant
as the Legal Services
Commissioner does
not have embedded
derivatives.
AASB 2009-5 Further Amendments to
Australian Accounting Standards arising
from the Annual Improvements Project
[AASB 5, 8, 101, 107, 117, 118, 136 & 139]
Some amendments will result in accounting
changes for presentation, recognition
or measurement purposes, while other
amendments will relate to terminology and
editorial changes.
Beginning 1 Jan 2010
Impact is being
evaluated.
Legal Services COMMISSIONER 2009 Annual Report 73