2013 Apr 15 Annual Report 2012 - Phosphagenics

Notes to the consolidated fi nancial statements
Reference Title Summary
AASB 2012-10
Amendments to Australian
Accounting Standards –
Transition Guidance and
Other Amendments
AASB 2012-10 amends the following standards:
• AASB 10 Consolidation and related Standards -
clarifi es the transition guidance, in particular that
the assessment of control is to be made at the
beginning of the period AASB 10 is adopted rather
that prior periods. .
• AASB 10 and related Standards to defer the
mandatory application by not-for-profi t entities to
annual reporting periods beginning on or after 1
January 2014. .
• Various editorial amendments to a range
of Australian Accounting Standards and
to Interpretation 12 Service Concession
Arrangements, to refl ect changes made to the text
of IFRSs by the IASB
74
AASB1053
Application of Tiers of
Australian Accounting
Standards
This Standard establishes a differential fi nancial
reporting framework consisting of two tiers of reporting
requirements for preparing general purpose fi nancial
statements:
(a) Tier 1: Australian Accounting Standards
(b) Tier 2: Australian Accounting Standards -
Reduced Disclosure Requirements
Tier 2 comprises the recognition, measurement and
presentation requirements of Tier 1 and substantially
reduced disclosures corresponding to those
requirements.
The following entities apply Tier 1 requirements in
preparing general purpose fi nancial statements:
(a) For-profi t entities in the private sector that have
public accountability (as defi ned in this standard)
(b) The Australian Government and State, Territory
and Local governments
The following entities apply either Tier 2 or Tier 1
requirements in preparing general purpose fi nancial
statements:
(a) For-profi t private sector entities that do not have
public accountability
(b) All not-for-profi t private sector entities
(c) Public sector entities other than the Australian
Government and State, Territory and Local
governments.
Consequential amendments to other standards to
implement the regime were introduced by AASB 2010-
2, 2011-2, 2011-6, 2011-11, 2012-1 and 2012-7.
PHOSPHAGENICS ANNUAL REPORT 2012