here - SMDA - NSW Government

Financials - Sydney Metropolitan Development Authority
Notes to the Financial Statements for year ending 30 June 2012
(o) Changes in accounting policies
In the current period, the Authority has
adopted all of the new and revised
Standards and Interpretations that are
relevant to its operations and which are
effective for current reporting period
beginning on 1 July 2011. As a result,
the Authority has changed its accounting
policies and disclosure in relation to the
presentation of financial statements.
When the presentation or classification
of items in the financial statements
are amended, comparative
amounts are reclassified unless the
reclassification is impracticable.
When comparative amounts are
reclassified, the Authority discloses:
––
the nature of the reclassification;
––
the amount of each item or class
of items that is reclassified; and
––
the reason for the reclassification.
(p) New Australian Accounting
Standards issued but not effective
The following new Accounting Standards
have not been applied as mandated
by NSW Treasury Circular TC 12/04
Mandates of Options and Major Policy
Decisions under Australian Accounting
Standards:
Standard/Interpretation
Effective for annual
reporting periods
beginning on or after
Expected to be
initially applied in
the financial year
Ending ^
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)’
1 January 2013 30 June 2016
AASB 10 Consolidated Financial Statements’ 1 January 2013 30 June 2014
AASB 11 Joint Arrangements 1 January 2013 30 June 2014
AASB 12 Disclosure of Interests in Other Entities 1 January 2013 30 June 2014
AASB 13 Fair Value Measurement, AASB 2011-8 Amendments to
Australian Accounting Standards arising from AASB 13
1 January 2013 30 June 2014
AASB 127 Separate Financial Statements (2011) 1 January 2013 30 June 2014
AASB 128 Investments in Associates and Joint Ventures (2011) 1 January 2013 30 June 2014
AASB 119 Employee Benefits (2011), AASB 2011-10 Amendments to
Australian Accounting Standards arising from AASB 119 (2011)
1 January 2013 30 June 2014
AASB 2011-7 Amendments to Australian Accounting Standards arising
from the Consolidation and Joint Arrangements standards
1 January 2013 30 June 2014
(q) Budgeted amounts
The budgeted amounts are drawn from
the original budgeted financial statements
presented to Parliament in respect of the
reporting period, as adjusted for section
24 of the PFAA where there has been a
transfer of functions between departments.
Other amendments made to the budget are
not reflected in the budgeted
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SYDNEY METROPOLITAN DEVELOPMENT AUTHORITY