TOURISM VICTORIA ANNUAL REPORT

notes to the financial statements
30 june 2008 (continued)
Note 1. Summary of Accounting Policies (CONTINUED)
q) New accounting standards and interpretations
Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2008 reporting
period. The Department of Treasury and Finance assesses the impact of these new standards and advises departments and
other entities of their applicability and early adoption where applicable.
As a 30 June 2008, the following standards and interpretations had been issued but were not mandatory for financial year
ending 30 June 2008. Tourism Victoria has not, and does not intend to adopt these standards early.
Standard / Interpretation Summary Applicable for annual
reporting periods
Interpretation 12 Service Concession
Arrangements
AASB 2007-2 Amendments to Australian
Accountings Standards arising from AASB
Interpretation 12.
Revised AASB 1004 Contributions
AASB 1050 Administered Items
AASB 1051 Land Under Roads
AASB 1052 Disaggregated Disclosures
AASB 2007-09 Amendments to Australian
Accounting Standards arising from the review
of AAS 27,AAS 29 and AAS 31
AASB approved an Australian Interpretation 12,
equivalent to IFRIC 12, applying to private sector
operators, but explicitly excludes accounting for
public sector grantors.
Amendments arise from the release in February
2007 of Interpretation 12 Service Concession
Arrangements.
AASB decided to relocate requirements on
contributions from AAS 27, 29 and 31, substantively
unamended, into AASB 1004 as part of its shortterm
review of AAS 27, AAS 29, and AAS 31
As part of the short-term review of AAS 27, AAS
29, and AAS 31, AASB decided to relocate the
requirements for the disclousure of administered
items from AAS 29, substantively unamended
(with some exception as noted in Appendix A)
into a new topic-based standard AASB 1050.
The new pronouncement AASB 1051 Land
Under Roads provides the option to recognise or
not recognise land under roads acquired before
the end of the first reporting period ending on
or after 31 December 2007. Land under roads
acquired after 31 December 2007 should be
accounted for following requirements of AASB
116 Property, Plant and Equipment. The State is
yet to decide whether to change its policy. Until a
conclusion is reached, the current default position
is that land under roads will not be recognised.
AASB decided to relocate requirements relating
to reporting of disaggregated information from
AAS 27 and AAS 29 into AASB 1052, a new
topic-based standard, as part of its short- term
review of AAS 27, AAS 29 and AAS31.
An accompanying amendment standard to
amend existing accounting standards as part of
the short term review of AAS 27, AAS 29 and
AAS 31 in December 2007.
Beginning 1 Jul 2008
Beginning 1 Jul 2008
Beginning 1 Jul 2008
Beginning 1 Jul 2008
Beginning 1 Jul 2008
Beginning 1 Jul 2008
Beginning 1 Jul 2008
Impact on departmental
financial statements
Tourism Victoria is not
an operator of service
concession, so there
will be no impact on
disclosures.
As above
Impact on
departmental financial
statements
Not applicable
Not applicable
Impact expected to
be insignificant.
Impact expected to
be insignificant.
AASB 8 Operating Segments. Supersedes AASB 114 Segment Reporting Beginning 1 Jul 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 amendment standard, also
introduced consequential amendments into
other Standards.
Beginning 1 Jul 2009 Impact expected to
be insignificant.
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]
AASB 2007-8 Amendments to Australian
Accounting Standards arising from AASB 101
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.
Editorial amendments to Australian Accounting
Standards to align with IFRS terminology.
Beginning 1 Jul 2009
Beginning 1 Jul 2009
Not applicable
Impact expected to
be insignificant.
80 FINANCIAL REPORT 2007–2008