Annual Report 2007-08 - Plumbing Industry Commission

NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2008
1.22 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 the Commission of their applicability
and early adoption where applicable.
As at 30 June 2008, the following standards and interpretations (applicable to the Commission) had been issued but were not mandatory
for financial years ending 30 June 2008. The Plumbing Industry Commission has not, and does not intend to, adopt these standards early.
Standard/Interpretation Summary Applicable for
annual reporting
periods beginning
or ending on
Interpretation 12 Service
Concession Arrangements.
AASB 2007-2 Amendments
to Australian Accounting
Standards arising from AASB
Interpretation 12.
Revised AASB 1004
Contributions
AASB 1050 Administered
Items
AASB 1051 Land Under
Roads
AASB 1052 Disaggregated
Disclosures
AASB 2007-9 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 short-term 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
disclosure 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 shortterm
review of AAS 27, AAS 29 and AAS 31.
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 July
2008
Beginning 1 July
2008
Beginning 1 Jul
2008
Beginning 1 July
2008
Beginning 1 July
2008
Beginning 1 July
2008
Beginning 1 July
2008
Impact on financial
statements
The impact of any
changes that may be
required cannot be
reliably estimated and
is not disclosed in the
financial report.
As above.
Impact expected to be
insignificant.
Impact expected to be
insignificant.
Impact is being
evaluated.
Impact expected to be
insignificant.
Impact expected to be
insignificant.
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