LEGAL SERVICES COMMISSIONER ANNUAL REPORT 2012

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Standard/InterpretationAASB 13 Fair ValueMeasurementAASB 119 EmployeeBenefitsAASB 127 SeparateFinancial StatementsAASB 128 Investmentsin Associates and JointVenturesSummaryThis Standard outlines therequirements for measuringthe fair value of assets andliabilities and replaces theexisting fair value definitionand guidance in other AASs.AASB 13 includes a ‘fairvalue hierarchy’ which ranksthe valuation techniqueinputs into three levels usingunadjusted quoted prices inactive markets for identicalassets or liabilities; otherobservable inputs; andunobservable inputs.In this revised Standardfor defined benefitsuperannuation plans,there is a change tothe methodology inthe calculation ofsuperannuation expenses,in particular there is now achange in the split betweensuperannuation interestexpense (classified astransactions) and actuarialgains and losses (classifiedas ‘Other economic flows– other movements inequity’) reported on thecomprehensive operatingstatement.This revised Standardprescribes the accountingand disclosure requirementsfor investments insubsidiaries, joint venturesand associates when anentity prepares separatefinancial statements.This revised Standard setsout the requirements forthe application of the equitymethod when accounting forinvestments in associatesand joint ventures.Applicable for annualreporting periodsbeginning onImpact on publicsector entity financialstatements1 Jan 2013 Disclosure for fair valuemeasurements usingunobservable inputsare relatively onerouscompared to disclosure forfair value measurementsusing observable inputs.Consequently, the Standardmay increase the disclosuresfor public sector entities thathave assets measured usingdepreciated replacementcost.1 Jan 2013 Not-for-profit entities arenot permitted to applythis Standard prior to themandatory applicationdate. While the totalsuperannuation expenseis unchanged, the revisedmethodology is expectedto have a negative impacton the net result fromtransactions of the generalgovernment sector and forthose few Victorian publicsector entities that reportsuperannuation definedbenefit plans.1 Jan 2013 Not-for-profit entities arenot permitted to applythis Standard prior to themandatory application date.The AASB is assessing theapplicability of principles inAASB 127 in a not-for-profitcontext. As such, impactwill be assessed after theAASB’s deliberation.1 Jan 2013 Not-for-profit entities arenot permitted to applythis Standard prior to themandatory application date.The AASB is assessing theapplicability of principles inAASB 128 in a not-for-profitcontext. As such, impactwill be assessed after theAASB’s deliberation.58 Legal Services COMMISSIONER Annual Report 2012
Standard/InterpretationAASB 1053 Applicationof Tiers of AustralianAccounting StandardsAASB 2009-11 Amendmentsto Australian AccountingStandards arising fromAASB 9 [AASB 1, 3, 4, 5,7, 101, 102, 108, 112, 118,121, 127, 128, 131, 132, 136,139, 1023 and 1038 andInterpretations 10 and 12]AASB 2010-2 Amendmentsto Australian AccountingStandards arising fromReduced DisclosureRequirementsAASB 2010-7 Amendmentsto Australian AccountingStandards arising fromAASB 9 (December 2010)[AASB 1, 3, 4, 5, 7, 101,102, 108, 112, 118, 120, 121,127, 128, 131, 132, 136,137, 139, 1023 & 1038 andInterpretations 2, 5, 10, 12,19 & 127]AASB 2010-8 Amendmentsto Australian AccountingStandards – Deferred Tax:Recovery of UnderlyingAssets [AASB 112]AASB 2010-10 FurtherAmendments to AustralianAccounting Standards –Removal of Fixed Dates forFirst-time Adopters [AASB2009-11 & AASB 2010-7]SummaryThis Standard establishesa differential financialreporting frameworkconsisting of two tiers ofreporting requirements forpreparing general purposefinancial statements.This Standard gives effectto consequential changesarising from the issuanceof AASB 9.This Standard makesamendments to manyAustralian AccountingStandards, includingInterpretations, tointroduce reduceddisclosure requirementsto the pronouncements forapplication by certain typesof entities.These consequentialamendments are in relationto the introduction of AASB 9.This amendment providesa practical approach formeasuring deferred taxassets and deferred taxliabilities when measuringinvestment property by usingthe fair value model in AASB140 Investment Property.The amendments ultimatelyaffect AASB 1 First-timeAdoption of AustralianAccounting Standards andprovide relief for first-timeadopters of AustralianAccounting Standardsfrom having to reconstructtransactions that occurredbefore their date of transitionto Australian AccountingStandards.Applicable for annualreporting periodsbeginning onImpact on publicsector entity financialstatements1 Jul 2013 The Victorian Governmentis currently consideringthe impacts of ReducedDisclosure Requirements(RDRs) for certain publicsector entities and has notdecided if RDRs will beimplemented in the Victorianpublic sector.1 Jan 2013 No significant impactis expected from theseconsequential amendmentson entity reporting.1 Jul 2013 The Victorian Governmentis currently consideringthe impacts of ReducedDisclosure Requirements(RDRs) for certain publicsector entities and has notdecided if RDRs will beimplemented in the Victorianpublic sector.1 Jan 2013 No significant impactis expected from theseconsequential amendmentson entity reporting.Beginning 1 Jan 2012This amendment providesadditional clarificationthrough practical guidance.1 Jan 2013 No significant impact isexpected on entity reporting.Legal Services COMMISSIONER Annual Report 2012 59
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contentsAbout the Legal Services Co
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Education and OutreachIn accordance
Page 9 and 10: chapter 01REPORT OF OPERATIONSThis
Page 11 and 12: Figure 4 Top six issues that featur
Page 13 and 14: Overcharging complaint resolved wit
Page 15 and 16: An explanation and apology resolved
Page 17 and 18: The Complaints and InvestigationsTe
Page 22 and 23: Alternative disciplinary actionsWhe
Page 24 and 25: Oldham v Law Institute of Victoria
Page 26 and 27: Complaints outstandingThere were 57
Page 28 and 29: Educating consumers of legal servic
Page 33 and 34: chapter 02human resourcesOrganisati
Page 35 and 36: Executive officer dataAn executive
Page 37 and 38: chapter 03governanceFreedom of Info
Page 42 and 43: Waste generationThe LSC also monito
Page 44 and 45: Greenhouse gas emissionsBelow is a
Page 46 and 47: contentsAccountable Officer’s and
Page 48 and 49: Comprehensiveoperating statementFor
Page 50: Statement ofchanges in equityFor th
Page 54 and 55: 1 Summary of significant accounting
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LEGAL SERVICES COMMISSIONER ANNUAL REPORT 2012

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