LEGAL SERVICES COMMISSIONER ANNUAL REPORT 2012

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Standard/InterpretationAASB 2011-2 Amendmentsto Australian AccountingStandards arising from theTrans-Tasman ConvergenceProject – ReducedDisclosure Requirements[AASB 101 & AASB 1054]AASB 2011-3 Amendmentsto Australian AccountingStandards – OrderlyAdoption of Changes tothe ABS GFS Manual andRelated Amendments[AASB 1049]AASB 2011-4 Amendmentsto Australian AccountingStandards to RemoveIndividual Key ManagementPersonnel DisclosureRequirements [AASB 124]AASB 2011-6 Amendmentsto Australian AccountingStandards – ExtendingRelief from Consolidation,the Equity Method andProportionate Consolidation– Reduced DisclosureRequirements [AASB 127,AASB 128 & AASB 131]SummaryThe objective of thisamendment is to includesome additional disclosurefrom the Trans-TasmanConvergence Projectand to reduce disclosurerequirements for entitiespreparing general purposefinancial statements underAustralian AccountingStandards – ReducedDisclosure Requirements.This amends AASB 1049to clarify the definition ofthe ABS GFS Manual, andto facilitate the adoptionof changes to the ABSGFS Manual and relateddisclosures.This Standard amendsAASB 124 Related PartyDisclosures by removing thedisclosure requirementsin AASB 124 in relation toindividual key managementpersonnel (KMP).The objective of thisStandard is to makeamendments to AASB 127Consolidated and SeparateFinancial Statements,AASB 128 Investments inAssociates and AASB 131Interests in Joint Venturesto extend the circumstancesin which an entity can obtainrelief from consolidation,the equity method orproportionate consolidation.Applicable for annualreporting periodsbeginning onImpact on publicsector entity financialstatements1 Jul 2013 The Victorian Governmentis currently consideringthe impacts of ReducedDisclosure Requirements(RDRs) and has not decided ifRDRs will be implemented inthe Victorian public sector.1 Jul 2012 This amendment providesclarification to userspreparing the whole ofgovernment and generalgovernment sector financialreports on the version of theGFS Manual to be used andwhat to disclose if the latestGFS Manual is not used. Noimpact on departmental orentity reporting.1 Jul 2013 No significant impactis expected from theseconsequential amendmentson entity reporting.1 Jul 2013 The Victorian Governmentis currently consideringthe impacts of ReducedDisclosure Requirements(RDRs) and has not decided ifRDRs will be implemented inthe Victorian public sector.60 Legal Services COMMISSIONER Annual Report 2012
Standard/InterpretationAASB 2011-7 Amendmentsto Australian AccountingStandards arising from theConsolidation and JointArrangements Standards[AASB 1, 2, 3, 5, 7, 9, 2009-11,101, 107, 112, 118, 121, 124,132, 133, 136, 138, 139, 1023& 1038 and Interpretations5, 9, 16 & 17]AASB 2011-8 Amendmentsto Australian AccountingStandards arising fromAASB 13 [AASB 1, 2, 3, 4,5, 7, 9, 2009-11, 2010-7, 101,102, 108, 110, 116, 117, 118,119, 120, 121, 128, 131, 132,133, 134, 136, 138, 139, 140,141, 1004, 1023 & 1038 andInterpretations 2, 4, 12, 13,14, 17, 19, 131 & 132]AASB 2011-9 Amendmentsto Australian AccountingStandards – Presentationof Items of OtherComprehensive Income[AASB 1, 5, 7, 101, 112, 120,121, 132, 133, 134, 1039 &1049]SummaryThis Standard outlinesconsequential changesarising from the issuanceof the five ‘new Standards’to other Standards. Forexample, references toAASB 127 Consolidatedand Separate FinancialStatements are amendedto AASB 10 ConsolidatedFinancial Statements orAASB 127 Separate FinancialStatements, and referencesto AASB 131 Interests inJoint Ventures are deletedas that Standard has beensuperseded by AASB 11 andAASB 128 (August 2011).This amending Standardmakes consequenticalchanges to a rangeof Standards andInterpretations arising fromthe issuance of AASB 13.In particular, this Standardreplaces the existingdefinition and guidance offair value measurementsin other AustralianAccounting Standards andInterpretations.The main change resultingfrom this Standard is arequirement for entitiesto group items presentedin other comprehensiveincome (OCI) on thebasis of whether they arepotentially reclassifiable toprofit or loss subsequently(reclassificationadjustments). Theseamendments do not removethe option to presentprofit or loss and othercomprehensive income intwo statements, nor changethe option to presentitems of OCI either before taxor net of tax.Applicable for annualreporting periodsbeginning onImpact on publicsector entity financialstatements1 Jan 2013 No significant impactis expected from theseconsequential amendmentson entity reporting.1 Jan 2013 Disclosures for fair valuemeasurements usingunobservable inputs ispotentially onerous, andmay increase disclosuresfor assets measured usingdepreciated replacementcost.1 Jul 2012 This amending Standardcould change the currentpresentation of ‘Othereconomic flows – othermovements in equity’ thatwill be grouped on thebasis of whether they arepotentially reclassifiable toprofit or loss subsequently.No other significant impactwill be expected.Legal Services COMMISSIONER Annual Report 2012 61
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contentsAbout the Legal Services Co
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Education and OutreachIn accordance
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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
Page 60 and 61: Standard/InterpretationAASB 13 Fair
Page 64 and 65: Standard/InterpretationAASB 2011-10
Page 66 and 67: 2 Income from transactions2012 2011
Page 68 and 69: 4 Cash and deposits2012 2011$ $(a)
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Page 73 and 74: 11 Provisions CONTINUED(b) Movement
Page 75 and 76: 15 Financial instruments CONTINUED(
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Page 79 and 80: 19 Remuneration of executivesExecut
Page 81 and 82: Financial statementsDepending on th
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Page 89 and 90: Figure 38 Outcomes of closed mixed
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LEGAL SERVICES COMMISSIONER ANNUAL REPORT 2012

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