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