Annual Report 2011 - Sturt Fleurieu

Notes to the Financial Statements continuedFor year ended 31 December 2011(n) Adoption of new and revised accounting standardsDuring the current year, the Association adopted all of the new and revised Australian Accounting Standards andInterpretations applicable to its operations which became mandatory.The adoption of these Standards has impacted the recognition, measurement and disclosure of certain transactions.The following is an explanation of the impact the adoption of these Standards and Interpretations has had on thefinancial statements of Sturt Fleurieu GPET Incorporated.Standard NameAASB 2010-3/ AASB 2009-5 Amendments and furtherAmendments to Australian Accounting Standards - Group CashsettledShare-based Payment TransactionsAASB 2009-8 Amendments to Australian Accounting Standards -Group Cash-settled Share-based Payment TransactionsAASB 2009-9 Amendments to Australian Accounting Standards- Additional Exemption for First-time Adopters / AASB 2010-1Limited exemption from comparative AASB 7 disclosures for firsttimeadoptersAASB 2009-10 Amendments to Australian Accounting Standards -Classification of Rights IssuesInterpretation 19 Extinguishing liabilities with equity instrumentsImpactNo significant changes on adoption of these standards.No significant changes on adoption of these standards.No impact since the entity is not a first-time adopter of IFRS.No significant changes on adoption of this standard.No significant changes on adoption of this standard.(o) New accounting standards for application in future periodsThe AASB has issued new and amended Accounting Standards and Interpretations that have mandatory applicationdates for future reporting periods. The Association has decided against early adoption of these standards. Thefollowing table summarises those future requirements, and their impact on the Association:Standard nameAASB 124 Related PartyDisclosures and amendingstandard AASB 2009-12AASB 9 FinancialInstruments and amendingstandards AASB 2009-11/AASB 2010-7AASB 2009-14Amendments to AustralianInterpretation –Prepayments of a MinimumFunding RequirementAASB 2010-4/2010-5Amendments and furtheramendments to AustralianAccounting Standardsarising from the AnnualImprovements ProjectAASB 2010-6 Amendmentto Australian AccountingStandards - Disclosures ontransfers of financial assetsEffective date Requirementsfor entity31/12/2012 - Clarification of the definition of a related party- Requirement to disclose commitments torelated parties- Disclosure exemptions for government-relatedentities31/12/2014 - Changes to the classification andmeasurement requirements for financialassets and financial liabilities.- New rules relating to derecognition of financialinstruments.31/12/2012 Changes where the entity is subject to minimumfunding requirements and makes an earlypayment to cover these requirements in relationto defined benefit plans.31/12/2012 Makes changes to a number of standards /interpretations including:- Clarification of the content of the statement ofchanges in equity- Financial instrument disclosures- Fair value of award credits31/12/2012 Requires additional disclosures regarding forexample, remaining risks where an entity hastransferred a financial asset.ImpactMinimal impactexpected.The impact of AASB9 has not yet beendetermined.No significant impactexpected.No impact expected.No impact expected.34Annual Report 2011