Annual Report 2011 - Sturt Fleurieu

Notes to the Financial Statements continuedFor year ended 31 December 2011AASB 2011 - 4 -Amendments to AustralianAccounting Standards toRemove Individual KeyManagement PersonnelDisclosure Requirements[AASB 124]AASB 2011 - 5Amendments to AustralianAccounting Standards– Extending Relief fromConsolidation, the EquityMethod and ProportionateConsolidation [AASB 127,AASB 128 & AASB 131]AASB 2011 - 6 -Amendments to AustralianAccounting Standards- Extending Relief fromConsolidation, the EquityMethod and ProportionateConsolidation - ReducedDisclosure Requirements[AASB 127, AASB 128 &AASB 131]AASB 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 andInterpretations 5, 9, 16 &17]31/12/2014 Remove individual key management personneldisclosure requirements (i.e. components ofremuneration) for disclosing entities.31/12/2012 This Standard extends the relief fromconsolidation, the equity method andproportionate consolidation by removing therequirement for the consolidated financialstatements prepared by the ultimate or anyintermediate parent entity to be IFRS compliant,provided that the parent entity, investor orventurer and the ultimate or intermediate parententity are not-for-profit entities that comply withAustralian Accounting Standards.31/12/2014 This Standard extends the relief fromconsolidation, the equity method andproportionate consolidation by removing therequirement for the consolidated financialstatements prepared by the ultimate or anyintermediate parent entity to be IFRS compliant,provided that the parent entity, investor or venturerand the ultimate or intermediate parent entitycomply with Australian Accounting Standardsor Australian Accounting Standards - ReducedDisclosure Requirements.31/12/2014 This standard provides many consequentialchanges due to the release of the newconsolidation and joint venture standards.Since the entity is adisclosing entity, theKMP remunerationnote in the financialstatements will notinclude individualcomponents ofremuneration.The entity is not part ofa group and thereforethis amendment has noimpact.Since the entity doesnot comply with theReduced DisclosureRegime there is noimpact on the adoptionof this standard.The impact of thisstandard is expected tobe minimal.(p) Critical Accounting Estimates and JudgmentsThe committee evaluates estimates and judgments incorporated into the financial statements based on historicalknowledge and best available current information. Estimates assume a reasonable expectation of future events and arebased on current trends and economic data, obtained both externally and within the Association.Key estimates - ImpairmentThe Association assesses impairment at the end of each reporting period by evaluating conditions specific to theAssociation that may be indicative of impairment triggers.36Annual Report 2011