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AUSTRALIAN PROPERTY INSTITUTEAnnual Report 2012AUSTRALIAN PROPERTY INSTITUTE (INC.)(VICTORIAN DIVISION)ABN 49 007 505 866NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 201222. NEW STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVEAt the date of this financial report the following standards and interpretations, which may impact the entity inthe period of initial application, have been issued but are not yet effective:Reference Title SummaryAASB 9FinancialInstruments2009-11 Amendments toAustralianAccountingStandards arisingfrom AASB 92010-7 Amendments toAustralianAccountingStandards arisingfrom AASB 9(December 2010)AASB 13 Fair ValueMeasurement2011-8 Amendments toAustralianAccountingStandards arisingfrom AASB 13Replaces the requirements of AASB 139 forthe classification and measurement offinancial assets. This is the result of the firstpart of Phase 1 of the IASB’s project toreplace IAS 39.Amends AASB 1, 3, 4, 5, 7, 101, 102, 108,112, 118, 121, 127, 128, 131, 132, 136, 139,1023 and 1038 and Interpretations 10 and 12as a result of the issuance of AASB 9.Amends AASB 1, 3, 4, 5, 7, 101, 102, 108,112, 118, 120, 121, 127, 128, 131, 132, 136,137, 139, 1023 & 1038 and Interpretations 2,5, 10, 12, 19 & 127 for amendments to AASB9 in December 2010Provides a clear definition of fair value, aframework for measuring fair value andrequires enhanced disclosures about fairvalue measurement.Amends AASB 1, 2, 3, 4, 5, 7, 9, 101, 102,108, 110, 116, 117, 118, 119, 120, 121, 132,133, 134, 136, 138, 139, 140, 141, 1004,1023 & 1038 and Interpretations 2, 4, 12, 13,14, 17, 19, 131 & 132 as a result of issuanceof AASB 13 Fair Value Measurement.AASB 119 Employee Benefits Prescribes the accounting and disclosure foremployee benefits. This Standard prescribesthe recognition criteria when in exchange foremployee benefits.2011-10 Amendments toAustralianAccountingStandards arisingfrom AASB 1192011-11 Amendments toAASB 119 arisingfrom ReducedDisclosureRequirements2011-11 Amendments toAASB 119 arisingfrom ReducedDisclosureRequirementsAASB 1053Application of Tiersof AustralianAccountingStandardsAmends AASB 1, 8, 101, 124, 134, 1049,2011-8 & Interpretation 14 as a result of theissuance of AASB 119 Employee Benefits.This Standard makes amendments to AASB119 Employee Benefits, to incorporatereduced disclosure requirements into theStandard for entities applying Tier 2requirements in preparing general purposefinancial statements.This Standard makes amendments to AASB119 Employee Benefits, to incorporatereduced disclosure requirements into theStandard for entities applying Tier 2requirements in preparing general purposefinancial statements.This standard establishes a differentialfinancial reporting framework consisting oftwo Tiers of reporting requirements forpreparing general purpose financialstatements.Applicationdate (financialyearsbeginning)ExpectedImpact1 January 2013 Not expected tohave a materialimpact on theentity.1 January 2013 Not expected tohave a materialimpact on theentity.1 January 2013 Not expected tohave a materialimpact on theentity.1 January 2013 Not expected tohave a materialimpact on theentity.1 January 2013 Not expected tohave a materialimpact on theentity.1 January 2013 Not expected tohave a materialimpact on theentity.1 January 2013 Not expected tohave a materialimpact on theentity.1 July 2013 Not expected tohave a materialimpact on theentity.1 July 2013 Not expected tohave a materialimpact on theentity.1 July 2013 Not expected tohave a materialimpact on theentity.18API 28
Annual Report 2012AUSTRALIAN PROPERTY INSTITUTE (INC.)(VICTORIAN DIVISION)ABN 49 007 505 866NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 201222. NEW STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVE (CONTINUED)Reference Title Summary2010-2 Amendments toAustralianAccountingStandards arisingfrom ReducedDisclosureRequirements2011-4 Amendments toAustralianAccountingStandards toRemove IndividualKey ManagementPersonnelDisclosureRequirementsThis Standard gives effect to AustralianAccounting Standards – ReducedDisclosure Requirements and amends AASB1, 2, 3, 5, 7, 8, 101, 102, 107, 108, 110, 111,112, 116, 117, 119, 121, 123, 124, 127, 128,131, 133, 134, 136, 137, 138, 140, 141, 1050& 1052 and Interpretations 2, 4, 5, 15, 17,127, 129 & 1052.This Standard makes amendments toAustralian Accounting Standard AASB 124Related Party Disclosures.Applicationdate (financialyearsbeginning)ExpectedImpact1 July 2013 Not expected tohave a materialimpact on theentity.1 July 2013 Not expected tohave a materialimpact on theentity.1929API
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