Annual Report 2011 Australian Grand Prix Corporation

Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 2011Standard/InterpretationAASB 2009-12Amendments toAustralian AccountingStandards [AASB5,8,108,110,112,119,133,137,139,1023,1031and Interpretations2,4,16,1039 and 1052]SummaryThis standard amendsAASB to require anentity to exercisejudgement in assessingwhether a governmentand entities known tobe under the control ofthat government areconsidered a singlecustomer for purposesof certain operatingsegment disclosures.Thisstandard also makesnumerous editorialamendments to otherAASBs.Applicable for annualreporting periodsbeginning onBeginning 1 Jan 2011Impact on Corporationfinancial statementsThe amendments onlyapply to those entitiesto whom AASB 8applies, which are forprofitentities exceptfor-profit governmentdepartments. Detailof impact is still beingassessed.AASB 2009-14Amendmentsto AustralianInterpretation –Prepayments ofminimum fundingrequirement [AASBInterpretation 14]Amendments toInterpretation 14 arisingfrom the issuanceof prepayments ofa minimum fundingrequirementBeginning 1 Jan 2011Expected to have nosignificant impactAASB 2010-2Amendments toAustralian AccountingStandards arising fromReduced DisclosureRequirementsAASB 2010-4 FurtherAmendments toAustralian AccountingStandards from theAnnual ImprovementsProject [AASB 1,7, 101 & 134 andInterpretation 13]This Standard makesamendments to manyAustralian AccountingStandards, includingInterpretations, tointroduce reduceddisclosure requirementsto the pronouncementsfor the application bycertain types of entities.This Standardmake numerousimprovements designedto enhance the clarityof standards.Beginning 1 July 2013Beginning1 Jan 2011Does not affectfinancial measurementor recognition, so is notexpected to have anyimpact on financialresult or position. Mayreduce some notedisclosures in financialstatements.No significant impacton the financialstatements.44Australian Grand Prix Corporation Annual Report 2011