Annual Report 2011 Australian Grand Prix Corporation
Annual Report 2011 Australian Grand Prix Corporation
Annual Report 2011 Australian Grand Prix Corporation
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Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June <strong>2011</strong>Standard/InterpretationAASB-9 Amendmentsto <strong>Australian</strong>Accounting Standards– Severe Hyperinflationand Removal of FixedDates for the First-timeAdopters [AASB 1]AASB <strong>2011</strong>-1Amendments to<strong>Australian</strong> AccountingStandards arising fromthe Trans-TasmanConvergence Project[AASB 1, 5, 101, 107,108, 121, 128, 132, 134,and Interpretations 2,112 & 113]AASB <strong>2011</strong>-3Amendments to<strong>Australian</strong> AccountingStandards – OrderlyAdoption of Changesto the ABS GFSManual and RelatedAmendments [AASB1049]Applicable for annualreporting periodsbeginning onSummaryThis amendment Beginning 1 July <strong>2011</strong>provides guidance forentities emerging fromsevere hyperinflationwho are going toresume presenting<strong>Australian</strong> AccountingStandards financialstatements or entitiesthat are to present<strong>Australian</strong> AccountingStandards financialstatements for thefirst time. It providesrelief for first-timeadopters from having toreconstruct transactionsthat occurred beforetheir date of transition to<strong>Australian</strong> AccountingStandards.This amendment affects Beginning 1 July 2013multiple <strong>Australian</strong>Accounting Standardsand AASB Interpretationfor the objective ofincreased alignmentwith IFRSs and achievingharmonisationbetween both<strong>Australian</strong> and NewZealand Standards.It achieves this byremoving guidanceand definitions fromsome <strong>Australian</strong>Accounting Standards,without changing theirrequirements.This amends AASB 1049 Beginning 1 July 2012to clarify the definitionof the ABS GFS Manual,and to facilitate theadoption of changesto the ABS GFS Manualand related disclosuresImpact on <strong>Corporation</strong>financial statementsThis amendment willhave no impact onpublic bodies.The VictorianGovernment iscurrently consideringthe impacts ofReduced DisclosureRequirements(RDRs) and has notdecided if RDRs willbe implemented toVictorian Public Sector.This amendmentprovided clarificationto users of the versionof the GFS Manual tobe used and what todisclose if the latest GFSManual is not used. Noimpact on performancemeasurements willoccur.46<strong>Australian</strong> <strong>Grand</strong> <strong>Prix</strong> <strong>Corporation</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong>
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