Annual Report 2014-15

Financial Statements 2015
City of Wanneroo
Notes to the Financial Statements
for the year ended 30 June 2015
Note 1. Summary of Significant Accounting Policies (continued)
Effective for periods commencing 1 January
2018:
• AASB 9 Financial Instruments (December 2009)
• AASB 2010-7 Amendments to Australian
Accounting Standards arising from AASB 9
(December 2010).
• AASB 2014-7 Amendments to Australian
Accounting Standards arising from AASB 9
(December 2014).
The City adopted AASB 2015-7 Amendments to
Australian Accounting Standards – Fair Value
Disclosures of Not-for-Profit Public Sector Entities in
the current reporting period. However it does not
expect to adopt any other new standards before their
operative date.
They would therefore be first applied in the financial
statements for the annual reporting period ending 30
June 2016.
Not applicable to Local Government per se;
There are no other standards that are “not yet
effective” and expected to have a material impact on
the City in the current or future reporting periods and
on foreseeable future transactions.
(ac) Other Comprehensive Income
In accordance with AASB 2011-9 Presentation of
Items of Other Comprehensive Income The other
comprehensive income section presents line items
for amounts of other comprehensive income in the
period, classified by nature and grouped into those
that, in accordance with other Australian Accounting
Standards will not be reclassified subsequently to
profit or loss; and will be reclassified subsequently to
profit or loss when specific conditions are met. This
encompasses Revaluation Increments.
(ad) Disclaimer
Nothing contained within these statements may be
taken to be an admission of any liability to any
person under any circumstance.
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