Section 2 - Sugar Research and Development Corporation

1.3 Signifi cant Accounting Judgements and Estimates
Sugar Research and Development Corporation
NOTES OF THE FINANCIAL STATEMENTS
Estimates and judgments are continually evaluated and are based on historical experience and other
factors, including expectations of future events that may have a fi nancial impact on the Corporation and
that are believed to be reasonable under the circumstances.
Make good provision on offi ce lease
A condition of the lease over the offi ce premises is that the space occupied by the Corporation will
be returned to its original condition at the end of the lease period. The lease agreement specifi es the
conditions that must be met. The Corporation has engaged an independent third party to make an
assessment of the costs which are likely to be incurred in this regard.
1.4 New Australian Accounting Standards
Adoption of New Australian Accounting Standard Requirements
No accounting standard has been adopted earlier than the application date as stated in the standard.
Other new standards/revised standards/interpretations/amending standards that were issued prior to the
signing of statement by the Director, Executive Director and Finance Manager and are applicable to the
current reporting period did not have a fi nancial impact, and are not expected to have a future fi nancial
impact on the Corporation.
AASB 7 Financial Instruments: Disclosures – June 2010 (Compilation)
AASB 118 Revenue – May 2009 (Compilation)
AASB 128 Investments in Associates – June 2010 (Compilation)
AASB 132 Financial Instruments: Presentation – June 2010 (Compilation)
AASB 139 Financial Instruments: Recognition and Measurement – December 2009 (Compilation)
Future Australian Accounting Standard Requirements
The following new standards/revised standards/interpretations/amending standards were issued by
the Australian Accounting Standards Board prior to the signing of the statement by the Directors
and Executive Director, which are expected to have a fi nancial impact on the Corporation for future
reporting periods:
AASB 9 Financial Instruments (December 2010) (applicable for annual reporting periods commencing
on or after 1 January 2013).
This Standard is applicable retrospectively and includes revised requirements for the classifi cation
and measurement of fi nancial instruments, as well as recognition and derecognition requirements for
fi nancial instruments. The Corporation has not yet determined any potential impact on the fi nancial
statements.
SRDC Annual Report 2010–2011 81