2012 Annual Report - Ballarat Health Services
2012 Annual Report - Ballarat Health Services
2012 Annual Report - Ballarat Health Services
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Notes to and forming part of the fi nancial statements for the year ended 30 June <strong>2012</strong>.<br />
Standard / Interpretation Summary Applicable for annual reporting<br />
periods beginning or ending on<br />
2011-13 Amendments to Australian<br />
Accounting Standard – Improvements<br />
to AASB 1049<br />
<strong>2012</strong>-1 Amendments to Australian<br />
Accounting Standards - Fair Value<br />
Measurement - Reduced Disclosure<br />
Requirements<br />
[AASB 3, AASB 7, AASB 13, AASB 140<br />
& AASB 141]<br />
AASB Interpretation 20 Stripping Costs<br />
in the Production Phase of a Surface<br />
Mine<br />
44 <strong>Ballarat</strong> <strong>Health</strong> <strong>Services</strong><br />
This Standard aims to improve the<br />
AASB 1049 Whole of Government and<br />
General Government Sector Financial<br />
<strong>Report</strong>ing at the operational level. The<br />
main amendments clarify a number of<br />
requirements in AASB 1049, including<br />
the amendment to allow disclosure of<br />
other measures of key fi scal aggregates<br />
as long as they are clearly distinguished<br />
from the key fi scal aggregates and do<br />
not detract from the the information<br />
required by AASB 1049. Furthermore,<br />
this Standard provides additional<br />
guidance and examples on the<br />
classifi cation between ‘transactions’<br />
and ‘other economic fl ows’ for GAAP<br />
items without GFS equivalents.<br />
This amending Standard prescribes<br />
the reduced disclosure requirements<br />
in a number of Australian Accounting<br />
Standards as a consequence of the<br />
issuance of AASB 13 Fair Value<br />
Measurement.<br />
This Interpretation clarifi es when<br />
production stripping costs should lead<br />
to the recognition of an asset and<br />
how that asset should be initially and<br />
subsequently measured.<br />
Impact on <strong>Health</strong> Service’s Financial<br />
Statements<br />
1 July <strong>2012</strong> No signifi cant impact is expected from<br />
these consequential amendments on<br />
entity reporting.<br />
1 July 2013 As the Victorian whole of government<br />
and the general government (GG)<br />
sector are subject to Tier 1 reporting<br />
requirements (refer to AASB 1053<br />
Application of Tiers of Australian<br />
Accounting Standards), the reduced<br />
disclosure requirements included<br />
in AASB <strong>2012</strong>-1 will not affect the<br />
fi nancial reporting for Victorian whole<br />
of government and GG sector.<br />
1 Jan 2013 No signifi cant impact is expected on<br />
entity reporting.
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