QUEENSLAND PERFORMING ARTS CENTRE ANNUAL REPORT ...

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Note 2 Signifi cant Accounting Policies (Continued) (s) New and Revised Accounting Standards 2011-2012 ANNUAL REPORT A revised version of AASB119 Employee Benefi ts is applicable for reporting periods commencing on or after 1 January 2013 and is generally to be applied retrospectively. The revised standard clarifi es the concept of termination benefi ts and the recognition criteria for liabilies for termination benefi ts will be different under the revised standard. If termination benefi ts meet the timeframe criterion for short-term employee benefi ts they will be measured according to the AASB119 requirements for short-term employee benefi ts. Otherwise they will be measured according to the AASB119 requirements for other long-term employee benefi ts. The Trust’s obligations for other long-term employee benefi ts will need to be accounted for under most of the requirements for defi ned benefi t plans. The Trust is a member of the Queensland Government central scheme for Long Service Leave and the employer liability is held by the central scheme. The revised AASB 119 contains changed criteria for accounting for employee benefi ts as short-term employee benefi ts. These changes will have a minimal impact on the Trust’s fi nancial reporting. The following new and revised accounting standards are applicable to reporting periods commencing on or after 1 January 2013:– AASB 10 Consolidated Financial Statements AASB 11 Joint Arrangements AASB 12 Disclosure of Interests in Other Entities AASB 127 (revised) Separate Financial Statements AASB 128 (revised) Investments in Associates and Joint Ventures AASB 2011 - 7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards (AASB 1, 2, 3, 5, 7, 9, 2011 - 11, 101, 107, 112, 118, 121, 124, 132, 133, 136, 138, 139, 1023 & 1038 and Interpretations 5, 9, 16 &17). The AASB is currently considering modifying the above standards for use by Australian not for profi t entities. Therefore the Trust is not yet in a position to reliably determine the future implications of these Accounting Standards to it’s fi nancial statements. The following new and revised accounting standards are also applicable to reporting periods commencing on or after 1 January 2013:- AASB 2010 - 7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) [AASB 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 120, 121, 127, 128, 131, 132, 136, 137, 139, 1023 & 1038 and Interpretations 2, 5, 10, 12, 19 & 127] AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9 [AASB 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 121, 127, 128, 131, 132, 136, 139, 1023 & 1038 and Interpretations 10 & 12] AASB 13 Fair Value Measurement NOTES TO THE FINANCIAL REPORT AASB 2010-10 Further Amendments to Australian Accounting Standards – Removal of Fixed Dates for First-time Adopters [AASB 2009-11 & AASB 2010-7] AASB 2011 - 8 Amendments to Australian Accounting Standards arising from AASB 13 [AASB 1, 2, 3, 4, 5, 7, 9, 2009-11, 2010-7, 101, 102, 108, 110, 116, 117, 118, 119, 120, 121, 128, 131, 132, 133, 134, 136, 138, 139, 140, 141, 1004, 1023 & 1038 and Interpretations 2, 4, 12, 13, 14, 17, 19, 131 & 132] AASB 2011 - 10 Amendments to Australian Accounting Standards arising from AASB 119 (September 2011) [AASB 1, AASB 8, AASB 101, AASB 124, AASB 134, AASB 1049 & AASB 2011-8 and Interpretation 14] AASB 2012 - 2 Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and Financial Liabilities [AASB 7 & AASB 132] AASB 2012 - 4 Amendments to Australian Accounting Standards – Government Loans [AASB 1] For the Year Ended 30 June 2012 37
QUEENSLAND PERFORMING ARTS CENTRE NOTES TO THE FINANCIAL REPORT For the Year Ended 30 June 2012 Note 2 Signifi cant Accounting Policies (Continued) (s) New and Revised Accounting Standards (continued) 38 AASB 2012 - 5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle [AASB 1, AASB 101, AASB 116, AASB 132 & AASB 134 and Interpretation 2] The Trust is either not yet in a position to reliably determine the future implications of these Accounting Standards to it’s fi nancial statements or believes that the Standards will only have a minimal impact on it’s fi nancial reporting. AASB 2010 - 8 Amendments to Australian Accounting Standards – Deferred Tax: Recovery of Underlying Assets [AASB 112] is applicable to reporting periods commencing on or after 1 January 2012. This standard will have no impact on the Trusts fi nancial reporting. AASB 2011 - 9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income [AASB 1, 5, 7, 101, 112, 120, 121, 132, 133, 134, 1039 & 1049] is applicable to reporting periods commencing on or after 1 July 2012. This standard requires items of other comprehensive income to be grouped on the basis of whether they are potentially reclassifi able to profi t or loss subsequently. This standard could potentially give rise to additional disclosure by the Trust. AASB 2011 - 3 Amendments to Australian Accounting Standards – Orderly Adoption of Changes to the ABS GFS Manual and Related Amendments [AASB 1049] and AASB 2011 - 13 Amendments to Australian Accounting Standard – Improvements to AASB 1049 are also applicable to reporting preiods commencing on or after 1 July 2012. The Trust believes that neither of these standards will impact on it’s fi nancial reporting. AASB 2011 - 2 Amendments to Australian Accounting Standards arising from the Trans-Tasman Convergence Project – Reduced Disclosure Requirements [AASB 101 & AASB 1054], AASB 2011 - 4 Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements [AASB 124], 124] AASB 2011 - 6 Amendments to Australian Accounting Standards – Extending Relief from Consolidation, the Equity Method and Proportionate Consolidation – Reduced Disclosure Requirements [AASB 127, AASB 128 & AASB 131] and AASB 2012 - 1 Amendments to Australian Accounting Standards - Fair Value Measurement - Reduced Disclosure Requirements [AASB 3, AASB 7, AASB 13, AASB 140 & AASB 141] are applicable to reporting periods commencing on or after 1 July 2013. The Trust believes that the adoption of these standards will not impact on it’s fi nancial reporting. AASB 2012 - 3 Amendments to Australian Accounting Standards – Offsetting Financial Assets and Financial Liabilities [AASB 132] is applicable to reporting periods commencing on or after 1 January 2014. Application of this standard is not expected to have an impact on the Trust’s fi nancial reporting.
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QUEENSLAND PERFORMING ARTS CENTRE ANNUAL REPORT ...

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