Note 2. Summary of Significant Accounting Policies
(a) Basis of Accounting
The Financial Management Act 1996 (FMA) requires the preparation of annual financial statements for ACT Government Agencies.
The FMA and the Financial Management Guidelines issued under the Act, requires the Directorate’s financial statements to include:
- an Operating Statement for the year;
- a Balance Sheet at the end of the year;
- a Statement of Changes in Equity for the year;
- a Cash Flow Statement for the year;
- a Statement of Appropriation for the year;
- an Operating Statement for each class of output for the year;
- a summary of the significant accounting policies adopted for the year; and
- such other statements as are necessary to fairly reflect the financial operations of the Directorate during the year and its financial position at the end of the year.
These general-purpose financial statements have been prepared to comply with ‘Generally Accepted Accounting Principles’ (GAAP) as required by the FMA. The financial statements have been prepared in accordance with:
Australian Accounting Standards; and
ACT Accounting and Disclosure Policies.
The financial statements have been prepared using the accrual basis of accounting, which recognises the effects of transactions and events when they occur. The financial statements have also been prepared according to the historical cost convention, except for assets which were valued in accordance with the (re)/valuation policies applicable to the Directorate during the reporting period.
As at 30 June 2013, the Directorate’s current assets are insufficient to meet its current liabilities, but this is not considered a liquidity risk as its operations are funded through appropriation from the ACT Government on a
cash-needs basis. This is consistent with the Whole-of-Government cash management regime which requires excess cash balances to be held centrally rather than within individual Directorate bank accounts.
These financial statements are presented in Australian dollars, which is the Directorate’s functional currency.
The Directorate is an individual reporting entity.
(b) Controlled and Territorial Items
The Directorate produces Controlled and Territorial financial statements. The Controlled financial statements include income, expenses, assets and liabilities over which the Directorate has control. The Territorial financial statements include income, expenses, assets and liabilities that the Directorate administers on behalf of the
ACT Government, but does not control.
The purpose of the distinction between Controlled and Territorial is to enable an assessment of the Directorate’s performance against the decisions it has made in relation to the resources it controls, while maintaining accountability for all resources under its responsibility.
The basis of accounting described in Note 2(a) above applies to both Controlled and Territorial financial statements except where specified otherwise.
(c) The Reporting Period
These financial statements state the financial performance, changes in equity and cash flows of the Directorate for the year ending 30 June 2013 together with the financial position of the Directorate as at 30 June 2013.
(d) Comparative Figures
To facilitate a comparison with Budget Papers, as required by the Financial Management Act 1996, budget information for 2012–2013 has been presented in the financial statements. Budget numbers in the financial statements are the original budget numbers that appear in the Budget Papers.
Prior Year Comparatives
Comparative information has been disclosed in respect of the previous period for amounts reported in the financial statements, except where an Australian Accounting Standard does not require comparative information to be disclosed.
Where the presentation or classification of items in the financial statements is amended, the comparative amounts have been reclassified where practical. Where a reclassification has occurred, the nature, amount and reason for the reclassification is provided.
All amounts in the financial statements have been rounded to the nearest thousand dollars ($’000). Use of the “‑” symbol represents zero amounts or amounts rounded up or down to zero.
(f) Revenue Recognition
Revenue is recognised at the fair value of the consideration received or receivable in the Operating Statement.
All revenue is recognised to the extent that it is probable that the economic benefits will flow to the Directorate and the revenue can be reliably measured. In addition, the following specific recognition criteria must also be met before revenue is recognised:
Cross Border (Interstate) Health Revenue
Revenue for cross border (interstate) health services is recognised when the number of patients and complexities of the treatments provided can be measured reliably and the contract price for such services are agreed with the States and Northern Territory. Actual patient numbers and services are settled following an acquittal process undertaken in subsequent years and variations to the revenue recognised is accounted for in the year of settlement with the States and Northern Territory.
Revenue from the rendering of services is recognised when the stage of completion of the transaction at the reporting date can be measured reliably and the costs of rendering those services can be measured reliably.
Revenue from inventory sales is recognised as revenue when the significant risks and rewards of ownership of the goods has transferred to the buyer, the Directorate retains neither continuing managerial involvement nor effective control over the goods sold and the costs incurred in respect of the transaction can be measured reliably.
Amounts Received for Highly Specialised Drugs
Revenue from the supply of highly specialised drugs is recognised as revenue when the drugs have been supplied to the patients.
For the hospital treatment of chargeable patients, inpatient fees are recognised as revenue when the services have been provided.
Revenue related to hospital services provided to the Department of Veterans’ Affairs patients is recognised when the number of patients and complexities of the treatments provided can be measured reliably and the contract price for such services are agreed with the Department of Veterans’ Affairs. Actual patient numbers and services are settled following an acquittal process undertaken in subsequent years and variations to the revenue recognised is accounted for in the year of settlement with the Department of Veterans’ Affairs.
Facilities fees are generated from the provision of facilities to enable specialists and senior specialists to exercise rights of private practice in the treatment of chargeable patients at a Health Directorate facility. They are recognised as revenue when the amount of revenue can be measured reliably.
Distribution revenue is received from investments with the Territory Banking Account. This is recognised on an accrual basis using data supplied by the Territory Banking Account.
Grants are non-reciprocal in nature and are recognised as revenue in the year in which the Directorate obtains control over them.
Where grants are reciprocal in nature, the revenue is recognised over the term of the funding arrangements.
Interest revenue is recognised using the effective interest method.
(g) Revenue Received in Advance
Revenue received in advance relating to contributions, grants and donations are recognised only where there is a present obligation to repay a grant, contributions and donations because specific conditions attached to the grant, contributions and donations have not been met by the Directorate.
(h) Resources Received and Provided Free of Charge
Resources received free of charge are recorded as a revenue and expense in the Operating Statement at fair value. The revenue is separately disclosed under resources received free of charge, with the expense being recorded in the line item to which it relates. Goods and services received free of charge from ACT Government agencies are recorded as resources received free of charge, whereas goods and services received free of charge from entities external to the ACT Government are recorded as donations. Services that are received free of charge are only recorded in the Operating Statement if they can be reliably measured and would have been purchased if not provided to the Directorate free of charge.
Resources provided free of charge are recorded at their fair value in the expense line items to which they relate.
(i) Repairs and Maintenance
The Directorate undertakes major cyclical maintenance on its assets. Where the maintenance leads to an upgrade of the asset, and increases the service potential of the existing asset, the cost is capitalised. Maintenance expenses which do not increase the service potential of the asset are expensed.
(j) Borrowing Costs
Borrowing costs are expensed in the period in which they are incurred.
(k) Waivers of Debt
Debts that are waived during the year under Section 131 of the Financial Management Act 1996 are expensed during the year in which the right to payment was waived. Further details of waivers are disclosed at Note 20: Waivers, Impairment Losses and Write-offs.
(l) Current and Non-Current Items
Assets and liabilities are classified as current or non-current in the Balance Sheet and in the relevant notes. Assets are classified as current where they are expected to be realised within 12 months after the reporting date. Liabilities are classified as current when they are due to be settled within 12 months after the reporting date or when the Directorate does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
Assets or liabilities which do not fall within the current classification are classified as non-current.
(m) Impairment of Assets
The Directorate assesses, at each reporting date, whether there is any indication that an asset may be impaired. Assets are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. However, intangible assets that are not yet available for use are tested annually for impairment regardless of whether there is an indication of impairment, or more frequently if events or circumstances indicate they might be impaired.
Any resulting impairment losses, for land, buildings, and leasehold improvements, are recognised as a decrease in the Asset Revaluation Surplus relating to these classes of assets. Where the impairment loss is greater than the balance in the Asset Revaluation Surplus for the relevant class of asset, the difference is expensed in the Operating Statement. Impairment losses for plant and equipment and intangible assets are expensed in the Operating Statement, as plant and equipment and intangibles are carried at cost. Also, the carrying amount of the asset is reduced to its recoverable amount.
An impairment loss is the amount by which the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset’s ‘fair value less cost to sell’ and its ‘value in use’. An asset’s ‘value in use’ is its depreciated replacement cost, where the asset would be replaced if the Directorate were deprived of it.
Non-financial assets that have previously been impaired are reviewed for possible reversal of impairment at each reporting date.
(n) Cash and Cash Equivalents
For the purposes of the Cash Flow Statement and the Balance Sheet, cash includes cash at bank and cash on hand. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts are included in cash and cash equivalents in the Cash Flow Statement but not in the cash and cash equivalents line on the Balance Sheet.
Accounts receivable (including trade receivables and other trade receivables) are initially recognised at fair value and are subsequently measured at amortised cost, with any adjustments to the carrying amount being recorded in the Operating Statement.
Trade receivables arise in the normal course of selling goods and services to other agencies and to the public. Trade receivables are payable within 30 days after the issue of an invoice or the goods/services have been provided under a contractual arrangement. In some cases, the Directorate has entered into contractual arrangements with some customers allowing it to charge interest at commercial rates where payment is not received within 90 days after the amount falls due, until the whole of the debt is paid.
Other trade receivables arise outside the normal course of selling goods and services to other agencies and to the public. Other trade receivables are payable within 30 days after the issue of an invoice or the goods/services have been provided under a contractual arrangement. If payment has not been received within 90 days after the amount falls due, under the terms and conditions of the arrangement with the debtor, the Directorate is able to charge interest at commercial rates until the whole amount of the debt is paid.
The allowance for impairment losses represents the amount of trade receivables and other trade receivables the Directorate estimates will not be repaid. The allowance for impairment losses is based on objective evidence and a review of overdue balances. The Directorate considers the following is objective evidence of impairment:
- becoming aware of financial difficulties of debtors;
- default payments; or
- debts more than 90 days overdue.
The amount of the allowance is the difference between the assets carrying amount and the present value of the estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short-term receivables are not discounted if the effect of discounting is immaterial. The amount of the allowance is recognised in the Operating Statement. The allowance for impairment losses are written back against the receivables account when the Directorate ceases action to collect the debt as it considers that it will cost more to recover the debt than the debt is worth.
Receivables that have been renegotiated because they are past due or impaired are accounted for based on the renegotiated terms.
The Directorate holds one long-term investment. It is held with the Territory Banking Account in a unit trust called the Fixed Interest Portfolio. Investments are measured at fair value with any adjustments to the carrying amount recorded in the Operating Statement. Fair value is based on an underlying pool of investments which have quoted market prices as at the reporting date.
Inventories are stated at the lower of cost and net realisable value. Cost comprises the purchase price of inventories as well as transport, handling and other costs directly attributable to the acquisition of inventories. Trade discounts, rebates and similar items are deducted in determining the costs of purchase. The cost of inventories is assigned using the cost weighted average method.
Net realisable value is determined using the estimated sales proceeds less costs incurred in marketing, selling and distribution to customers.
(r) Assets Held for Sale
Assets held for sale are assets that are available for immediate sale in their present condition, and their sale is highly probable.
Assets held for sale are measured at the lower of the carrying amount and fair value less costs to sell. An impairment loss is recognised for any initial or subsequent write down of the asset to fair value less cost to sell. Assets held for sale are not depreciated.
(s) Acquisition and Recognition of Property, Plant and Equipment
Property, plant and equipment are initially recorded at cost. Cost includes the purchase price, directly attributable costs and the estimated cost of dismantling and removing the item (where, upon acquisition, there is a present obligation to remove the item).
Where property, plant and equipment are acquired at no cost, or minimal cost, cost is its fair value as at the date of acquisition. However property, plant and equipment acquired at no cost or minimal cost as part of a Restructuring of Administrative Arrangements is measured at the transferor’s book value.
Where payment for property, plant and equipment is deferred beyond normal credit terms, the difference between its cash price equivalent and the total payment is measured as interest over the period of credit.
The discount rate used to calculate the cash price equivalent is an asset specific rate.
Property, plant and equipment with a minimum value of $5,000 are capitalised.
(t) Measurement of Property, Plant and Equipment after Initial Recognition
Property, plant and equipment are valued using the cost or revaluation model of valuation. Land, buildings and leasehold improvements are measured at fair value.
Fair value is the amount for which an asset could be exchanged between knowledgeable willing parties in an arm’s length transaction. Fair value is measured using market based evidence available for that asset (or a similar asset), as this is the best evidence of an asset’s fair value. Where the market price for an asset cannot be obtained because the asset is specialised and is rarely sold, depreciated replacement cost is used as fair value.
Land, buildings and leasehold improvements are revalued every 3 years. However, if at any time management considers that the carrying amount of an asset materially differs from its fair value, then the asset will be revalued regardless of when the last valuation took place. Any accumulated depreciation relating to buildings and leasehold improvements at the date of revaluation is written-back against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.
The Directorate measures its plant and equipment at cost.
(u) Intangible Assets
The Directorate’s Intangible Assets are comprised of internally developed and externally acquired software for internal use. Externally acquired software is recognised and capitalised when:
- it is probable that the expected future economic benefits that are attributable to the software will flow to the Directorate;
- the cost of the software can be measured reliably; and
- the acquisition cost is equal to or exceeds $50,000.
Internally generated software is recognised when it meets the general recognition criteria outlined above and where it also meets the specific recognition criteria relating to internally developed intangible assets.
Capitalised software has a finite useful life. Software is amortised on a straight-line basis over its useful life, over a period not exceeding 5 years.
Intangible Assets are measured at cost.
(v) Depreciation and Amortisation of Non-Current Assets
Non-current assets with a limited useful life are systematically depreciated/amortised over their useful lives in a manner that reflects the consumption of their service potential. The useful life commences when an asset is ready for use. When an asset is revalued, it is depreciated/amortised over its newly assessed remaining useful life. Amortisation is used in relation to intangible assets while depreciation is applied to physical assets such as buildings and plant and equipment.
Land has an unlimited useful life and is therefore not depreciated.
Leasehold improvements and motor vehicles under a finance lease are depreciated over the estimated useful life of each asset improvement, or the unexpired period of the relevant lease, whichever is shorter.
All depreciation is calculated after first deducting any residual values which remain for each asset.
Depreciation/amortisation for non-current assets is determined as follows.
|Class of Asset||Depreciation/Amortisation Method||Useful Life (Years)|
|Leasehold Improvements||Straight Line||2-10|
|Plant and Equipment||Straight Line||2-20|
|Externally Purchased Intangibles||Straight Line||2-5|
|Internally Generated Intangibles||Straight Line||2-5|
Land improvements are included with buildings.
The useful lives of all major assets held are reassessed on an annual basis.
Payables are a financial liability and are measured at the fair value of the consideration received when initially recognised and at amortised cost subsequent to initial recognition, with any adjustments to the carrying amount being recorded in the Operating Statement. All amounts are normally settled within 30 days after the invoice date.
Payables include Trade Payables, Accrued Expenses and Other Payables.
Trade Payables represent the amounts owing for goods and services received prior to the end of the reporting period and unpaid at the end of the reporting period and relating to the normal operations of the Directorate.
Accrued Expenses represent goods and services provided by other parties during the period that are unpaid at the end of the reporting period and where an invoice has not been received by period end.
Other Payables are those unpaid invoices that do not directly relate to the normal operations of the Directorate.
The Directorate has entered into finance leases and operating leases.
Finance leases effectively transfer to the Directorate substantially all the risks and rewards incidental to ownership of the assets under a finance lease. The title may or may not eventually be transferred. Finance leases are initially recognised as an asset and a liability at the lower of the fair value of the asset and the present value of the minimum lease payments each being determined at the inception of the lease. The discount rate used to calculate the present value of the minimum lease payments is the interest rate implicit in the lease. Assets under a finance lease are depreciated over the shorter of the asset’s useful life or lease term. Assets under a finance lease are depreciated on a straight-line basis. Each lease payment is allocated between interest expense and reduction of the lease liability. Lease liabilities are classified as current and non-current.
Operating leases do not effectively transfer to the Directorate substantially all the risks and rewards incidental to ownership of the asset under an operating lease. Operating lease payments are recorded as an expense in the Operating Statement on a straight-line basis over the term of the lease.
(y) Employee Benefits
Employee benefits include wages and salaries, annual leave, long service leave and applicable on-costs. On-costs include annual leave, long service leave, superannuation and other costs that are incurred when employees take annual and long service leave. These benefits accrue as a result of services provided by employees up to the reporting date that remain unpaid. They are recorded as a liability and as an expense.
Wages and Salaries
Accrued wages and salaries are measured at the amount that remains unpaid to employees at the end of the reporting period.
Annual and Long Service Leave
Annual leave and long service leave that fall due wholly within the next 12 months is measured based on the estimated amount of remuneration payable when the leave is taken.
Annual and long service leave including applicable on-costs that do not fall due within the next 12 months are measured at the present value of estimated future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to the future wage and salary levels, experience of employee departures and periods of service. At each reporting period, the present value of future payments are estimated using market yields on Commonwealth Government bonds with terms to maturity that match, as closely as possible, the estimated future cash flows. In 2012‑13, the rate used to estimate the present value of these future payments is 101.3% (106.6% in 2011‑12).
The long service leave liability is estimated with reference to the minimum period of qualifying service. For employees with less than the required minimum period of 7 years qualifying service, the probability that employees will reach the required minimum period has been taken into account in estimating the provision for long service leave and the applicable on-costs.
The provision for annual leave and long service leave includes estimated on-costs. As these on-costs only become payable if the employee takes annual and long service leave while in-service, the probability that employees will take annual and long service leave while in-service has been taken into account in estimating the liability for on‑costs.
Annual leave and long service leave liabilities are classified as current liabilities in the Balance Sheet where there are no unconditional rights to defer the settlement of the liability for at least 12 months. However, where there is an unconditional right to defer settlement of the liability for at least 12 months, annual leave and long service leave have been classified as a non-current liability in the Balance Sheet.
The Directorate receives funding for superannuation payments as part of the Government Payment for Outputs. The Directorate then makes payments on a fortnightly basis to the Territory Banking Account, to cover the Directorate’s superannuation liability for the Commonwealth Superannuation Scheme (CSS) and the Public Sector Superannuation Scheme (PSS). This payment covers the CSS/PSS employer contribution, but does not include the productivity component. The productivity component is paid directly to Comsuper by the Directorate. The CSS and PSS are defined benefit superannuation plans meaning that the defined benefits received by employees are based on the employee’s years of service and average final salary.
Superannuation payments have also been made directly to superannuation funds for those members of the Public Sector who are part of superannuation accumulation schemes. This includes the Public Sector Superannuation Scheme Accumulation Plan (PSSAP) and schemes of employee choice.
Superannuation employer contribution payments, for the CSS and PSS, are calculated, by taking the salary level at an employee’s anniversary date and multiplying it by the actuarially assessed nominal CSS or PSS employer contribution rate for each employee. The productivity component payments are calculated by taking the salary level, at an employee’s anniversary date, and multiplying it by the employer contribution rate (approximately 3%) for each employee. Superannuation payments for the PSSAP are calculated by taking the salary level, at an employee’s anniversary date, and multiplying it by the appropriate employer contribution rate. Superannuation payments for fund of choice arrangements are calculated by taking an employee’s salary each pay and multiplying it by the appropriate employer contribution rate.
A superannuation liability is not recognised in the Balance Sheet as the Superannuation Provision Account recognises the total Territory superannuation liability for the CSS and PSS, and Comsuper and the external schemes recognise the superannuation liability for the PSSAP and other schemes respectively.
The ACT Government is liable for the reimbursement of the emerging costs of benefits paid each year to members of the CSS and PSS in respect of the ACT Government service provided after 1 July 1989. These reimbursement payments are made from the Superannuation Provision Account.
(aa) Equity Contributed by the ACT Government
Contributions made by the ACT Government, through its role as owner of the Directorate, are treated as contributions of equity.
Increases or decreases in net assets as a result of Administrative Restructures are also recognised in equity.
Major risks are insured through the ACT Insurance Authority. The excess payable, under this arrangement, varies depending on each class of insurance held.
(ac) Third Party Monies
The Directorate holds third party monies in a trustee capacity for the ACT Medical Radiation Scientists Board, the ACT Veterinary Surgeons Board, the Health Directorate Human Research Ethics Committee and for residents of its Mental Health facilities. The Directorate also holds third party monies in an administrative capacity which is principally derived from patients treated by salaried specialists.
Accordingly, third party transactions are excluded from the Directorate’s financial statements. Details of third party monies are shown at Note 43: Third Party Monies.
(ad) Significant Accounting Judgements and Estimates
In the process of applying the accounting policies listed in this note, the Directorate has made the following judgements and estimates that have the most significant impact on the amounts recorded in the financial statements:
- Fair Value of Assets: the Directorate has made a significant judgement regarding the fair value of its assets. Land and Leasehold Improvements have been recorded at market value of similar properties as determined by an independent valuer. Buildings have been recorded at fair value based on a depreciated replacement cost as determined by an independent valuer. This valuation is determined by reference to the new cost of the buildings less depreciation for their physical, functional and economic obsolescence.
- Employee Benefits: significant judgements have been applied in estimating the liability for employee benefits. The estimated liability for employee benefits requires a consideration of the future wages and salary levels, experience of employee departures and periods of service. The estimate also includes an assessment of the probability that employees will meet the minimum service period required to qualify for long service leave and that on-costs will become payable. Further information on this estimate is provided in Note 2 (y): Employee Benefits and Note 3: Change in Accounting Policy and Accounting Estimates, and Correction of a Prior Period Error.
- Cross Border (Interstate) Health Revenue: the cross border revenue in the Health Directorate relates to activity prior to 2012‑13 and it is based on cost weighted separations and an agreed price. Actual patient numbers and services are settled following an acquittal process undertaken in subsequent years and variations to the revenue recognised are accounted for in the year of settlement with the States and Northern Territory. The Health Directorate has accounted for patient activity that has been agreed with the New South Wales Ministry of Health. There is currently three years of final acquittals for patient activity that have not been finalised due to a lengthy process of data review (In August 2013 the 2009–10 and 2010–11 financial year acquittal processes were finalised and paid by the New South Wales Ministry of Health).
- Depreciation and Amortisation: the Directorate has made a significant estimate in the lengths of useful lives over which its assets are depreciated and amortised. This estimation is the period in which utility will be gained from the use of the asset, based on either estimates from officers of the Directorate or an independent valuer.
- Contingent Liabilities: contingent liabilities is an estimate provided by the ACT Government Solicitor of the likely liability for legal claim against the Directorate.
- Allowance for Impairment Losses: the Directorate has made a significant estimate in calculating the allowance for impairment losses. The allowance is based on reviews of overdue receivable balances and the amount of the allowance is recognised in the Operating Statement. Further details in relation to the calculation of this estimate are outlined in Note 2 (o): Receivables.
- Impairment of Assets: the Directorate has made a significant judgement regarding its impairment of assets by undertaking a process of reviewing any likely impairment factors. Business Units across the Directorate made an assessment of any indication of impairment by assessing against an impairment checklist.
(ae) Impact of Accounting Standards Issued but Yet to be Applied
The following new and revised accounting standards and interpretations have been issued by the Australian Accounting Standards Board but do not apply to the current reporting period. These standards and interpretations are applicable to future reporting periods. The Directorate does not intend to adopt these standards and interpretations early. Where applicable, these Australian Accounting Standards will be adopted from their application date. It is estimated that the effect of adopting the below financial statement pronouncements, when applicable, will have no material financial impact on the Directorate’s financial statements in future reporting periods:
- AASB 9 Financial Instruments (application date 1 January 2015);
- AASB 13 Fair Value Measurement (application date 1 January 2013);
- AASB 119 Employee Benefits (application date 1 January 2013);
- AASB 1055 Budgetary Reporting (application date 1 July 2014);
- AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) [AASB 1, 3, 4, 5, 7, 101, 102, 112, 118, 120, 121, 127, 128, 131, 132, 136, 137, 139, 1023 & 1038 and Interpretations 2, 5, 10, 12, 19 & 127] (application date 1 January 2015);
- AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards [AASB 1, 2, 3, 5, 7, 9, 2009–11, 101, 107, 112, 118, 121, 124, 132, 133, 136, 138, 139, 1023 & 1038 and Interpretations 5, 9, 16 & 17] (application date 1 January 2013 for for-profit entities and
- 1 January 2014 for not-for-profit entities);
- AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13 [AASB 1, 2, 3, 4, 5, 7, 9, 2009–11, 101, 107, 112, 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] (application date 1 January 2013);
- AASB 2011–10 Amendments to Australian Accounting Standards arising from AASB 119 (September 2011) [AASB 1, 8, 101, 124, 134, 1049 & 2011-8 and Interpretation 14] ] (application date 1 January 2013);
- AASB 2012-2 Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and Financial Liabilities [AASB 7 & 132] (application date 1 January 2013);
- AASB 2012-3 Amendments to Australian Accounting Standards – Offsetting Financial Assets and Financial Liabilities [AASB 132] (application date 1 January 2014);
- AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle [AASB 1, 1010, 116, 132 & 134 and Interpretation 2] (application date 1 January 2013);
- AASB 2012-6 Amendments to Australian Accounting Standards – Mandatory Effective Date AASB 9 and Transition Disclosures [AASB 9, 2009–11, 2010-7 & 2011-8] (application date 1 January 2013);
- AASB 2012–10 Amendments to Australian Accounting Standards – Transition Guidance and Other Amendments [AASB 1, 5, 7, 8, 10, 11, 12, 13, 101, 102, 108, 112, 118, 119, 127, 128, 132, 133, 134, 137, 1023, 1038, 1039, 1049 & 2011-7 and Interpretation 12] (application date 1 January 2013); and
- AASB 2013-3 Amendments to AASB 136 – Recoverable Amount Disclosures for Non–Financial Assets (application date 1 January 2014).