Zoological Parks Authority - Parliament of Western Australia - The ...
Zoological Parks Authority - Parliament of Western Australia - The ... Zoological Parks Authority - Parliament of Western Australia - The ...
Zoological Parks Authority ANNUAL REPORT 2012 Disclosures and Legal Compliance Financial Statements Zoological Parks Authority Notes to the Financial Statements for the Year Ended 30 June 2012 continued This Standard extends the relief from consolidation, the equity method and proportionate consolidation by removing the requirement for the consolidated financial statements prepared by the ultimate or any intermediate parent entity to be IFRS compliant, provided that the parent entity, investor or venturer and the ultimate or intermediate parent entity are not-for-profit non-reporting entities that comply with Australian Accounting Standards. There is no financial impact. The following Australian Accounting Standards and Interpretations are not applicable to the Authority as they have no impact or do not apply to not-forprofit entities. AASB Standards and Interpretations AASB 124 Related Party Disclosures AASB 2009-14 Amendments to Australian Interpretation – Prepayments of a Minimum Funding Requirement [Interpretation 14] AASB 2010-9 Amendments to Australian Accounting Standards – Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters [AASB 1] Voluntary changes in accounting policy No voluntary changes in accounting policy have been made. Future Impact of Australian Accounting Standards not yet operative The Authority cannot early adopt an Australian Accounting Standard unless specifically permitted by TI 1101 ‘Application of Australian Accounting Standards and Other Pronouncements’. Consequently, the Authority has not applied early any of the following Australian Accounting Standards that have been issued that may impact the Authority. Where applicable, the Authority plans to apply these Australian Accounting Standards from their application date. AASB 9 Title AASB 10 AASB 11 Financial Instruments This Standard supersedes AASB 139 ‘Financial Instruments: Recognition and Measurement’, introducing a number of changes to accounting treatments. The Standard was reissued in December 2010. The Authority has not yet determined the application or the potential impact of the Standard. Consolidated Financial Statements This Standard supersedes requirements under AASB 127 ‘Consolidated and Separate Financial Statements’ and Interpretation 112 ‘Consolidation – Special Purpose Entities’, introducing a number of changes to accounting treatments. The Standard was issued in August 2011. The Authority has not yet determined the application or the potential impact of the Standard. Joint Arrangements This Standard supersedes AASB 131 ‘Interests in Joint Ventures’, introducing a number of changes to accounting treatments. The Standard was issued in August 2011. The Authority has not yet determined the application or the potential impact of the Standard. Operative for reporting periods beginning on/after 1 Jan 2013 1 Jan 2013 1 Jan 2013 80
Zoological Parks Authority ANNUAL REPORT 2012 Disclosures and Legal Compliance Financial Statements Zoological Parks Authority Notes to the Financial Statements for the Year Ended 30 June 2012 continued Title Operative for reporting periods beginning on/after Title Operative for reporting periods beginning on/after AASB 12 AASB 13 AASB 119 Disclosure of Interests in Other Entities This Standard supersedes disclosure requirements under AASB 127 ‘Consolidated and Separate Financial Statements’, AASB 128 ‘Investments in Associates’ and AASB 131 ‘Interests in Joint Ventures’. The Standard was issued in August 2011. The Authority has not yet determined the application or the potential impact of the Standard. Fair Value Measurement This Standard defines fair value, sets out a framework for measuring fair value and requires disclosures about fair value measurements. There is no financial impact. Employee Benefits This Standard supersedes AASB 119 (October 2010). As the Authority does not operate a defined benefit plan, the impact of the change is limited to measuring annual leave as a long-term employee benefit. The resultant discounting of the annual leave benefit has an immaterial impact. 1 Jan 2013 1 Jan 2013 1 Jan 2013 AASB 127 AASB 128 AASB 1053 Separate Financial Statements This Standard supersedes requirements under AASB 127 ‘Consolidated and Separate Financial Statements’, introducing a number of changes to accounting treatments. The Standard was issued in August 2011. The Authority has not yet determined the application or the potential impact of the Standard. Investments in Associates and Joint Ventures This Standard supersedes AASB 128 ‘Investments in Associates’, introducing a number of changes to accounting treatments. The Standard was issued in August 2011. The Authority has not yet determined the application or the potential impact of the Standard. Application of Tiers of Australian Accounting Standards This Standard establishes a differential financial reporting framework consisting of two tiers of reporting requirements for preparing general purpose financial statements. There is no financial impact. 1 Jan 2013 1 Jan 2013 1 Jul 2013 81
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<strong>Zoological</strong> <strong>Parks</strong> <strong>Authority</strong> ANNUAL REPORT 2012<br />
Disclosures and Legal Compliance<br />
Financial Statements<br />
<strong>Zoological</strong> <strong>Parks</strong> <strong>Authority</strong><br />
Notes to the Financial Statements for the Year Ended 30 June 2012 continued<br />
This Standard extends the relief from consolidation, the equity<br />
method and proportionate consolidation by removing the<br />
requirement for the consolidated financial statements prepared<br />
by the ultimate or any intermediate parent entity to be IFRS<br />
compliant, provided that the parent entity, investor or venturer<br />
and the ultimate or intermediate parent entity are not-for-pr<strong>of</strong>it<br />
non-reporting entities that comply with <strong>Australia</strong>n Accounting<br />
Standards.<br />
<strong>The</strong>re is no financial impact.<br />
<strong>The</strong> following <strong>Australia</strong>n Accounting Standards and Interpretations are not<br />
applicable to the <strong>Authority</strong> as they have no impact or do not apply to not-forpr<strong>of</strong>it<br />
entities.<br />
AASB Standards and Interpretations<br />
AASB 124 Related Party Disclosures<br />
AASB 2009-14 Amendments to <strong>Australia</strong>n Interpretation – Prepayments <strong>of</strong> a<br />
Minimum Funding Requirement [Interpretation 14]<br />
AASB 2010-9<br />
Amendments to <strong>Australia</strong>n Accounting Standards – Severe<br />
Hyperinflation and Removal <strong>of</strong> Fixed Dates for First-time<br />
Adopters [AASB 1]<br />
Voluntary changes in accounting policy<br />
No voluntary changes in accounting policy have been made.<br />
Future Impact <strong>of</strong> <strong>Australia</strong>n Accounting Standards not yet<br />
operative<br />
<strong>The</strong> <strong>Authority</strong> cannot early adopt an <strong>Australia</strong>n Accounting Standard unless<br />
specifically permitted by TI 1101 ‘Application <strong>of</strong> <strong>Australia</strong>n Accounting Standards<br />
and Other Pronouncements’. Consequently, the <strong>Authority</strong> has not applied early<br />
any <strong>of</strong> the following <strong>Australia</strong>n Accounting Standards that have been issued that<br />
may impact the <strong>Authority</strong>. Where applicable, the <strong>Authority</strong> plans to apply these<br />
<strong>Australia</strong>n Accounting Standards from their application date.<br />
AASB 9<br />
Title<br />
AASB 10<br />
AASB 11<br />
Financial Instruments<br />
This Standard supersedes AASB 139<br />
‘Financial Instruments: Recognition and<br />
Measurement’, introducing a number <strong>of</strong><br />
changes to accounting treatments.<br />
<strong>The</strong> Standard was reissued in December<br />
2010. <strong>The</strong> <strong>Authority</strong> has not yet determined<br />
the application or the potential impact <strong>of</strong><br />
the Standard.<br />
Consolidated Financial Statements<br />
This Standard supersedes requirements<br />
under AASB 127 ‘Consolidated and<br />
Separate Financial Statements’ and<br />
Interpretation 112 ‘Consolidation – Special<br />
Purpose Entities’, introducing a number <strong>of</strong><br />
changes to accounting treatments.<br />
<strong>The</strong> Standard was issued in August 2011.<br />
<strong>The</strong> <strong>Authority</strong> has not yet determined the<br />
application or the potential impact <strong>of</strong> the<br />
Standard.<br />
Joint Arrangements<br />
This Standard supersedes AASB 131<br />
‘Interests in Joint Ventures’, introducing<br />
a number <strong>of</strong> changes to accounting<br />
treatments.<br />
<strong>The</strong> Standard was issued in August 2011.<br />
<strong>The</strong> <strong>Authority</strong> has not yet determined the<br />
application or the potential impact <strong>of</strong> the<br />
Standard.<br />
Operative for<br />
reporting periods<br />
beginning on/after<br />
1 Jan 2013<br />
1 Jan 2013<br />
1 Jan 2013<br />
80