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
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