Annual Report - Northern Health

Note 1: Summary of Significant Accounting PoliciesAASB 2011-11This Standard makes amendments to AASB 119Amendments to AASB 119 (September 2011) arising fromReduced Disclosure RequirementsEmployee Benefits (September 2011), to incorporatereduced disclosure requirements into the Standardfor entities applying Tier 2 requirements in preparinggeneral purpose financial statements.Notes To and Forming Part of the Financial StatementsNorthern Health Annual Report 2011/2012Beginning 1 July 2013 The Victorian Government is currently consideringthe impacts of Reduced Disclosure Requirements(RDRs) and has not decided if RDRs will beimplemented in the Victorian public sector.AASB 2011-12 Amendments to Australian Accounting Standardsarising from Interpretation 20[AASB 1]This Standard makes amendments to AASB 1 FirsttimeAdoption of Australian Accounting Standards,as a consequence of the issuance of IFRICInterpretation 20 Stripping Costs in the ProductionPhase of a Surface Mine. This Standard allows thefirst-time adopters to apply the transitionalprovisions contained in Interpretation 20.Beginning 1 Jan 2013 There may be an impact for new agencies that adoptAustralian Accounting Standards for the first time.No implication is expected for existing entities in theVictorian public sector.2011-13 Amendments to Australian Accounting Standard –Improvements to AASB 10492012-1 Amendments to Australian Accounting Standards - FairValue Measurement - Reduced Disclosure Requirements[AASB 3, AASB 7, AASB 13, AASB 140 & AASB 141]This Standard aims to improve the AASB 1049Whole of Government and General GovernmentSector Financial Reporting at the operational level.The main amendments clarify a number ofrequirements in AASB 1049, including theamendment to allow disclosure of other measures ofkey fiscal aggregates as long as they are clearlydistinguished from the key fiscal aggregates and donot detract from the the information required byAASB 1049. Furthermore, this Standard providesadditional guidance and examples on theclassification between ‘transactions’ and ‘othereconomic flows’ for GAAP items without GFSequivalents.This amending Standard prescribes the reduceddisclosure requirements in a number of AustralianAccounting Standards as a consequence of theissuance of AASB 13 Fair Value Measurement.Beginning 1 July 2012 No significant impact is expected from theseconsequential amendments on entity reporting.Beginning 1 July 2013 As the Victorian whole of government and thegeneral government (GG) sector are subject to Tier1 reporting requirements (refer to AASB 1053Application of Tiers of Australian AccountingStandards), the reduced disclosure requirementsincluded in AASB 2012-1 will not affect the financialreporting for Victorian whole of government and GGsector.Northern Health Financial Report Appendix to the 2011 - 2012 Annual Report Page 21 of 60