Parks Victoria - Annual Report 2009-10

FINANCIAL REPORTNOTES TO THE FINANCIAL STATEMENTSFor The Financial Year Ended 30 June 20102.23 New Accounting Standards and Interpretations (continued)Standard / InterpretationSummaryApplicable for annualreporting periodsbeginning onImpact on departmentalfinancial statementsAASB 9 Financial instrumentsThis standard simplifiesrequirements for theclassification and measurementof financial assets resulting fromPhase 1 of the IASB’s projectto replace IAS 39 Financialinstruments: recognition andmeasurement (AASB 139financial Instruments:recognition and measurement).Beginning 1 Jan 2013Detail of impact will beassessed.AASB 2009–11 Amendmentsto Australian AccountingStandards arising fromAASB 9 [AASB 1, 3, 4, 5,7, 101, 102, 108, 112, 118,121, 127, 128, 131, 132, 136,139, 1023 and 1038 andInterpretations 10 and 12]This gives effect to consequentialchanges arising from theissuance of AASB 9.Beginning 1 Jan 2013Detail of impact will beassessed.AASB 1053Application of Different Tiersof Australian AccountingStandardsThis Standard establishes adifferential reporting frameworkconsisting of two tiers ofreporting requirements ofpreparing general purposefinancial statements.Beginning 1 July 2013This Standard does not affectthe operating result or financialposition. Expected to have noimpact.AASB 2010–2Amendments to AustralianAccounting Standards arisingfrom Reduced DisclosureRequirementsThis Standard makesamendments to many AustralianAccounting Standards, includinginterpretations, to introducereduced disclosures requirementsapplicable to certain types ofentities.Beginning 1 July 2013This Standard does not affectthe operating result or financialposition. Expected to have noimpact.72 Parks Victoria - Annual Report 2009-10