2013 AnnuAl RepoRt - Australian Grand Prix

Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 2013Standard/InterpretationAASB 9 FinancialinstrumentsAASB 10ConsolidatedFinancialStatementsAASB 11 JointArrangementsSummaryThis standard simplifies requirementsfor the classification andmeasurement of financial assetsresulting from Phase 1 of the IASB’sproject to replace IAS 39 FinancialInstruments: Recognition andMeasurement (AASB 139 FinancialInstruments: Recognition andMeasurement).This Standard forms the basis fordetermining which entities shouldbe consolidated into an entity’sfinancial statements. AASB 10defines ‘control’ as requiringexposure or rights to variablereturns and the ability to affectthose returns through power overan investee, which may broadenthe concept of control for publicsector entities.The AASB has issued an exposuredraft ED 238 ConsolidatedFinancial Statements – AustralianImplementation Guidance for Notfor-ProfitEntities that explains andillustrates how the principles in theStandard apply from theperspective of not-for-profit entitiesin the private and public sectors.This Standard deals with theconcept of joint control, and setsout a new principles-basedapproach fordetermining the type of jointarrangement that exists and thecorresponding accountingtreatment. The new categories ofjoint arrangements under AASB 11are more aligned to the actualrights and obligations of the partiesto the arrangement.Applicable forannual reportingperiods beginningonImpact on Corporationfinancial statements1 Jan 2015 Subject to AASB’s furthermodifications to AASB 9,together with theanticipated changesresulting from the stagedprojects on impairments andhedge accounting, detailsof impacts will be assessed.1 Jan 2014 Not-for-profit entities are notpermitted to apply thisStandard prior to themandatory applicationdate.Subject to AASB’s finaldeliberations on ED 238 andany modifications made toAASB 10 for not-for-profitentities, the entity will needto re-assess the nature of itsrelationships with otherentities, including those thatare currently notconsolidated.1 Jan 2014 Not-for-profit entities are notpermitted to apply thisStandard prior to themandatory applicationdate.Subject to AASB’s finaldeliberations and anymodifications made to AASB11 for not-for-profit entities,the entity will need to assessthe nature of arrangementswith other entities indetermining whether a jointarrangement exists in light ofAASB 11.4444Australian Grand Prix Corporation Annual Report 2013