accounting policies AASB 11 Joint Arrangements and AASB 12 Disclosure of Interests in Other Entities reporting period. [New] Commentary – Note 1 Summary of significant accounting policies VAGO recommendation A sample disclosure has been included for departments that aggregate portfolio entities in their annual report under section 53(1)(b) of the Financial Management Act 1994. 131 [New] Commentary – Note 2 Departmental (controlled) outputs Review of the BFMGs Additional guidance has been included on the classification between controlled and administered items. 142143 [Revised] Note 3 Administered (noncontrolled) items General improvements The illustration has been amended to align the amounts in the balance sheet with the transfer of the outputs described in the illustration. 151 [New] Commentary – Note 8 Correction of error General improvements Additional guidance has been included to illustrate restated financial statements. 162165 [Revised] Commentary – Note 13 Investments accounted for using the equity method AASB 11 The transition requirements have been removed because AASB 11 became operative from the 201415 reporting period. 182 [New] Note 15 Nonfinancial physical assets classified as held for sale including disposal group and directly associated liabilities General improvements Additional illustrative disclosures have been included on ‘Fair value measurement of nonfinancial physical assets held for sale’ to emphasise that fair value information should be disclosed for the comparative period. 189 [New] Note 17 – Property, plant, and equipment General improvements Additional illustrative disclosures (Table 17.8 and 17.10) have been included to emphasise that fair value information should be disclosed for the comparative period. As comparative information on significant unobservable inputs should be disclosed, the illustration has been amended to state that Table 17.11 is also relevant to the comparative period. 200, 203204 [Revised] Note 17 – Property, plant, AASB 20157 Amendments to Australian Accounting The guidance has been updated to reflect the early adoption of AASB 20157 by the State for the 201415 reporting period. Entities are required to adopt the 202, 204, 207
and equipment Standards – Fair Value Disclosures of NotforProfit Public Sector Entities amending standard for the current reporting period. [New] Note 18 – Biological assets General improvements A note has been included to emphasise that fair value information should be disclosed for the comparative period. 212 [New] Note 19 – Investment properties General improvements Additional illustrative disclosures have been included (Table 19.3) to emphasise that fair value information should be disclosed for the comparative period. 215 [New] Note 31(b) – Commitments for expenditure General improvements Footnotes and guidance have been added to clarify that: the minimum lease payments of uncommissioned Public Private Partnerships includes government capital contribution; and the total commitments will not equal to the sum of the minimum lease payments and other commitments. 241, 244 [New] Note 40 – Responsible persons General improvements Information has been included regarding the related party transactions of ministers and the register of members’ interests, which is publicly available from: . This relates to the related party disclosures required by FRD 21B Disclosures of Responsible Persons, Executive Officers and Other Personnel (Contractors with Significant Management Responsibilities) in the Financial Report. 301302 [New] Note 44 – Glossary of terms and style conventions General improvements The definitions of ‘administered item’ and ‘controlled item’ have been included. 309 Summary of changes – Appendices Subject matter Source of change Summary of changes applied to the relevant sections in the Appendices Page reference [Revised] Appendix 1 – Extracts of whole of government financial statements and analysis of disclosures General update The financial statements for the Victorian general government sector have been updated to the latest versions. 317336 [Revised] Appendix 2 – Practical General improvements The table has been updated to reflect that movements in the long service leave provision associated with a change in the bond rates or a change in the estimates applied will 337
classification guide between transactions and other economic flows be classified as other economic flows included in net result. [Revised] Appendix 5 – Summary of new/revised accounting standards effective for current and future reporting periods [as at 1 March 2016] General update The summary table has been updated to reflect the effective and new accounting pronouncements. 342344 [Removed] Appendix 7 – Changes in accounting policies General improvements The transitional illustrative disclosures on AASB 10, AASB 11 and AASB 12 have been removed because the requirements became operative from the 201415 reporting period. N/A [Revised] Appendix 7 – AASB 10 Consolidated Financial Statements checklist – control analysis for Victorian public sector entities General update The previous Appendix 8 AASB 10 Consolidated Financial Statements checklist – control analysis for Victorian public sector entities has been re-numbered to Appendix 7 AASB 10 Consolidated Financial Statements checklist – control analysis for Victorian public sector entities. 353