AASB 2016-6 Amendments to Australian Accounting Standards – Applying AASB 9 Financial Instruments with AASB 4 Insurance Contracts 1-Jan-18   AASB 2016-7 Amendments to Australian Accounting Standards – Deferral of AASB 15 for Not-for-Profit Entities 1-Jan-18   AASB 2017-3 Amendments to Australian Accounting Standards – Clarifications to AASB 4 1-Jan-18   AASB 2017-5 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections 1-Jan-18   Interp.2 Members’ Shares in Co-operative Entities and Similar Instruments 1-Jan-18   Interp. 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation 1-Jan-18   Interp. 10 Interim Financial Reporting and Impairment 1-Jan-18   Interp. 12 Service Concession Arrangements 1-Jan-18   Interp. 16 Hedges of a Net Investment in a Foreign Operation 1-Jan-18   Interp. 19 Extinguishing Financial Liabilities with Equity Instruments 1-Jan-18   Interp. 22 Foreign Currency Transactions and Advance Consideration 1-Jan-18   Interp. 107 Introduction of the Euro 1-Jan-18   Interp. 127 Evaluating the Substance of Transactions Involving the Legal Form of a Lease 1-Jan-18   Interp. 132 Intangible Assets—Web Site Costs 1-Jan-18   AASB 16 Leases 1-Jan-19   AASB1058 Income of Not-for-Profit Entities 1-Jan-19   AASB 1059 Service Concession Arrangements: Grantors 1-Jan-19   AASB 2016-8 Amendments to Australian Accounting Standards – Australian Implementation Guidance for Entities 1-Jan-19   AASB 2017-4 Amendments to Australian Accounting Standards – Uncertainty over Income Tax Treatments 1-Jan-19   AASB 2017-6 Amendments to Australian Accounting Standards – Prepayment Features with Negative Compensation 1-Jan-19   AASB 2017-7 Amendments to Australian Accounting Standards – Long-term Interests in Associates and Joint Ventures 1-Jan-19   AASB 2018-1 Amendments to Australian Accounting Standards – Annual Improvements 2015–2017 Cycle 1-Jan-19   AASB 2018- 2 Amendments to Australian Accounting Standards – Plant Amendment, Curtailment or Settlement 1-Jan-19  
Accounting Standards Summary of changes Effective date Possible impact AASB 9 Financial Instruments (December 2014) AASB 2014-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014) AASB 2014-8 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014) – Application of AASB 9 (December 2009) and AASB 9 (December 2010) The new standard AASB 9 includes revised guidance on the classification and measurement of financial assets, including a new expected credit loss model for calculating impairment, and supplements the new general hedge accounting requirements previously published. It supersedes AASB 9 (issued in December 2009 – as amended) and AASB 9 (issued in December 2010 – as amended). 1 January 2018 High AASB 13 Fair Value Measurement Reissued Australian Accounting Standards that incorporate IFRSs. Exception in paragraph 48 applies only to financial assets, financial liabilities and other contracts within the scope of AASB 9 Financial Instruments (or AASB 139 Financial Instruments: Recognition and Measurement, if AASB 9 has not yet been adopted) [AASB 2014-7]. 1 January 2018 AASB 2016-6 Amendments to Australian Accounting Standards – Applying AASB 9 Financial Instruments with AASB 4 Insurance Contracts AASB 2016-6 amends AASB 4 Insurance Contracts to permit issuers of insurance contracts to choose to apply the ‘overlay approach’ to calculate a single line item adjustment to profit and loss; and to choose to be temporarily exempt from AASB 9 when those issuers’ activities are predominantly connected with insurance, provide they make additional disclosures to enable users to make comparisons with issuers applying AASB 9. 1 January 2018 Minimal AASB 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 AASB 10 Consolidated Financial Statements AASB 128 Investments in Associates and Joint Ventures AASB 2015-10 requires the mandatory effective date (application date) of amendments to AASB 10 and AASB 128 to be applied for annual reporting periods beginning on or after 1 January 2018 instead of 1 January 2016. 1 January 2018 Minimal Accounting Standards Summary of changes Effective date Possible impact