Standard/ Interpretation Summary Applicable for annual reporting periods beginning Impact on Authority financial statements AASB 20141 Amendments to Australian Accounting Standards [Part E Financial Instruments] Amends various standards to reflect the AASB’s decision to defer the mandatory application date of AASB 9 to annual reporting periods beginning on or after 1 January 2018 as a consequence of Chapter 6 Hedge Accounting, and to amend reduced disclosure requirements. 1 Jan 2018 This amending standard will defer the application period of AASB 9 to the 2018-19 reporting period in accordance with the transition requirements. AASB 20144 Amendments to Australian Accounting of Acceptable Methods of Depreciation and Amortisation [AASB 116 & AASB 138] Amends AASB 116 Property, Plant and Equipment and AASB 138 Intangible Assets to: establish the principle for the basis of depreciation and amortisation as being the expected pattern of consumption of the future economic benefits of an asset prohibit the use of revenuebased methods to calculate the depreciation or amortisation of an asset, tangible or intangible, because revenue generally reflects the pattern of economic benefits that are generated from operating the business, rather than the consumption through the use of the asset. 1 Jan 2016 The assessment has indicated that there is no expected impact as the revenue-based method is not used for depreciation and amortisation. AASB 20156 Amendments to Australian Accounting Related Party Disclosures to Not-for-Profit Public Sector Entities [AASB 10, AASB 124 & AASB 1049] The Amendments extend the scope of AASB 124 Related Party Disclosures to not-for-profit public sector entities. A guidance has been included to assist the application of the standard by public sector entities. 1 Jan 2016 The amending standard will result in extended disclosures on the entity’s key management personnel (KMP), and the related party transactions. Amendments to Australian Accounting Value Disclosures of Not-for-Profit Public Sector Entities. AASB 2015-7 amends AASB 13 Fair Value Measurement to provide disclosure relief to not-for-profit public sector entities from certain disclosures about the fair value measurements of property, plant and equipment held for their current service potential rather than to generate net cash inflows. This includes relief from disclosures of quantitative information about the significant unobservable inputs used in fair value measurements and of the sensitivity of certain fair value measurements to changes in unobservable inputs. 1 July 2016 No expected change.
compliance regime and report to the VRQA. This will allow the VRQA to increase the focus of regulatory activity on higher risk providers. Develop a consistent risk framework in schools, VET and OSSEO units to inform the earned autonomy model. Completed Consult with education and training providers and stakeholders on the risk framework to inform the earned autonomy Completed Assess the legal and budgetary implications of options for earned autonomy for the VRQA operations. Underway Submit to the April 2015 Board meeting the earned autonomy model for consideration and approval. Underway Publish VRQA board-approved examples of earned autonomy. Underway Reduce the burden on multi-sector providers by streamlining regulatory processes. By July 2015, the VRQA will establish single, streamlined processes that can apply to all registration types of a provider, rather than separate processes for each registration type, where it is practical to do so. Establish integrated financial assessments for multi-sector education and training providers so that they undergo one assessment for all registration types. Completed Streamline the risk framework across all registration Completed Continue to advance and protect the interests of students, apprentices, trainees, parents and employers by actively managing and responding to compliance and financial failure risks. By February 2015, the VRQA will identify and publish key risk factors, and monitor providers against these factors in order to mitigate risks to consumers. Report to the February 2015 VRQA Board meeting on the proposed financial risk criteria. Completed Publish the approved financial risk criteria on the VRQA website by March 2015. Completed Provide education and training provider and stakeholder workshops designed to help identify and address financial stress. Completed Establish an annual process to reassess the continued relevance of the financial risk framework. Completed Where high risk is identified, take appropriate action. Ongoing Further improve the transparency of the VRQA’s regulatory processes and support education and training providers to reduce non-compliance. By December 2014, the VRQA will make available information and advice regarding the full range of its regulatory activities, and to ensure its published formal complaints policy includes responding to complaints Review the VRQA website to strengthen accessibility, usefulness and currency of information for education and training providers and stakeholders, with a view to improving online access for business transactions and registration activity. Completed Review the of VRQA communication tools for effectiveness, for example VRQA e-news. Completed
made about the VRQA and its staff. This will be provided in readily accessible formats. Review and improve the range of targeted workshops, clinics and seminars to ensure organisations, stakeholders and education and training providers understand VRQA regulatory processes, the roles and responsibilities of all parties, and common problems, and the VRQA understands the changing needs of business and the community throughout the regulatory cycle. Completed Publish the update of the whole-of-VRQA complaints process including policies and procedures and how the VRQA will respond to these matters. Completed Deepen engagement with education and training providers, employers and other stakeholders to inform the ongoing improvement of regulatory activities. By December 2014, the VRQA will publish a stakeholder engagement strategy that commits to consulting with stakeholders on industry trends and seeks their feedback on the VRQA’s processes. Develop and publish the stakeholder engagement strategy which will include how the VRQA will collect information from stakeholders on emerging industry trends. Completed Expand the VRQA annual stakeholder survey to gather feedback on VRQA processes, and seek feedback from stakeholders, education and training providers, apprentices and trainees, and employers on the range of services that they need from the VRQA. Completed Based on feedback provided, review and update the range of services provided by the VRQA. Ongoing Promote greater cooperation, information sharing, regulatory coherence and efficiency with regulators and key partners. By July 2015, the VRQA will establish and publish memoranda of understanding or other formal arrangements to streamline processes and share information. Establish and publish memoranda of understanding, or other formal arrangements, to streamline processes and share information with other regulators including the: Victorian Institute of Teaching with respect to the coordination of regulatory activity; The Department of Education and Early Childhood Development with respect to the Department’s role as a school review body, as the regulatory authority for education and care services, and as the responsible Department for providing policy advice to Ministers about education, early childhood development, children’s services, higher education and training in Victoria; and Commonwealth Government and/or other federal agencies where the cooperative approach has been reciprocated with respect to the coordination of regulatory activity. Completed Undertake a stocktake of data collection requirements for ACFE providers with a view to identifying opportunities to reduce duplication and so reduce regulatory burden on providers. Completed