Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project [AASB 5, 8, 101, 107, 117, 118, 136 & 139].

Under amendments to AASB 117, the classification of land elements of all existing leases has been reassessed to determine whether they are in the nature of operating or finance leases. As leases of land & buildings recognised in the financial statements have not been found to significantly expose the PTA to the risks/rewards attributable to control of land, no changes to accounting estimates have been included in the Financial Statements and Notes to the Financial Statements.

Under amendments to AASB 107, only expenditures that result in a recognised asset are eligible for classification as investing activities in the Statement of Cash Flows. All investing cash flows recognised in the PTA’s Statement of Cash Flows relate to increases in recognised assets.

Amendments to Australian Accounting Standards arising from AASB 9 [AASB 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 121, 127, 128, 131, 132, 136, 139, 1023 & 1038 and Interpretations 10 & 12].

The amendment to AASB 7 Financial Instruments: Disclosures requires modification to the disclosure of categories of financial assets. The PTA does not expect any financial impact when the Standard is first applied. The disclosure of categories of financial assets in the notes will change.

The Standard is required to be applied to annual reporting periods beginning on or after 1 January 2013.

Amendments to Australian Accounting Standards [AASB 5, 8, 108, 110, 112, 119, 133, 137, 139, 1023 & 1031 and Interpretations 2, 4, 16, 1039 & 1052].

This Standard introduces a number of terminology changes. There is no financial impact resulting from the application of this revised Standard.

The Standard is required to be applied to annual reporting periods beginning on or after 1 January 2011.

Application of Tiers of Australian Accounting Standards.

This Standard establishes a differential financial reporting framework consisting of two tiers of reporting requirements for preparing general purpose financial statements.

This Standard does not have any financial impact on the PTA. However, it may affect disclosures in the financial statements of the PTA if the reduced disclosure requirements apply. DTF has not yet determined the application or the potential impact of the new Standard for agencies.

The Standard is required to be applied to annual reporting periods beginning on or after 1 July 2013.

Amendments to the Australian Accounting Standards arising from Reduced Disclosure Requirements.

This Standard makes amendments to many Australian Accounting Standards, including interpretations, to introduce reduced disclosure requirements into these pronouncements for application by certain types of entities.

The Standard is not expected to have any financial impact on the PTA. However, this Standard may reduce some note disclosures in the financial statements of the PTA. DTF has not yet determined the application or the potential impact of the amendments to these Standards for agencies.

The Standard is required to be applied to annual reporting periods beginning on or after 1 July 2013.

Amendments to Australian Accounting Standards arising from the Trans-Tasman Convergence Project - Reduced Disclosure Requirements [AASB 101 & 1054].

This Amending Standard removes disclosure requirements from other Standards and incorporates them in a single Standard to achieve convergence between Australian and New Zealand Accounting Standards for reduced disclosure reporting. DTF has not yet determined the application or the potential impact of the amendments to these Standards for agencies.

The Standard is required to be applied to annual reporting periods beginning on or after 1 July 2013.

Amendments to Australian Accounting Standards [AASB 1, 3, 4, 5, 101, 107, 112, 118, 119, 121, 132, 133, 134, 137, 139, 140, 1023 & 1038 and Interpretations 112, 115, 127, 132 & 1042] (October 2010).

This Standard introduces a number of terminology changes as well as minor presentation changes to the Notes to the Financial Statements. There is no financial impact resulting from the application of this revised Standard.

The Standard is required to be applied to annual reporting periods beginning on or after 1 January 2011.

Amendments to Australian Accounting Standards - Disclosures on Transfers of Financial Assets [AASB 1 & AASB 7].

This Standard makes amendments to Australian Accounting Standards, introducing additional presentation and disclosure requirements for Financial Assets.

The Standard is not expected to have any financial impact on the PTA. DTF has not yet determined the application or the potential impact of the amendments to these Standards for agencies.

The Standard is required to be applied to annual reporting periods beginning on or after 1 July 2011.

Financial Instruments

This Standard supersedes AASB 139 Financial Instruments: Recognition and Measurement, introducing a number of changes to accounting treatments.

The Standard was reissued on 6 December 2010 and the Department is currently determining the impact of the Standard. DTF has not yet determined the application or the potential impact of the Standard for agencies.

The Standard is required to be applied to annual reporting periods beginning on or after 1 January 2013.

Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) [AASB 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 120, 121, 127, 128, 131, 132, 136, 137, 139, 1023 & 1038 and Interpretations 2, 5, 10, 12, 19 & 127].

This Amending Standard makes consequential adjustments to other Standards as a result of issuing AASB 9 Financial Instruments in December 2010. DTF has not yet determined the application or the potential impact of the Standard for agencies.

The Standard is required to be applied to annual reporting periods beginning on or after 1 January 2013.

Australian Additional Disclosures

This Standard in conjunction with AASB 2011-1 Amendments to Australian Accounting Standards arising from the Trans-Tasman Convergence Project, removes disclosure requirements from other Standards and incorporates them in a single Standard to achieve convergence between Australian and New Zealand Accounting Standards.

The Standard is required to be applied to annual reporting periods beginning on or after 1 July 2011.

Amendments to Australian Accounting Standards arising from the Trans-Tasman Convergence Project [AASB 1, 5, 101, 107, 108, 121, 128, 132 & 134 and Interpretations 2, 112 & 113].

This Amending Standard, in conjunction with AASB 1054 Australian Additional Disclosures, removes disclosure requirements from other Standards and incorporates them in a single Standard to achieve convergence between Australian and New Zealand Accounting Standards.

The Standard is required to be applied to annual reporting periods beginning on or after 1 July 2011.