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. There is no financial impact.

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

This Standard makes editorial amendments to a range of Australian Accounting Standards and Interpretations. There is no financial impact.

Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project [AASB 1, 7, 101 & 134 and Int 13]

The amendments to AASB 7 clarify financial instrument disclosures in relation to credit risk. The carrying amount of financial assets that would otherwise be past due or impaired whose terms have been renegotiated is no longer required to be disclosed. There is no financial impact.

The amendments to AASB 101 clarify the presentation of the Statement of Changes in Equity. The disaggregation of other comprehensive income reconciling the carrying amount at the beginning and the end of the period for each component of equity can be presented in either the Statement of Changes in Equity or the Notes. There is no financial impact.

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 Int 112, 115, 127, 132 & 1042]

This Standard makes editorial amendments to a range of Australian Accounting Standards and Interpretations. There is no financial impact.

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

This Standard introduces additional disclosures relating to transfers of financial assets in AASB 7. An entity shall disclose all transferred financial assets that are not derecognised and any continuing involvement in a transferred asset, existing at the reporting date, irrespective of when the related transfer transaction occurred. There is no financial impact.

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

This Standard, in conjunction with AASB 1054, removes disclosure requirements from other Standards and incorporates them in a single standard to achieve convergence between Australian and New Zealand Accounting Standards. There is no financial impact.

Amendments to Australian Accounting Standards - Extending Relief from Consolidation, the Equity Method and Proportionate Consolidation [AASB 127, 128 & 131]

This Standard extends the relief from consolidation, the equity method and proportionate consolidation by removing the requirement for the consolidated financial statements prepared by the ultimate or any intermediate parent entity to be IFRS compliant, provided that the parent entity, investor or venturer and the ultimate or intermediate parent entity are not-for-profit non-reporting entities that comply with Australian Accounting Standards. There is no financial impact.

Financial Instruments

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

The Standard was reissued in December 2010. The PTA has not yet determined the application or the potential impact of the Standard.

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

Consolidated Financial Statements

This Standard supersedes requirements under AASB 127 Consolidated and Separate Financial Statements and Int 112 Consolidation - Special Purpose Entities, introducing a number of changes to accounting treatments.

The Standard was issued in August 2011. The PTA has not yet determined the application or the potential impact of the Standard.

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

Joint Arrangements

This Standard supersedes AASB 131 Interests in Joint Ventures, introducing a number of changes to accounting treatments.

The Standard was issued in August 2011. The PTA has not yet determined the application or the potential impact of the Standard.

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

Disclosure of Interests in Other Entities

This Standard supersedes disclosure requirements under AASB 127 Consolidated and Separate Financial Statements, AASB 128 Investments in Associates and AASB 131 Interests in Joint Ventures.

The Standard was issued in August 2011. The PTA has not yet determined the application or the potential impact of the Standard.

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

Fair Value Measurement

This Standard defines fair value, sets out a framework for measuring fair value and requires disclosures about fair value measurements. There is no financial impact.

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

Employee Benefits

This Standard supersedes AASB 119 (October 2010). As the PTA does not operate a defined benefit plan, the impact of the change is limited to measuring annual leave as a long-term employee benefit. The resultant discounting of the annual leave benefit has an immaterial impact.

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

Separate Financial Statements

This Standard supersedes requirements under AASB 127 Consolidated and Separate Financial Statements, introducing a number of changes to accounting treatments.

This Standard was issued in August 2011. The PTA has not yet determined the application or the potential impact of the Standard.

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

Investments in Associates and Joint Ventures

This Standard supersedes AASB 128 Investments in Associates, introducing a number of changes to accounting treatments.

The Standard was issued in August 2011. The PTA has not yet determined the application or the potential impact of the Standard.

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

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. There is no financial impact.

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 AASB 9 [AASB 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 121, 127, 128, 131, 132, 136, 139, 1023 & 1038 and Int 10 & 12]

[Modified by AASB 2010-7]

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 Reduced Disclosure Requirements [AASB 1, 2, 3, 5, 7, 8, 101, 102, 107, 108, 110, 111, 112, 116, 117, 119, 121, 123, 124, 127, 128, 131, 133, 134, 136, 137, 138, 140, 141, 1050 & 1052 and Int 2, 4, 5, 15, 17, 127, 129 & 1052]

This Standard makes amendments to Australian Accounting Standards and Interpretations to introduce reduced disclosure requirements for certain types of entities. There is no financial impact.

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 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 Int 2, 5, 10, 12, 19 & 127]

This Standard makes consequential amendments to other Australian Accounting Standards and Interpretations as a result of issuing AASB 9 in December 2010. The PTA has not yet determined the application or the potential impact of the Standard.

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 the Trans-Tasman Convergence Project - Reduced Disclosure Requirements [AASB 101 & 1054]

This 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. There is no financial impact.

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

Amendments to Australian Accounting Standards - Extending Relief from Consolidation, the Equity Method and Proportionate Consolidation - Reduced Disclosure Requirements [AASB 127, 128 & 131]

This Standard extends the relief from consolidation, the equity method and proportionate consolidation by removing the requirement for the consolidated financial statements prepared by the ultimate or any intermediate parent entity to be IFRS compliant, provided that the parent entity, investor or venturer and the ultimate or intermediate parent entity comply with Australian Accounting Standards or Australian Accounting Standards - Reduced Disclosure Requirements. There is no financial impact.

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 Consolidation and Joint Arrangements Standards [AASB 1, 2, 3, 5, 7, 9, 2009-11, 101, 107, 112, 118, 121, 124, 132, 133, 136, 138, 139, 1023 & 1038 and Int 5, 9, 16 & 17]

This Standard give effect to consequential changes arising from the issuance of AASB 10, AASB 11, AASB 127 Separate Financial Statements and AASB 128 Investments in Associates and Joint Ventures. The PTA has not yet determined the application or the potential impact of the Standard.

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 13 [AASB 1, 2, 3, 4, 5, 7, 9, 2009-11, 2010-7, 101, 102, 108, 110, 116, 117, 118, 119, 120, 121, 128, 131, 132, 133, 134, 136, 138, 139, 140, 141, 1004, 1023 & 1038 and Int 2, 4, 13, 14, 17, 19, 131 & 132]

This Standard replaces the existing definition and fair value guidance in other Australian Accounting Standards and Interpretations as the result of issuing AASB 13 in September 2011. There is no financial impact.

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

Amendments to Australian Accounting Standards - Presentation of Items of Other Comprehensive Income [AASB 1, 5, 7, 101, 112, 120, 121, 132, 133, 134, 1039 & 1049]

This Standard requires to group items presented in other comprehensive income on the basis of whether they are potentially reclassifiable to profit or loss subsequently (reclassification adjustments). The PTA has not yet determined the application or the potential impact of the Standard.

The Standard is required to be applied to annual reporting periods beginning on or after 1 July 2012.

Amendments to Australian Accounting Standards arising from AASB 119 (September 2011) [AASB 1, 8, 101, 124, 134, 1049 & 2011-8 and Int 14]

This Standard makes amendments to other Australian Accounting Standards and Interpretations as a result of issuing AASB 119 Employee Benefits in September 2011. There is no financial impact.

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

Amendments to AASB 119 (September 2011) arising from Reduced Disclosure Requirements

This Standard gives effect to Australian Accounting Standards - Reduced Disclosure requirements for AASB 119 (September 2011). There is no financial impact.

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

Amendments to Australian Accounting Standards - Fair Value Measurement - Reduced Disclosure Requirements [AASB 3, 7, 13, 140 & 141]

This Standard establishes and amends reduced disclosure requirements for additional and amended disclosures arising from AASB 13 and the consequential amendments implemented through AASB 2011-8. There is no financial impact.

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