Purpose To advise the accounting and reporting pronouncements applicable to the 2014-15 reporting period, as required by the Standing Ministerial Direction 1.1(b).
Application
Requirement
Operative date
Applies to any ‘department’, or ‘public body’ as defined under section 3 of the
Financial Management Act 1994.
To apply relevant Australian accounting and reporting pronouncements as listed in Appendix 1. Each new or revised accounting standard is effective from its application date unless the Minister for Finance has directed or given written permission for early adoption as permitted under FRD 7A Early Adoption of
Authoritative Accounting Pronouncements. Appendix 1 lists the conceptual framework, Australian accounting standards, AASB Interpretations, Standing
Ministerial Directions and Financial Reporting Directions that are applicable to the 2014 -15 reporting period.
Annual reporting periods commencing on, or after, 1 July 2014.
FRD 120H Accounting and Reporting Pronouncements Applicable to 2013-14
Reporting Period is superseded and withdrawn effective 1 July 2014.
Guidance When an entity has not applied a new accounting standard that has been issued but is not yet effective, paragraph 30 of AASB 108 Accounting Policies, Changes in
Accounting Estimates and Errors requires the entity to disclose:
(a) this fact; and
(b) known or reasonably estimable information relevant to assessing the possible impact that application of the new Australian Accounting Standard will have on the entity’s financial statements in the period of initial application.
AASB 108.31 provides further guidance on this requirement.
Appendix 2 is provided to assist entities in preparing their disclosure of issued but not yet effective Australian accounting and reporting pronouncements in their
‘Summary of Significant Accounting Policies’ note of their financial reports. Entities should assess and disclose the potential impact of these pronouncements to their own financial statements based on their own circumstances.
FRD 120I Accounting and Reporting Pronouncements Applicable to the 2014-15
Reporting Period (July 2015) Page 1 of 9

Framework
112
116
117
118
119
120
121
101
102
107
108
110
111
123
124
127
128
129
132
133
7
8
10
11
12
13
4
5
6
1
2
3
134
136
137
138
139
140
141
CF
CF 2013-1
SAC 1
AASB
Issued / amended
Dec 2007
Dec 2013
Aug 1990
Issued / amended
Dec 2013
Dec 2013
Aug 2013
Dec 2013
Sep 2012
Jun 2010
Dec 2013
Jun 2014
Sep 2012
Dec 2013
Jun 2014
Dec2013
Dec 2013
Dec 2013
Jun 2014
Jun 2014
Dec 2013
Dec 2013
Dec 2007
Dec 2013
Jun 2014
Sep2014
Dec 2012
Dec 2013
Jun 2014
Sep 2014
Jun 2014
Aug 2013
Dec 2012
Jun 2009
Dec 2013
Dec 2012
Dec 2013
Dec 2013
Jun 2014
Jun 2014
Jun 2014
Jun 2014
Sep 2012
Conceptual Framework
Title
Framework for the Preparation and Presentation of Financial Statements
Amendments to the Australian Conceptual Framework
Definition of the Reporting Entity
Australian Accounting Standards Board’s Standards (AASB)
Title
First-time Adoption of Australian Accounting Standards
Share-based Payment *
Business Combinations *
Insurance Contracts #
Non-current Assets Held for Sale and Discontinued Operations
Exploration for and Evaluation of Mineral Resources *
Financial Instruments: Disclosures
Operating Segments *
Consolidated Financial Statements
Joint Arrangements
Disclosure of Interests in Other Entities
Fair Value Measurement
Presentation of Financial Statements
Inventories
Statement of Cash Flows
Accounting Policies, Changes in Accounting Estimates and Errors
Events after the Reporting Period
Construction Contracts
Income Taxes
Property, Plant and Equipment
Leases
Revenue
Employee Benefits
Accounting for Government Grants and Disclosure of Government Assistance #
The Effects of Changes in Foreign Exchange Rates
Borrowing Costs
Related Party Disclosures #
Separate Financial Statements
Investments in Associate and Joint Ventures
Financial Reporting in Hyperinflationary Economies
Financial Instruments: Presentation
Earnings per Share #
Interim Financial Reporting
Impairment of Assets
Provisions, Contingent Liabilities and Contingent Assets
Intangible Assets
Financial Instruments: Recognition and Measurement
Investment Property
Agriculture
FRD 120I Accounting and Reporting Pronouncements Applicable to the 2014-15
Reporting Period (July 2015) Page 2 of 9

AASB
1004
1023
1031
1038
1039
1048
1049
1050
1051
1052
1053
1054
1055
AAS
Issued / amended
Sep 2012
Dec 2013
Dec 2013
Dec 2013
Dec 2012
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Jun 2014
Jun 2014
May 2011
Dec 2013
Australian Accounting Standards Board’s Standards (AASB)
Title
Contributions
General Insurance Contracts #
Materiality ^
Life Insurance Contracts *
Concise Financial Reports *
Interpretation of Standards
Whole of Government and General Government Sector Financial Reporting
Administered Items
Land Under Roads
Disaggregated Disclosures
Application of Tiers of Australian Accounting Standards
Australian Additional Disclosures
Budgetary Reporting
Issued / amended
Australian Accounting Standards (AAS)
Title
25 Dec 2013 Financial Reporting by Superannuation Plans ^^
Notes:
* This Standard may not be relevant to Victorian public sector entities (including for-profit and not-for-profit entities).
# This Standard may not be relevant to Victorian not-for-profit entities.
^ The revised AASB 1031 is an interim standard that cross-references to other Standards and the Framework for the Preparation and Presentation of Financial Statements (issued December 2013) that contain guidance on materiality. The AASB is progressively removing references to AASB 1031 in all Standards and Interpretations, and once all these references have been removed,
AASB 1031 will be withdrawn.
^^ This standard will be superseded by AASB 1056 Superannuation Entities for reporting periods beginning on or after 1 July 2016.
FRD 120I Accounting and Reporting Pronouncements Applicable to the 2014-15
Reporting Period (July 2015) Page 3 of 9

1
2
4
5
6
7
9
10
12
13
14
21
107
110
115
125
127
129
15
16
17
18
19
20
131
132
1003
1019
1030
1031
1038
1042
1047
1052
1055
AI Issued / amended
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Jun 2014
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Dec 2013
Australian Accounting Standards Board (AASB) Interpretations
Title
Changes in Existing Decommissioning, Restoration and Similar Liabilities
Members’ Shares in Co-operative Entities and Similar Instruments *
Determining whether an Arrangement contains a Lease
Rights to Interests arising from Decommissioning, Restoration and Environmental
Rehabilitation Funds
Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic
Equipment
Applying the Restatement Approach under AASB 129 Financial Reporting in
Hyperinflationary Economies
Reassessment of Embedded Derivatives
Interim Financial Reporting and Impairment
Service Concession Arrangements *
Customer Loyalty Programmes *
AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
Agreements for the Construction of Real Estate
Hedges of a Net Investment in a Foreign Operation *
Distributions of Non-cash Assets to Owners *
Transfers of Assets from Customers *
Extinguishing Financial Liabilities with Equity Instruments
Stripping Costs in the Production Phase of a Surface Mine*
Levies
Introduction of the Euro *
Government Assistance – No Specific Relation to Operating Activities
Operating Leases – Incentives
Income Taxes – Changes in the Tax Status of an Entity or its Shareholders
Evaluating the Substance of Transactions Involving the Legal Form of a Lease
Service Concession Arrangements: Disclosures
Revenue – Barter Transactions Involving Advertising Services
Intangible Assets – Web Site Costs
Australian Petroleum Resource Rent Tax *
The Superannuation Contributions Surcharge *
Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related
Methods
Accounting for the Goods and Services Tax (GST)
Contributions by Owners Made to Wholly-Owned Public Sector Entities
Subscriber Acquisition Costs in the Telecommunications Industry *
Professional Indemnity Claims Liabilities in Medical Defence Organisations #
Tax Consolidation Accounting
Accounting for Road Earthworks
Notes:
* This Interpretation may not be relevant to Victorian public sector entities (including for-profit and not-for-profit entities).
# This interpretation may not be relevant to Victorian not-for-profit entities.
FRD 120I Accounting and Reporting Pronouncements Applicable to the 2014-15
Reporting Period (July 2015) Page 4 of 9

SD
1
2
3
4
114A
116
117
118B
119A
120I
22F
24C
25B
26A
27C
29A
30B
100
102
103F
104
105A
106
107A
108A
109
110
112D
113A
3A
7A
8C
9A
10
11A
12A
13
14
15B
17B
20A
21B
FRD
Issued / amended
May 2015
May 2015
May 2015
May 2015
Issued / amended
Nov 2005
Nov 2005
Apr 2015
Nov 2005
Nov 2005
Jun 2013
Nov 2005
Nov 2005
Nov 2005
Jun 2007
May 2014
Nov 2005
Jul 2012
Apr 2015
Feb 2008
May 2014
Nov 2005
May 2014
April 2015
Apr 2015
Nov 2005
Dec 2004
June 2015
Feb 2005
Jun 2010
Feb 2005
Jun 2014
Feb 2012
Feb 2005
Feb 2005
May 2014
June 2015
Jun 2008
Jun 2006
Jun 2008
Apr 2010
Aug 2013
July 2015
Standing Directions of the Minister for Finance
Title
Introduction
Financial Management Governance and Oversight
Financial Management Structure, Systems, Policies and Procedures
Financial Management Reporting
Financial Reporting Directions issued by the Minister for Finance
Title
Accounting for dividends
Early adoption of authoritative accounting pronouncements
Consistency of budget and departmental reporting
Departmental disclosure of administered assets and liabilities by activity
Disclosure index
Disclosure of ex-gratia expenses
Disclosure of major contracts
Disclosure of Parliamentary appropriations
Disclosures in annual reports by public sector superannuation schemes
Executive officer disclosures in the Report of Operations by departments
Wage Inflation and Discount Rates for Employee Benefits
Accounting for State motor vehicle lease arrangements prior 1 February 2004
Disclosures of responsible persons, executive officers and other personnel (contractors) with significant management responsibilities) in the financial report
Standard disclosures in the Report of Operations
Reporting of office-based environmental data by government entities
Victorian Industry Participation Policy Disclosures in the Report of Operations
Accounting for Vic-Fleet motor vehicle lease arrangements on or after 1 February 2004
Presentation and reporting of performance information
Workforce data disclosures in the Report of Operations – public service employees
Standard requirements for the publication of annual reports
Financial Reporting Directions – Framework
Inventories
Non-financial physical assets
Foreign currency
Borrowing costs
Impairment of assets
Investment properties
Classification of entities as for-profit
Intangible assets
Cash flow statements
Defined benefit superannuation obligations
Investments in subsidiaries, joint ventures and associates in separate financial statements
Financial instruments – general government entities and public non-financial corporations
Financial instruments – public financial corporations
Contributions of existing non-financial assets to third parties
Land under declared roads
Transfers through contributed capital
Accounting and reporting pronouncements applicable to 2014-15 reporting period
FRD 120I Accounting and Reporting Pronouncements Applicable to the 2014-15
Reporting Period (July 2015) Page 5 of 9

The table below is provided to assist entities in updating their disclosure in relation to the Australian accounting standards that are issued but not yet effective for 2014-15 in accordance with paragraph 30 of
AASB 108. This disclosure should be included in the Summary of Significant Accounting Policies note of entities’ financial reports. Entities are expected to review the relevance of the proposed disclosure based on their own circumstances.
Standard/Interpretation
AASB 9 Financial
Instruments
AASB 14 Regulatory
Deferral Accounts #
Summary Applicable for annual reporting periods beginning on
Impact on public sector entity financial statements
The key changes include the simplified requirements for the classification and measurement of financial assets, a new hedging accounting model and a revised impairment loss model to recognise impairment losses earlier, as opposed to the current approach that recognises impairment only when incurred.
1 Jan 2018 The assessment has identified that the financial impact of available for sale (AFS) assets will now be reported through other comprehensive income (OCI) and no longer recycled to the profit and loss.
While the preliminary assessment has not identified any material impact arising from AASB 9, it will continue to be monitored and assessed.
AASB 14 permits first-time adopters of
Australian Accounting Standards who conduct rate-regulated activities to continue to account for amounts related to rate regulation in accordance with their previous GAAP.
1 Jan 2016 The assessment has indicated that there is no expected impact , as those that conduct rate-regulated activities have already adopted
Australian Accounting Standards.
AASB 15 Revenue from
Contracts with Customers
The core principle of AASB 15 requires an entity to recognise revenue when the entity satisfies a performance obligation by transferring a promised good or service to a customer.
1 Jan 2017
(Exposure
Draft 263 – potential deferral to 1
Jan 2018)
The changes in revenue recognition requirements in AASB 15 may result in changes to the timing and amount of revenue recorded in the financial statements. The Standard will also require additional disclosures on service revenue and contract modifications.
A potential impact will be the upfront recognition of revenue from licenses that cover multiple reporting periods.
Revenue that was deferred and amortised over a period may now need to be recognised immediately as a transitional adjustment against the opening returned earnings if there are no former performance obligations outstanding.
FRD 120I Accounting and Reporting Pronouncements Applicable to the 2014-15
Reporting Period (July 2015) Page 6 of 9

Standard/Interpretation Summary Applicable for annual reporting periods beginning on
Impact on public sector entity financial statements
AASB 1056 Superannuation
Entities #
AASB 1056 replaces AAS 25 Financial
Reporting by Superannuation Plans.
The standard was developed in light of changes in recent years, developments in the superannuation industry and
Australia’s adoption of IFRS.
1 July 2016 The assessment has indicated that there will be no impact on the entity, as the Accounting Standard only affects superannuation entities' own reporting.
Some of the key changes in AASB 1056 include:
 the level of integration between
AASB 1056 and other AASB standards
 a revised definition of a superannuation entity

 revised and consistent content for the financial statements use of fair value rather than net market value for measuring assets and liabilities

 revised member liability recognition and measurement requirements revised disclosure principles
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 2014-1 Amendments to Australian Accounting
Standards [Part E Financial
Instruments]
Amends various AASs 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.
AASB 2014-4 Amendments to Australian Accounting
Standards – Clarification 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 revenue-based 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
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.
FRD 120I Accounting and Reporting Pronouncements Applicable to the 2014-15
Reporting Period (July 2015) Page 7 of 9

Standard/Interpretation Summary the use of the asset.
Applicable for annual reporting periods beginning on
Impact on public sector entity financial statements
AASB 2014-9 Amendments to Australian Accounting
Standards – Equity Method in Separate Financial
Statements
[AASB 1, 127 & 128]
Amends AASB 127 Separate Financial
Statements to allow entities to use the equity method of accounting for investments in subsidiaries, joint ventures and associates in their separate financial statements.
AASB 2014-10
Amendments to Australian
Accounting Standards –
Sale or Contribution of
Assets between an Investor and its Associate or Joint
Venture [AASB 10 & AASB
128]
AASB 2014-10 amends AASB 10
Consolidated Financial Statements and
AASB 128 Investments in Associates to ensure consistent treatment in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The amendments require that:
1 Jan 2016 The assessment indicates that there is no expected impact as the entity will continue to account for the investments in subsidiaries, joint ventures and associates using the cost method as mandated if separate financial statements are presented in accordance with FRD 113A.
1 Jan 2016 The assessment has indicated that there is limited impact, as the revisions to AASB 10 and AASB 128 are guidance in nature.

 a full gain or loss to be recognised by the investor when a transaction involves a business
(whether it is housed in a subsidiary or not); and a partial gain or loss to be recognised by the parent when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary.
AASB 2015-6 Amendments to Australian Accounting
Standards – Extending
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 notfor-profit 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.
In addition to the new standards and amendments above, the AASB has issued a list of other amending standards that are not effective for the 2014-15 reporting period (as listed below). In general, these amending standards include editorial and references changes that are expected to have insignificant impacts on public sector reporting.
 AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010).
FRD 120I Accounting and Reporting Pronouncements Applicable to the 2014-15
Reporting Period (July 2015) Page 8 of 9


AASB 2013-9 Amendments to Australian Accounting Standards – Conceptual Framework, Materiality and
Financial Instruments

AASB 2014-1 Amendments to Australian Accounting Standards [PART D – Consequential Amendments arising from AASB 14 Regulatory Deferral Accounts only] #

AASB 2014-3 Amendments to Australian Accounting Standards – Accounting for Acquisitions of Interests in Joint Operations [AASB 1 & AASB 11]
 AASB 2014-5 Amendments to Australian Accounting Standards arising from AASB 15
 AASB 2014-6 Amendments to Australian Accounting Standards – Agriculture: Bearer Plants [AASB 101,
AASB 116, AASB 117, AASB 123, AASB 136, AASB 140 & AASB 141]

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) [AASB 9 (2009 & 2010)]

AASB 2015-2 Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments to
AASB 101 [AASB 7, AASB 101, AASB 134 & AASB 1049]
 AASB 2015-3 Amendments to Australian Accounting Standards arising from the Withdrawal of AASB
1031 Materiality

AASB 2015-4 Amendments to Australian Accounting Standards – Financial Reporting Requirements for
Australian Groups with a Foreign Parent [AASB 127, AASB 128] #

AASB 2015-5 Amendments to Australian Accounting Standards – Investment Entities: Applying the
Consolidation Exception [AASB 10, AASB 12, AASB 128] #
Note:
# This Standard or Amendment may not be relevant to Victorian not-for-profit entities when operative.
FRD 120I Accounting and Reporting Pronouncements Applicable to the 2014-15
Reporting Period (July 2015) Page 9 of 9