Summary of changes applied to the 2013-14 Model Report
The purpose of this document is to provide a summary of significant changes to the 2013-14 Model Report, since the 2012-13
Model Report. For a comprehensive list of new or revised requirements, please refer to the source reference column of the Model
where New or Revised is noted.
Contact details:
April 2020
Ting Lin
Karen Foo
9651 2395
9651 0827
Page 1
General changes throughout the 2013-14 Model Report
Subject Matter
Reason
Summary of changes applied to the relevant sections in the Model Report of
Operations
Page reference
General improvements
to the Model
Roll-over dates
All relevant dates and years within the Model have been updated as part of the rollover process from the previous Model.
Whole Model
To improve readability
Minor editorial updates/changes to wordings, placements of sentences/paragraphs.
Whole Model
To update source references
Changes to source references result from changes in reporting requirements effective
since 1 January 2013, as well as an overall update of the relevant AASB/FRD source
referencing.
Summary of changes –Introduction
Subject Matter
Reason
Summary of changes applied to the relevant sections in the Model Report of
Operations
Page reference
Diagram 3: Publication
coverage and project
indicative timelines
Annual update
Annual update
4
April 2020
Page 2
Summary of changes – Model Report of Operations
Subject Matter
Source of change
Summary of changes applied to the relevant sections in the Model Report of Operations
Page reference
[New] Departmental
objectives, indicators
and progress
Commitment in
2013-14 Budget
Paper No. 3 Service
Delivery
An illustration is added to demonstrate department’s objectives, indicators and progress towards
achievement of those objectives.
13
[Revised] Victorian
Industry Participation
Policy
Revised FRD 25B
Illustration is updated on implementation of the Victorian Industry Participation Policy (VIPP) in
accordance with the revised FRD 25B.
38-40
[Revised] Consultancy
expenditure disclosure
FRD 22E
Illustration on consultancy disclosures is revised to reflect the changed requirement from FRD 22E.
41
[Revised] Definitions of
consultancy/contractor
FRD 22E
Reference to FRD 22E is added in relation to the revised definitions of ‘consultant’ and ‘contractor’.
41
[New] Compliance with
DataVic Access Policy
DataVic Access Policy
April 2020
In addition, entities are required to make a statement, in cases where consultancies are disclosed, that
the disclosure on consultancies for 2013-14 is not comparable with any previous disclosures on
consultancies due to the revised definition.
A compliance statement is added.
Entities are encouraged to include this statement if they applicable.
61-62
Page 3
Summary of changes – Model financial statements
Subject Matter
Source of change
Summary of changes applied to the relevant sections in the Model Report of
Operations
Page reference
[New] Note 1(B) Basis of
accounting preparation
and measurement
AASB 13 Fair Value Measurement
Illustration is added to demonstrate a description of the valuation processes used by
the entity (including, e.g. how an entity decides its valuation policies and analyses
changes in fair value measurements from period to period).
96-97
[Revised] Note 1(E)
Comprehensive
operating statement
General improvement
Clarity is added to specify the three components of the comprehensive operating
statement, being ‘net result from transactions’, ‘other economic flows included in net
result’, as well as ‘other economic flows – other comprehensive income’.
99
[New] Note 1(F)
Changes in accounting
policies
AASB 108; AASB 13; AASB 119 and
AASB 2012-2 where applicable.
Illustration is added to demonstrate disclosures on changes of accounting policies
arising from Australian Accounting Standards (AASs) effective for 2013-14.
100-101
[Revised] Note 1(H)
Expenses from
transactions
Alignment with the whole of
government accounting policy
The estimated useful lives for buildings and leasehold buildings are updated to align
with the estimation in the State’s 2012-13 Annual Financial Report.
104
[Revised] Note 1(L) Cash
and deposits
General update
Sentence reworded regarding what constitutes ‘cash and deposits’.
110
[Revised] Note 1(N)
Liabilities – Provision
Revised AASB 119 Employee Benefits
In response to the changed definition for ‘short-term employee benefits’, the
classification for annual leave provisions is updated in response to the new definition.
117
[New] Commentary –
Summary of significant
accounting policies
AASB 13
Additional guidance on fair value measurement is included, including consideration of
highest and best use for non-financial physical assets, valuation hierarchy,
identification of Level 3 inputs.
125-127
[New] Note 5 Expenses
from transactions
Recommendation 13, PAEC Report 115
Disclosures on PPP related expenditures are footnoted to the affected line items in
Note 5, including ‘depreciation –buildings’, ‘depreciation –infrastructure’, ‘interest
expense – interest on finance leases’ and ‘Other operating expenses – Maintenance’.
150-151
[New] Note 15
Non-financial physical
assets classified as held
for sale, including
disposal assets
AASB 13
Illustration is added to demonstrate fair value measurement of non-financial physical
assets held for sale, together with guidance in the Commentary
174-175
April 2020
Page 4
Summary of changes – Model financial statements
Subject Matter
Source of change
Summary of changes applied to the relevant sections in the Model Report of
Operations
Page reference
[New] Note 17 Plant,
property and equipment
Recommendation 12, PAEC Report 115
Disclosures are footnoted for assets under PPP arrangements.
179
[New] Note 17 Plant,
property and equipment
AASB 13
Illustration is added to demonstrate the minimum fair value measurement of nonfinancial physical assets, together with guidance in the commentary.
185-192
[New] Note 18
Biological assets
AASB 13
Illustration is added to demonstrate the minimum fair value measurement of
biological assets.
196
[New} Note 19
Investment properties
AASB 13
Illustration is added to demonstrate the minimum fair value measurement of
investment properties.
199
[Revised] Note 24
Provisions
AASB 119
Additional guidance is provided in determining ‘short-term employee benefits’
210; 212-213
[Revised] Note 33
Financial Instruments
AASB 13
Illustration is added to demonstrate the minimum fair value measurement of financial
instruments, together with guidance in the Commentary.
261-294
[New]
Commentary - Note 33
Financial Instruments
AASB 2012-2
265-266
AASB 2012-3 (Early adopted)
Guidance is provided for disclosure of offsetting for financial assets and financial
liabilities.
[Revised] Note 37 Exgratia expenses
Revised FRD 11A
Illustration is added to demonstrate disclosure on ex-gratia expenses as per FRD 11A.
280-281
[Updated] Note 44
Glossary of terms and
style conventions
General improvement
Glossary is updated as indicated with ‘revised’.
294-299
April 2020
Page 5
Summary of changes -Appendices
Subject Matter
Reason
Summary of changes applied to the relevant sections in the Model Report of
Operations
Page reference
[Updated] Appendix 1
To update the publication tables with
the latest published extracts.
Publication tables are updated.
303-320
[Revised] Appendix 2
To better clarify the difference
between ‘transactions’ and ‘other
economic flow included in net result’.
New guidance is added.
321
[New] Appendix 3
To provide consistent guidance on fair
value measurement expectation.
New guidance is added.
322
[New] Appendix 4
To illustrate guidance on calculating
annual leave provisions under the
revised definition for ‘short-term
employee benefits’
New guidance is added.
323-325
April 2020
Page 6