Changes to Standards
Relevant to 2013-14 Financial Statements
Audience
This Changes to Standards is intended to assist: CFOs and CFO Units in all Commonwealth entities in
the preparation of their 2013-14 financial statements.
At a glance
This Changes to Standards:

Provides compiled lists of changes to standards and interpretations (Australian
Accounting Standards (AASs)) that are complete for AASs issued up until 30 June 2014.
Entities must consider any further AASs issued after this date up until the date their
financial statements are signed (useful link: AASB Latest News1).

Entities are required to determine the impact of each of these changes on their reporting
and make appropriate disclosures in Note 1 of their financial statements as per
AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors
(paragraphs 28–31) and the 2013-14 PRIMA Forms of Financial Statements (PRIMA
Forms).

Entities are only required to make individual disclosure of AASs that have had a material
effect, or are expected to have a material impact, on the entity as per AASB 108. For AASs
that are not disclosed (because there was no material effect etc) the entity must make a
statement to this effect. The prescribed format for the disclosures is in PRIMA Forms
Note 1.X New AASs.

Entities will need to demonstrate to the Australian National Audit Office (ANAO) that
they have considered the impact of each of the AASs. The lists can be used as a starting
point in this process.
For further information, please email Budget Estimates and Accounting (BEA) at
accountingpolicy@finance.gov.au.
1
This link to the Australian Accounting Standards Board’s (AASB) News page is provided to assist entities in this process as it contains
the latest news from the AASB (including recently issued AASs). Entities are also able to access the AASs from this link.
Effective for 2013-14 financial reporting period
Changes to Standards | 1
Changes to Standards (AASs)
Applicable to the 2013-14 financial year
There were extensive changes to AASs (see List A below), totalling 89 new/revised AASs and an
amending conceptual framework AAS; however these were mostly in relation to consolidation
and joint arrangements2, and reduced disclosure requirements for Tier 2 entities3. There were
also changes regarding fair value measurement and employee benefits, as well as other minor
amendments.
It is recommended that entities obtain details of significant changes to simplify their analysis
and to assist in preparing the “Adoption of New AAS Requirements” section within Note 1.X.
Additional sources are referred to within this section of the PRIMA Note.
Applicable to future reporting periods
While not directly relevant for 2013-14 (outside of the disclosure requirements for Note 1),
entities are advised that there are various changes to AASs affecting future years (see List B
below and Attachment A).
It is recommended that entities obtain details of significant expected changes to simplify their
analysis and to assist in preparing the “Future AAS Requirements” section within Note 1.X.
Additional sources are referred to within this section of the PRIMA Note.
List A: 2013-14 financial year
The following new/revised/amending standards and/or interpretations are applicable to the
2013-14 financial year:
2
Likely impact?4
Yes
No
AASB 1 (NFP)
First-time Adoption of Australian Accounting Standards [for not-for-profit
entities] - December 2012 (Compilation)


AASB 1 (FP)
First-time Adoption of Australian Accounting Standards [for for-profit entities]
- December 2012 (Compilation)


AASB 2 (NFP)
Share-based Payment [for not-for-profit entities] - December 2012
(Compilation)


AASB 2 (FP)
Share-based Payment [for for-profit entities] - December 2012 (Compilation)


AASB 3 (NFP)
Business Combinations [for not-for-profit entities] - December 2012
(Compilation)


AASB 3 (FP)
Business Combinations [for for-profit entities] - December 2012
(Compilation)


AASB 4
Insurance Contracts - September 2012 (Compilation)


AASB 5 (NFP)
Non-current Assets Held for Sale and Discontinued Operations [for not-forprofit entities] - December 2012 (Compilation)


Deferred application (of one year) for the not-for-profit (NFP) sector resulting in separate AASs for both the for-profit (FP) and NFP
sectors (as indicated with either a ‘NFP’ or a ‘FP’ in their title), where applicable.
3
Not applicable for entities under Division 11 of the Finance Minister’s Orders for Financial Reporting (FMOs).
4
Items marked as ‘no’ likely impact (i.e. an  in the ‘No’ column) are those items that the Department of Finance (Finance) would
regard as unlikely to have impact on public sector entities. This does not mean entities should not consider their particular
circumstances. Please note the assessment of ‘likely impact’ is broader than the requirements of AASB 108.28-31 as it considers
issues such as disclosure requirements and the capturing of financial information.
Effective for 2013-14 financial reporting period
Changes to Standards | 2
The following new/revised/amending standards and/or interpretations are applicable to the
2013-14 financial year:
Likely impact?4
Yes
No
AASB 5 (FP)
Non-current Assets Held for Sale and Discontinued Operations [for for-profit
entities] - December 2012 (Compilation)


AASB 7 (NFP)
Financial Instruments: Disclosures [for not-for-profit entities] - December
2012 (Compilation)


AASB 7 (FP)
Financial Instruments: Disclosures [for for-profit entities] - December 2012
(Compilation)


AASB 8
Operating Segments - December 2012 (Compilation)


AASB 10 (FP)
Consolidated Financial Statements [for for-profit entities] - December 2012
(Compilation)


AASB 11 (FP)
Joint Arrangements [for for-profit entities] - December 2012 (Compilation)


AASB 12 (FP)
Disclosure of Interests in Other Entities [for for-profit entities] - December
2012 (Compilation)


AASB 13
Fair Value Measurement - December 2012 (Compilation)


AASB 101 (NFP)
Presentation of Financial Statements [for not-for-profit entities] - December
2012 (Compilation)


AASB 101 (FP)
Presentation of Financial Statements [for for-profit entities] - December 2012
(Compilation)


AASB 102
Inventories - December 2012 (Compilation)


AASB 107 (NFP)
Statement of Cash Flows [for not-for-profit entities] - December 2012
(Compilation)


AASB 107 (FP)
Statement of Cash Flows [for for-profit entities] - December 2012
(Compilation)


AASB 108
Accounting Policies, Changes in Accounting Estimates and Errors December 2012 (Compilation)


AASB 110
Events after the Reporting Period - September 2012 (Compilation)


AASB 111
Construction Contracts - June 2010 (Compilation)


AASB 112 (NFP)
Income Taxes [for not-for-profit entities] - December 2012 (Compilation)


AASB 112 (FP)
Income Taxes [for for-profit entities] - December 2012 (Compilation)


AASB 116
Property, Plant and Equipment - September 2012 (Compilation)


AASB 117
Leases - September 2012 (Compilation)


AASB 118 (NFP)
Revenue [for not-for-profit entities] - December 2012 (Compilation)


AASB 118 (FP)
Revenue [for for-profit entities] - December 2012 (Compilation)


AASB 119
Employee Benefits - December 2012 (Compilation)


AASB 120
Accounting for Government Grants and Disclosure of Government
Assistance - September 2012 (Compilation)


AASB 121 (NFP)
The Effects of Changes in Foreign Exchange Rates [for not-for-profit
entities] - December 2012 (Compilation)


AASB 121 (FP)
The Effects of Changes in Foreign Exchange Rates [for for-profit entities] December 2012 (Compilation)


Effective for 2013-14 financial reporting period
Changes to Standards | 3
The following new/revised/amending standards and/or interpretations are applicable to the
2013-14 financial year:
Likely impact?4
Yes
No
AASB 123
Borrowing Costs - June 2010 (Compilation)


AASB 124 (NFP)
Related Party Disclosures [for not-for-profit entities] - December 2012
(Compilation)


AASB 124 (FP)
Related Party Disclosures [for for-profit entities] - December 2012
(Compilation)


AASB 127 (NFP)
Consolidated and Separate Financial Statements [for not-for-profit entities] December 2012 (Compilation)


AASB 127 (FP)
Separate Financial Statements [for for-profit entities] - December 2012
(Compilation)


AASB 128 (NFP)
Investments in Associates [for not-for-profit entities] - December 2012
(Compilation)


AASB 128 (FP)
Investments in Associates and Joint Ventures [for for-profit entities] December 2012 (Compilation)


AASB 131 (NFP)
Interests in Joint Ventures [for not-for-profit entities] - December 2012
(Compilation)


AASB 132 (NFP)
Financial Instruments: Presentation [for not-for-profit entities] - December
2012 (Compilation)


AASB 132 (FP)
Financial Instruments: Presentation [for for-profit entities] - December 2012
(Compilation)


AASB 133 (NFP)
Earnings per Share [for not-for-profit entities] - December 2012
(Compilation)


AASB 133 (FP)
Earnings per Share [for for-profit entities] - December 2012 (Compilation)


AASB 134
Interim Financial Reporting - December 2012 (Compilation)


AASB 136 (NFP)
Impairment of Assets [for not-for-profit entities] - December 2012
(Compilation)


AASB 136 (FP)
Impairment of Assets [for for-profit entities] - December 2012 (Compilation)


AASB 137
Provisions, Contingent Liabilities and Contingent Assets - December 2012
(Compilation)


AASB 138 (NFP)
Intangible Assets [for not-for-profit entities] - December 2012 (Compilation)


AASB 138 (FP)
Intangible Assets [for for-profit entities] - December 2012 (Compilation)


AASB 139 (NFP)
Financial Instruments: Recognition and Measurement [for not-for-profit
entities] - December 2012 (Compilation)


AASB 139 (FP)
Financial Instruments: Recognition and Measurement [for for-profit entities] December 2012 (Compilation)


AASB 140
Investment Property - September 2012 (Compilation)


AASB 141
Agriculture - September 2012 (Compilation)


AASB 1004
Contributions - September 2012 (Compilation)


AASB 1023
(NFP)
General Insurance Contracts [for not-for-profit entities] - December 2012
(Compilation)


AASB 1023 (FP)
General Insurance Contracts [for for-profit entities] - December 2012
(Compilation)


Effective for 2013-14 financial reporting period
Changes to Standards | 4
The following new/revised/amending standards and/or interpretations are applicable to the
2013-14 financial year:
Likely impact?4
Yes
No
AASB 1038
(NFP)
Life Insurance Contracts [for not-for-profit entities] - March 2013
(Compilation)


AASB 1038 (FP)
Life Insurance Contracts [for for-profit entities] - March 2013 (Compilation)


AASB 1039
Concise Financial Reports - December 2012 (Compilation)


AASB 1048
Interpretation of Standards - December 2013 (Principal)


AASB 1049
Whole of Government and General Government Sector Financial Reporting
- December 2012 (Compilation)


AASB 1050
Administered Items - June 2010 (Compilation)


AASB 1052
Disaggregated Disclosures - June 2010 (Compilation)


AASB 1053
Application of Tiers of Australian Accounting Standards - June 2010
(Principal)


AASB 1054
Australian Additional Disclosures - May 2011 (Compilation)


Interp. 2
Members’ Shares in Co-operative Entities and Similar Instruments September 2012 (Compilation)


Interp. 4
Determining whether an Arrangement contains a Lease - September 2012
(Compilation)


Interp. 5 (NFP)
Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds [for not-for-profit entities] - December
2012 (Compilation)


Interp. 5 (FP)
Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds [for for-profit entities] - December 2012
(Compilation)


Interp. 9 (NFP)
Reassessment of Embedded Derivatives [for not-for-profit entities] December 2012 (Compilation)


Interp. 9 (FP)
Reassessment of Embedded Derivatives [for for-profit entities] - December
2012 (Compilation)


Interp. 12
Service Concession Arrangements - December 2012 (Compilation)


Interp. 13
Customer Loyalty Programmes - September 2012 (Compilation)


Interp. 14
AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction - September 2012 (Compilation)


Interp. 15
Agreements for the Construction of Real Estate - June 2010 (Compilation)


Interp. 16 (NFP)
Hedges of a Net Investment in a Foreign Operation [for not-for-profit entities]
- December 2012 (Compilation)


Interp. 16 (FP)
Hedges of a Net Investment in a Foreign Operation [for for-profit entities] December 2012 (Compilation)


Interp. 17 (NFP)
Distributions of Non-cash Assets to Owners [for not-for-profit entities] December 2012 (Compilation)


Interp. 17 (FP)
Distributions of Non-cash Assets to Owners [for for-profit entities] December 2012 (Compilation)


Interp. 19
Extinguishing Financial Liabilities with Equity Instruments - September 2012
(Compilation)


Interp. 20
Stripping Costs in the Production Phase of a Surface Mine - November 2011
(Principal)


Effective for 2013-14 financial reporting period
Changes to Standards | 5
The following new/revised/amending standards and/or interpretations are applicable to the
2013-14 financial year:
Likely impact?4
Yes
No
Interp. 127
Evaluating the Substance of Transactions Involving the Legal Form of a
Lease - September 2012 (Compilation)


Interp. 129
Service Concession Arrangements: Disclosures - June 2010 (Compilation)


Interp. 131
Revenue – Barter Transactions Involving Advertising Services - September
2012 (Compilation)


Interp. 132
Intangible Assets – Web Site Costs - September 2012 (Compilation)


Interp. 1052
Tax Consolidation Accounting - June 2010 (Compilation)


AASB CF 2013-1
Amendments to the Australian Conceptual Framework


List B: Future reporting periods
5
The following new/revised/amending standards and/or interpretations are
applicable to future reporting periods5:
Operative
date6
AASB 9
Financial Instruments - December 2013 (Compilation)
AASB 14
Likely impact?7
Yes
No
1 Jan 2017


Regulatory Deferral Accounts - June 2014 (Principal)
1 Jan 2016


AASB 1031
Materiality - December 2013 (Principal)
1 Jan 2014


AASB 1055
Budgetary Reporting - March 2013 (Principal)
1 Jul 2014


AASB 1056
Superannuation Entities - June 2014 (Principal)
1 Jul 2016


AASB 2010-7
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]
1 Jan 2015


AASB 2011-7
(NFP)
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 Interpretations 5, 9, 16 & 17]
[for not-for-profit entities]
1 Jan 2014


AASB 2012-3
Amendments to Australian Accounting Standards – Offsetting
Financial Assets and Financial Liabilities [AASB 132]
1 Jan 2014


AASB 2013-1
Amendments to AASB 1049 - Relocation of Budgetary
Reporting Requirements
1 Jul 2014


AASB 2013-3
Amendments to AASB 136 – Recoverable Amount Disclosures
for Non-Financial Assets
1 Jan 2014


With reference to the ‘Changes to Standards Applicable to the 2013-14 financial year’ above, for the 2014-15 financial year the “FP”
version (as shown in List A) or an updated version (where applicable) will also apply to NFP entities (these AASs have not been
reproduced in List B).
6
As per the AAS; this indicates the beginning (or end, if noted) of the first annual reporting period (calendar or financial) to which the
version of the AAS applies. For instance, if an AAS has a calendar operative date of ‘1 Jan 20X1’ as shown in List B, the application
date for an entity with a 30 June year end (financial) would instead be ‘1 July’ of that same year (i.e. 1 July 20X1).
7
See the footnote to ‘Likely impact?’ in List A. Also, items not marked as ‘no’ likely impact by Finance in List B are further analysed in
Attachment A in terms of AASB 108’s requirements.
Effective for 2013-14 financial reporting period
Changes to Standards | 6
The following new/revised/amending standards and/or interpretations are
applicable to future reporting periods5:
Operative
date6
Likely impact?7
Yes
No
AASB 2013-4
Amendments to Australian Accounting Standards – Novation of
Derivatives and Continuation of Hedge Accounting [AASB 139]
1 Jan 2014


AASB 2013-5
Amendments to Australian Accounting Standards – Investment
Entities [AASB 1, AASB 3, AASB 7, AASB 10, AASB 12, AASB
107, AASB 112, AASB 124, AASB 127, AASB 132, AASB 134
& AASB 139]
1 Jan 2014


AASB 2013-6
Amendments to AASB 136 arising from Reduced Disclosure
Requirements
1 Jan 2014


AASB 2013-7
Amendments to AASB 1038 arising from AASB 10 in relation to
consolidation and interests of policyholders [AASB 1038]
1 Jan 2014


AASB 2013-8
Amendments to Australian Accounting Standards – Australian
Implementation Guidance for Not-for-Profit Entities – Control
and Structured Entities [AASB 10, AASB 12 & AASB 1049]
1 Jan 2014


AASB 2013-9
Amendments to Australian Accounting Standards – Conceptual
Framework, Materiality and Financial Instruments
Refer title


Refer title

*
[Operative dates: Part A Conceptual Framework – already
effective; Part B Materiality – 1 Jan 2014; Part C Financial
Instruments – 1 Jan 2015]
AASB 2014-1
Amendments to Australian Accounting Standards
[Operative dates: Part A Annual Improvements 2010-2012 and
2011-2013 Cycles – 1 Jul 2014; Part B Defined Benefit Plans:
Employee Contributions (Amendments to AASB 119) – 1 Jul
2014; Part C Materiality – 1 Jul 2014; Part D Consequential
Amendments arising from AASB 14 – 1 Jan 2016; Part E
Financial Instruments – 1 Jan 2015]
*For Part D:


AASB 2014-2
Amendments to AASB 1053 – Transition to and between Tiers,
and related Tier 2 Disclosure Requirements [AASB 1053]
1 Jul 2014


Interp. 21
Levies - June 2013 (Principal)
1 Jan 2014


Effective for 2013-14 financial reporting period
Changes to Standards | 7