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Phillip Forward Accounting Policy & Legislation Branch. AIFRS Update. Transition to AIFRS - where are we ?. AGAAP ends 30 June 2005 From 1 July 2005 all financial statements on AIFRS basis Comparatives for first AIFRS financial statements: Opening balance sheet - completed

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Phillip forward accounting policy legislation branch

Phillip Forward

Accounting Policy & Legislation Branch

AIFRS Update


Transition to aifrs where are we
Transition to AIFRS - where are we ?

  • AGAAP ends 30 June 2005

  • From 1 July 2005 all financial statements on AIFRS basis

  • Comparatives for first AIFRS financial statements:

    • Opening balance sheet - completed

    • Comparatives for 2004/05 – to OAG by 31 October 2005

  • First AIFRS published financial statements:

    • 31 December 2005


Model financial statements
Model financial statements

  • Draft models on DTF website:

    • Departments

    • Net cost of service statutory authority

    • Commercial statutory authority

  • Review of drafts:

    • Changes to Accounting Standards

    • 2006 numbers

    • Compliance with AIFRS disclosure requirements

    • Consistency

    • Completed for 31 December 2005 reporting


Treasurer s instructions tis
Treasurer’s Instructions (TIs)

  • Key reporting TIs to be updated for AIFRS compliance for 31 December 2005 reporting

  • Further update of all reporting TIs for 30 June 2006

  • Proposed Wafab updates:

    • 30 November 2005

    • 31 March 2006


Australian accounting standards board aasb
Australian Accounting Standards Board (AASB)

  • New approach by AASB to amending standards:

    • Amending Standards issued

      • For example, AASB 2005–1 “Amendments to Australian Accounting Standard”

      • Each Amending Standard may amend a number of Standards

    • Standards will not be remade until a substantial change occurs

    • Compiled versions on AASB website


New accounting pronouncements
New accounting pronouncements

  • Since May 2005 the AASB has issued:

    • 8 Amending Standards (AASB 2005-1 to 2005-8)

    • 2 UIG Interpretations

    • 4 Exposure Drafts

  • Operative date for most amendments is the reporting year ending 31 December 2006

  • Majority of amendments have limited impact on public sector


Early adoption of accounting standards and uigs
Early adoption of Accounting Standards and UIGs

  • Most Accounting Standards and UIGs permit early adoption

  • To ensure consistency, it is proposed to include a policy in TI 1101 “Application of Accounting Standards and Other Pronouncements”

    • No early adoption unless specified


Contacts
Contacts

Financial Policy Division

Accounting Policy & Legislation Branch

Phillip Forward 9222 9282

email: [email protected]

Anthony Smith 9222 9368

email: [email protected]

John Stanley 9222 9280

email: [email protected]


Questions

Questions?

AIFRS


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