HORSHAM RURAL CITY COUNCIL
NOTES TO THE FINANCIAL REPORT (Cont.) FOR THE YEAR ENDED 30th JUNE, 2012
1 SIGNIFICANT ACCOUNTING POLICIES (continued)
(v) Pending Accounting Standards (cont.) Standard/Interpretation
Summary
Applicable for Impact on Local annual Government financial reporting
statements
periods beginning or ending on
AASB 9 Financial Instruments These standards are Applicable for These changes are expected
and AASB 2009-11: Amendments applicable retrospectively and annual report- to provide some simplification to Australian Accounting Standards amend the classification and ing periods in the accounting for and arising from AASB 9 [AASB 1, 3, measurement of financial
4, 5, 7, 101, 102, 108, 112, 118, assets. Council has not yet on or after 1 instruments. 121, 127, 128, 131, 132, 136, 139, determined the potential
1023, & 1038 and Interpretations impact on the financial 10 & 12]
statements. Specific changes include: * simplifying the classifications of financial assets into those carried at amortised cost and those carried at fair value; * removing the tainting rules associated with held-to- maturity assets; * simplifying the requirements for embedded derivatives; *removing the requirements to separate and fair value embedded derivatives for financial assets carried at amortised cost; * allowing an irrevocable election on initial recognition to present gains and losses on investments in equity instruments that are not held for trading in other compre- hensive income. Dividends in respect of these investments that are a return on investment can be recognised in profit or loss and there is no impair- ment or recycling on disposal of the instrument; and *reclassifying financial assets where there is a change in an entity's business model as they are initially classified based on: a) the objective of the entity's business model for managing the financial b)the characteristics of the contractual cash flows.
Horsham Annual Report 2011 - 2012 77
commencing disclosure of financial January 2013.
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