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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2015
100
QANTAS ANNUAL REPORT 2015
39. NEW STANDARDS AND INTERPRETATIONS NOT YET ADOPTED
The following table details the standards, amendments to standards and interpretations that have been identified as those which
may impact the Qantas Group in the period of initial application. They are available for early adoption at 30 June 2015, but have not
been applied in preparing these Consolidated Financial Statements.
Topic Key requirements Effective date for Qantas
AASB 15
Revenue from
Contracts with Customers
(A ASB 15)
AASB 15 establishes a comprehensive
framework for determining whether, how much
and when revenue is recognised. It replaces
existing revenue recognition guidance, including
AASB 118 Revenue, AASB 111 Construction
Contracts and AASB Interpretation 13 Customer
LoyaltyProgrammes.
AASB 15 is expected to be effective for annual
reporting periods beginning on or after
1January 2018, with early adoption permitted.
Qantas is assessing the potential impact on the
Consolidated Financial Statements resulting from
the application of AASB 15 for the financial year
ending 30 June 2019.
AASB 9
Financial
Instruments
(AASB 9 (2014))
AASB 9 (2014) amends AASB 9 (2013) to include
a new expected credit loss model for calculating
impairment on financial assets.
AASB 9 (2014) is effective for annual reporting
periods beginning on or after 1 January 2018,
with early adoption permitted.
This standard is not expected to have a material
impact on the financial statements of the Group.