Qantas 2013 Annual Report Download - page 164

162
Topic Key Requirements Effective Date for Qantas
Australian Accounting Standards and Interpretations Not Yet Adopted
AASB 11 Joint
Arrangements (AASB 11)
AASB 11 discusses the structure of joint arrangements by focusing on
the rights and obligations of the parties to the arrangement rather
than its legal form. There are two types of joint arrangements: joint
operations and joint ventures. Joint operations arise where a joint
operator has rights to the assets and obligations relating to the
arrangement and therefore accounts for its share of assets, liabilities,
revenue and expenses. Joint ventures arise where the joint venturer
has rights to the net assets of the arrangement and therefore equity
accounts for its interest.
This standard will become
mandatory for the Qantas
Group’s 30 June 2014 Financial
Statements. The Group has
not yet performed a detailed
analysis of the new standard,
related guidance and
interpretations, however it does
not expect the new standard to
have a material impact on the
nancial statements.
AASB 12 Disclosures of
interests in other entities
(AASB 12)
AASB 12 brings together into a single standard all the disclosure
requirements for all forms of interests in other entities, including joint
arrangements, associates, special purpose vehicles and other off
balance sheet vehicles.
This standard will become
mandatory for the Qantas
Group’s 30 June 2014 Financial
Statements and is not expected
to have a material impact on
the Financial Statements.
AASB 13 Fair value
measurement (AASB 13)
AASB 13 provides a single source of guidance on how fair value is
measured, and replaces the fair value measurement guidance that
is currently dispersed throughout Australian Accounting Standards.
Subject to limited exceptions, AASB 13 is applied when fair value
measurements or disclosures are required or permitted by other AASBs.
This standard will become
mandatory for the Qantas
Group’s 30 June 2014
FinancialStatements, but
is notexpected to have
a material impact on the
Financial Statements.
AASB 127 (revised 2011)
Separate financial
statements (AASB 127)
As a consequence of issuing AASB 10, a revised version of AASB 127
was issued. AASB 127 now only includes the requirements relating to
separate financial statements.
This standard will become
mandatory for the Qantas
Group’s 30 June 2014 Financial
Statements, but is not expected
to have a material impact on
the Financial Statements.
AASB 128 (revised
2011) Associates
andjointventures
As a consequence of issuing AASB 10, AASB 11, AASB 12, a
revised version of AASB 128 was issued. AASB 128 includes the
requirements for associates and joint ventures that have to be
equity accounted following the issue of AASB 11.
This standard will become
mandatory for the Qantas
Group’s 30 June 2014 Financial
Statements, but is not expected
to have a material impact on
the Financial Statements.
AASB 2012-2
Amendments to
Australian Accounting
Standards – Disclosures
– Offsetting Financial
Assets and Financial
Liabilities
This standard amends the required disclosures in AASB 7 to include
information that will enable users of an entity’s nancial statements
to evaluate the effect or potential effect of netting arrangements,
including rights of set-off associated with the entity’s recognised
nancial assets and recognised nancial liabilities on the entity’s
nancial position.
This standard also amends AASB 132, Financial Instruments:
Presentation and by clarifying some of the requirements for offsetting
financial assets and financial liabilities on the balance sheet.
This amendment will become
mandatory for the Qantas
Group’s 30 June 2014 Financial
Statements; however, it
is not expected to have
a material impact on the
FinancialStatements.
Notes to the Financial Statements continued
FOR THE YEAR ENDED 30 JUNE 2013
38. New Standards and Interpretations Not Yet Adopted
continue
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