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What’s new in the December 2013 financial reporting cycle?

Our popular guide to new and revised financial reporting requirements

Author: Deepesh Malik and Darryn Rundell, Accounting Technical Group

The information on this page has been updated for developments as at 30 September 2013.

The analysis below provides a high level overview of new and revised financial reporting requirements that need to be considered for financial reporting periods ending on 31 December 2013. Entities can use this listing to perform a quick check that all the new financial reporting requirements have been fully considered as part of their December reporting close process.

The information below is organised as follows:

In addition, we've provided answers to some of the commonly asked questions about the disclosures required in relation to new and revised accounting pronouncements.


Key considerations for financial reporting at December 2013

December 2013 financial reporting will see application of new standards in some major areas like consolidation, joint arrangements, fair value measurements, and employee benefits, including extensive disclosure requirements. Some of the new standards/interpretations with a mandatory effective date of 1 January 2013 are:

  • AASB 10 Consolidated Financial Statements
  • AASB 11 Joint Arrangements
  • AASB 12 Disclosure of Interests in Other Entities
  • AASB 13 Fair Value Measurements
  • AASB 119 (2011) Employee Benefits
  • AASB 127 (2011) Separate Financial Statements
  • AASB 128 (2011) Investments in Associates and Joint Ventures
  • INT 20 Stripping Costs in the Production Phase of a Surface Mine.

It is imperative that entities understand, assess and ensure that relevant policies and functionalities are in place to implement and comply with the changes.

In addition to the above list of major accounting standards, other new and amended reporting requirements that must be applied for the first time for the December 2013 year-end include:

  • Amendments regarding the presentation of items of other comprehensive income (OCI) with the requirement to split items of OCI (and tax thereon) between those that will or will not be recycled to profit or loss
  • Amendments to AASB 7 Financial Instruments: Disclosures regarding rights of offset and related arrangements (such as collateral posting requirements) for financial instruments under an enforceable master netting agreement or similar arrangement
  • Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle, that includes clarification of the requirements for comparative information (AASB 101 Presentation of Financial statements), classification of servicing equipment (AASB 116 Property Plant and Equipment), and tax effect of the distribution to holders of equity instruments (AASB 132 Financial Instruments: Presentation)
  • Minor amendments to AASB 1049 Whole of Government and General Government Sector Financial Reporting, AASB 1038 Life Insurance Contracts, AASB 1 First- time Adoption of Australian Financial Accounting Standards, and AASB 1048 Interpretation of Standards that removed Interpretation 1039 Substantive Enactment of Major Tax Bills in Australia from the list of 'other Australian interpretations' contained in AASB 1048.

Some of the Australian-specific and other related factors that need to be considered in the current reporting season:

  • AASB differential reporting regime – voluntary early adoption of the AASB's revised differential reporting framework, particularly the 'Reduced Disclosure Requirements' (RDR) permits for-profit reporting entities without 'public accountability', not-for- profit entities that are reporting entities and some public sector entities to present substantially less disclosure than in the past. More information can be found in our Illustrative financial statements (RDR) and Accounting alert 2010/08.
     
  • Carbon pricing – The carbon price commenced on 1 July 2012 with a fixed price of $23 per tonne of carbon dioxide equivalent (CO2-e) emitted for liable entities. From 1 July 2013 the carbon price increased to $24.15 per tonne of CO2-e.

    Following the election of the Abbott federal government, draft legislation has been drafted to repeal the carbon pricing legislation from 1 July 2014 although it has not yet passed through the Australian parliament. Liable entities should continue to account for carbon consistent with their approach in 2012.
     
  • New IASB pronouncements – the IASB has issued a number of standards that form the basis of the 'next wave' of pronouncements, which will mandatorily apply from 1 January 2013 through to 1 January 2015 or 2016 (depending upon the dates finally determined). New standards have been issued on fair value measurement, financial instruments, consolidation, joint arrangements and disclosures and employee benefits. Further pronouncements are expected on financial instruments, lease accounting, revenue recognition and insurance contracts. There may be some changes for which early adoption would be attractive. In addition, to the extent pronouncements have been issued prior to finalising the financial report, entities claiming full compliance with IFRSs in their financial statements will need to include the relevant AASB 101 disclosures about accounting standards on issue but not applied in their financial reports. Analysts and other stakeholders may also request more in-depth information about the impacts of the changes. More information can be found on our IAS Plus website.
     
  • Non-IFRS financial information – ASIC has released regulatory guidance on the use of 'non-IFRS financial information' in various documents. Entities providing additional financial information should carefully read the guidance and consider compliance and whether additional disclosure under the guide is necessary. More information can be found in Accounting alert 2011/6.
     
  • Effective disclosure in operating and financial review – On 27 March 2013, the ASIC released Regulatory Guide 247 Effective disclosure in an operating and financial review (RG 247) to provide guidance on preparing an operating and financial review (OFR) in the directors' report of a listed entity under s.299A of the Corporations Act 2001. RG 247 includes guidance on:
    • Providing a narrative and an analysis of the entity's operations and financial position
    • Outlining the entity's key business strategies and providing a discussion of the entity's prospects for future financial years
    • The application of the 'unreasonable prejudice' exemption from disclosing specific business strategies and prospects.
    More information can be found in Accounting alert 2013/10 that provides a summary and analysis on the guidance.
     
  • Financial reporting implications of Tax Ruling on frankable dividends – The Australian Taxation Office (ATO) has issued a Tax Ruling (TR 2012/05) on frankable dividends which proposes methods by which a company with accumulated losses can pay a final or an interim dividend out of current period profits that is frankable. Since the dividend payment rules in the Corporations Act 2001 was changed from that of a 'profit test' to a 'three tiered test' in June 2010, there has been considerable controversy on what could be viewed as a 'dividend' under the Income Tax Act and whether it would be frankable. This Tax Ruling comments on the ATO's interpretation of the Corporations Act 2001 with respect to dividend payments and the ability to frank these dividends.

    As per the Ruling, a dividend can be franked only when it is paid out of 'profits' and it suggests methods by which a company with accumulated losses can isolate profits made in one year for payment of frankable dividends in that year or in future years. For more information, refer Deloitte Accounting alert.
  • Australia-New Zealand convergence – on 13 May 2011, the AASB and New Zealand Financial Reporting Standards Board (FRSB) issued a number of Standards implementing the first phase of a project which seeks to converge accounting standards between Australia and New Zealand. The recent amendments deleted a number of Australian-specific disclosures and guidance, and moved the retained disclosures (not also required by IFRSs) to a separate Standard – AASB 1054 'Australian additional disclosures'. Additional amendments implement 'Reduced Disclosure Requirements' for the revised disclosures. AASB 1054 applies to annual reporting periods beginning on or after 1 July 2011, and provides some relief in 'Aus' specific disclosures. More information can be found in Accounting alert 2010/09 and Accounting alert 2010/12.
     

What are the new and revised accounting pronouncements for December 2013?

Snapshot of the mandatory and optional requirements for December 2013 reporting periods.

 Full A- IFRS: Mandatory for June 2013 full year ends

AASB 10 Consolidated Financial Statements*
AASB 11 Joint Arrangements*
AASB 12 Disclosure of Interests in Other Entities*
AASB 13 Fair Value Measurements
AASB 119 (2011) Employee Benefits
AASB 127 (2011) Separate Financial Statements*
AASB 128 (2011) Investments in Associates and Joint Ventures*
INT 20 Stripping Costs in the Production Phase of a Surface Mine
AASB 2010-10 Further Amendments to Australian Accounting Standards – Removal of Fixed Dates for First-time Adopters (AASB 2009-11 & AASB 2010-7)
AASB 2011-3 Amendments to Australian Accounting Standards – Orderly Adoption of Changes to the ABS GFS Manual and Related Amendments
AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income
AASB 2011-13 Amendments to Australian Accounting Standard – Improvements to AASB 1049
AASB 2012-2 Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and Financial Liabilities
AASB 2012-4 Amendments to Australian Accounting Standards – Government Loans
AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle
AASB 2012-6 Amendments to Australian Accounting Standards – Mandatory Effective Date of AASB 9 and Transition Disclosures
AASB 2012-8 Amendments to AASB 1049 – Extension of Transitional Relief for the Adoption of Amendments to the ABS GFS Manual relating to Defence Weapons Platforms
AASB 2012-9 Amendment to AASB 1048 arising from the Withdrawal of Australian Interpretation 1039
AASB 2012-10 Amendments to Australian Accounting Standards – Transition Guidance and Other Amendments (AASB 10, AASB 128)
AASB 2013-2 Amendments to AASB 1038 – Regulatory Capital

Full A-IFRS: Optional for December 2013 full year ends

AASB 9 Financial Instruments – Classification & Measurement
AASB 1055 Budgetary Reporting
AASB 2012-3 Amendments to Australian Accounting Standards – Offsetting Financial Assets and Financial Liabilities
AASB 2013-3 Amendments to AASB 136 – Recoverable Amount Disclosures for Non- Financial Assets
AASB 2013-4 Amendments to Australian Accounting Standards – Novation of Derivatives and Continuation of Hedge Accounting
AASB 2013-5 Amendments to Australian Accounting Standards – Investment Entities
INT 21 Levies

Full A-IFRS: Mandatory for December 2013 half year ends (June 2014 full year ends)

AASB 10 Consolidated Financial Statements*
AASB 11 Joint Arrangements*
AASB 12 Disclosure of Interests in Other Entities*
AASB 13 Fair Value Measurements
AASB 119 (2011) Employee Benefits
AASB 127 (2011) Separate Financial Statements*
AASB 128 (2011) Investments in Associates and Joint Ventures*
INT 20 Stripping Costs in the Production Phase of a Surface Mine
AASB 2010-10 Further Amendments to Australian Accounting Standards – Removal of Fixed Dates for First-time Adopters (AASB 2009-11 & AASB 2010-7)
AASB 2012-2 Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and Financial Liabilities
AASB 2012-4 Amendments to Australian Accounting Standards – Government Loans
AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle
AASB 2012-6 Amendments to Australian Accounting Standards – Mandatory Effective Date of AASB 9 and Transition Disclosures
AASB 2012-9 Amendment to AASB 1048 arising from the Withdrawal of Australian Interpretation 1039
AASB 2012-10 Amendments to Australian Accounting Standards – Transition Guidance and Other Amendments (AASB 10, AASB 128)
AASB 2011-4^ Amendments to AASB 1038 – Regulatory Capital

^ applies to annual reporting periods beginning on or after 1 July 2013. Early adoption is not permitted. 

Full A-IFRS: Optional for December 2013 half year ends (June 2014 full year ends)

AASB 9 Financial Instruments – Classification & Measurement
AASB 1055 Budgetary Reporting
AASB 2012-3 Amendments to Australian Accounting Standards – Offsetting Financial Assets and Financial Liabilities
AASB 2013-3 Amendments to AASB 136 – Recoverable Amount Disclosures for Non- Financial Assets
AASB 2013-4 Amendments to Australian Accounting Standards – Novation of Derivatives and Continuation of Hedge Accounting
AASB 2013-5 Amendments to Australian Accounting Standards – Investment Entities
INT 21 Levies
 Reduced Disclosure Requirements (RDRs) - Optional for December 2013 reporting periods

AASB 1053, AASB 2010-2 Application of Tiers of Australian Accounting Standards
AASB 2011-2 Amendments arising from the Trans-Tasman convergence Project
AASB 2011-6 Extending Relief from Consolidation, the Equity Method and Proportionate Consolidation (AASB 127, AASB 128, AASB 131)
AASB 2011-11 Amendments to AASB 119 Employee Benefits (2011)
AASB 2012-1 Amendments to Fair Value Measurements (AASB 13)
AASB 2012-7 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements (AASB 7, AASB 12, AASB 101, AASB 127)
AASB 2012-11 Amendments to Australian Accounting Standards – Reduced Disclosure Requirements and Other Amendments
AASB 2013-6 Amendments to AASB 136 arising from Reduced Disclosure Requirements

Note: The RDR regime would be effective for reporting periods beginning on or after 1 July 2013. An entity may choose to early adopt, subject to certain criteria.

 

The pronouncements listed in the snapshot above, are discussed in further detail in this document below.

The tables below outline the new and revised pronouncements that are to be applied for the first time at 31 December 2013, or which may be early adopted at that date.

In the majority of cases, the disclosure requirements of the pronouncements listed in the tables below would not be applicable to half- year financial reports. However, where relevant, the recognition and measurement requirements of any relevant pronouncements would be applied where those pronouncements have been adopted by the entity.

As occurs so often with changes to accounting standards and financial reporting requirements, some of the new or revised pronouncements listed in the tables below may have a substantial impact on particular entities. Therefore, it is important that the pronouncements listed are carefully reviewed for any potential impacts or opportunities.

Where early adoption is being contemplated, it is important to address any necessary procedural requirements, e.g. for entities reporting under the Corporations Act 2001, appropriate director's resolutions for early adoption must be made under s.334(5). Disclosure in the financial statements must also be addressed.

In addition, the disclosure requirements required in relation to new and revised accounting pronouncements need to be carefully considered even where they have not yet been adopted. Read more...

New and revised Standards forming the 'next wave'

The IASB is currently working on a number of important projects which may have significant potential impacts on accounting requirements going forward. In this section, we highlight those pronouncements which have been issued to date and form part of this so-called 'next wave' of IFRS. Some of these projects have application dates as early as 1 January 2013, and would be mandatory for December 2013 financial reports. Others (such as leases, revenue, and insurance contracts) may not be applicable for a number of years. The IASB and FASB are consulting on the effective dates and transition requirements for the majority of these projects (particularly those not yet finalised as a standard), and so application dates may be varied, or early adoption may be 'linked' to other standards. Refer to IASB work planfor more information about the IASB's effective dates.

New or revised requirement When effective 31 December 2013 applicability More information
Full years Half years

AASB 9 Financial Instruments (December 2009), AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9, AASB 2012-6 Amendments to Australian Accounting Standards – Mandatory Effective Date of AASB 9 and Transition Disclosures

AASB 9 introduces new requirements for classifying and measuring financial assets, as follows:

  • Debt instruments meeting both a 'business model' test and a 'cash flow characteristics' test are measured at amortised cost (the use of fair value is optional in some limited circumstances)
  • Investments in equity instruments can be designated as 'fair value through other comprehensive income' with only dividends being recognised in profit or loss
  • All other instruments (including all derivatives) are measured at fair value with changes recognised in the profit or loss
  • The concept of 'embedded derivatives' does not apply to financial assets within the scope of the Standard and the entire instrument must be classified and measured in accordance with the above guidelines.

Note: In October 2010, the IASB reissued IFRS 9 'Financial Instruments', including revised requirements for financial liabilities and carrying over the existing derecognition requirements from IAS 39 'Financial Instruments: Recognition and Measurement'. On 15 December 2010, the AASB publicly released AASB 9 'Financial Instruments' (December 2010) and AASB 2010-7 'Amendments to Australian Accounting Standards arising from AASB 9 (December 2010)', which supersedes AASB 9 (December 2009). However, for annual reporting periods beginning before 1 January 2013, an entity may early adopt AASB 9 (December 2009) instead of AASB 9 (December 2010).

AASB 2012-6 amended AASB 9 to defer the mandatory effective date to annual periods beginning on or after 1 January 2015.

Applies on a modified retrospective basis to annual periods beginning on or after 1 January 2015 Optional
(see note regarding early adoption)
Optional
(see note regarding early adoption)
IAS Plus Update (PDF 226kb)

Deloitte Australia press release

AASB 9 Financial Instruments (December 2010), AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010), AASB 2012-6 Amendments to Australian Accounting Standards – Mandatory Effective Date of AASB 9 and Transition Disclosures

A revised version of AASB 9 incorporating revised requirements for the classification and measurement of financial liabilities, and carrying over of the existing derecognition requirements from AASB 139 Financial Instruments: Recognition and Measurement.

The revised financial liability provisions maintain the existing amortised cost measurement basis for most liabilities. New requirements apply where an entity chooses to measure a liability at fair value through profit or loss – in these cases, the portion of the change in fair value related to changes in the entity's own credit risk is presented in other comprehensive income rather than within profit or loss.

This Standard supersedes AASB 9 (December 2009). However, for annual reporting periods beginning before 1 January 2013, an entity may early adopt AASB 9 (December 2009) instead of applying this Standard.

AASB 2012-6 amended AASB 9 to defer the mandatory effective date to annual periods beginning on or after 1 January 2015.

Applies on a modified retrospective basis to annual periods beginning on or after 1 January 2015 Optional
(see note regarding early adoption)
Optional
(see note regarding early adoption)
IFRS in Focus (PDF 82kb)

 AASB 10 Consolidated Financial Statements, AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards

Requires a parent to present consolidated financial statements as those of a single economic entity, replacing the requirements previously contained in AASB 127 Consolidated and Separate Financial Statements and INT-112 Consolidation - Special Purpose Entities.

The Standard identifies the principles of control, determines how to identify whether an investor controls an investee and therefore must consolidate the investee, and sets out the principles for the preparation of consolidated financial statements.

The Standard introduces a single consolidation model for all entities based on control, irrespective of the nature of the investee (i.e. whether an entity is controlled through voting rights of investors or through other contractual arrangements as is common in 'special purpose entities'). Under AASB 10, control is based on whether an investor has:

  • Power over the investee
  • Exposure, or rights, to variable returns from its involvement with the investee, and
  • The ability to use its power over the investee to affect the amount of the returns
Applicable to annual reporting periods beginning on or after 1 January 2013

Mandatory

 

Mandatory
IAS Plus Summary of IFRS 10

Deloitt e IFRS Podcast (May 2011, 10 minutes, MP3 7mb)

AASB_11 Joint Arrangements, AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards

Replaces AASB 131 Interests in Joint Ventures. Requires a party to a joint arrangement to determine the type of joint arrangement in which it is involved by assessing its rights and obligations and then account for those rights and obligations in accordance with that type of joint arrangement.

Joint arrangements are either joint operations or joint ventures:

  • A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint operators recognise their assets, liabilities, revenue and expenses in relation to its interest in a joint operation (including their share of any such items arising jointly)
  • A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (joint venturers) have rights to the net assets of the arrangement. A joint venturer applies the equity method of accounting for its investment in a joint venture in accordance with AASB 128 Investments in Associates and Joint Ventures (2011). Unlike AASB 131, the use of 'proportionate consolidation' to account for joint ventures is not permitted.
Applicable to annual reporting periods beginning on or after 1 January 2013
Mandatory Mandatory

IFRS in Focus (PDF 69kb)


IAS Plus Summary of IFRS 11

Deloitt e IFRS Podcast (May 2011, 10 minutes, MP3 7mb)

 AASB 12 Disclosure of Interests in Other Entities, AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards

Requires the extensive disclosure of information that enables users of financial statements to evaluate the nature of, and risks associated with, interests in other entities and the effects of those interests on its financial position, financial performance and cash flows.

In high-level terms, the required disclosures are grouped into the following broad categories:

  • Significant judgements and assumptions - such as how control, joint control, significant influence has been determined
  • Interests in subsidiaries - including details of the structure of the group, risks associated with structured entities, changes in control, and so on
  • Interests in joint arrangements and associates - the nature, extent and financial effects of interests in joint arrangements and associates (including names, details and summarised financial information)
  • Interests in unconsolidated structured entities - information to allow an understanding of the nature and extent of interests in unconsolidated structured entities and to evaluate the nature of, and changes in, the risks associated with its interests in unconsolidated structured entities.

AASB 12 lists specific examples and additional disclosures which further expand upon each of these disclosure objectives, and includes other guidance on the extensive disclosures required.

Applicable to annual reporting periods beginning on or after 1 January 2013
Mandatory Mandatory IFRS in Focus (PDF 65kb)

IAS Plus Summary of IFRS 12

 AASB 127 Separate Financial Statements (2011), AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards

Amended version of AASB 127 which now only deals with the requirements for separate financial statements, which have been carried over largely unamended from AASB 127 Consolidated and Separate Financial Statements. Requirements for consolidated financial statements are now contained in AASB 10 Consolidated Financial Statements.

The Standard requires that when an entity prepares separate financial statements, investments in subsidiaries, associates, and jointly controlled entities are accounted for either at cost, or in accordance with AASB 9 Financial Instruments.

The Standard also deals with the recognition of dividends, certain group reorganisations and includes a number of disclosure requirements.

Applicable to annual reporting periods beginning on or after 1 January 2013
Mandatory Mandatory IAS Plus Summary of IAS 27 (2011)

AASB 128 Investments in Associates and Joint Ventures (2011), AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards

This Standard supersedes AASB 128 Investments in Associates and prescribes the accounting for investments in associates and sets out the requirements for the application of the equity method when accounting for investments in associates and joint ventures.

The Standard defines 'significant influence' and provides guidance on how the equity method of accounting is to be applied (including exemptions from applying the equity method in some cases). It also prescribes how investments in associates and joint ventures should be tested for impairment.

Applicable to annual reporting periods beginning on or after 1 January 2013
Mandatory Mandatory IAS Plus Summary of IAS 28 (2011)

 AASB 13 Fair Value Measurement and related AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13

Replaces the guidance on fair value measurement in existing AASB accounting literature with a single standard.

The AASB defines fair value, provides guidance on how to determine fair value and requires disclosures about fair value measurements. However, AASB 13 does not change the requirements regarding which items should be measured or disclosed at fair value.

AASB 13 applies when another AASB requires or permits fair value measurements or disclosures about fair value measurements (and measurements, such as fair value less costs to sell, based on fair value or disclosures about those measurements). With some exceptions, the standard requires entities to classify these measurements into a 'fair value hierarchy' based on the nature of the inputs:

  • Level 1 - quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date
  • Level 2 - inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
  • Level 3 - unobservable inputs for the asset or liability.

Entities are required to make various disclosures depending upon the nature of the fair value measurement (e.g. whether it is recognised in the financial statements or merely disclosed) and the level in which it is classified.

Applicable to annual reporting periods beginning on or after 1 January 2013
Mandatory Mandatory
IFRS in Focus (PDF 78kb)

IAS Plus Summary of IFRS 13

Deloi tte IFRS Podcast (May 2011, 18 mins, MP3 13mb)

 AASB 119 Employee Benefits (2011), AASB 2011-10 Amendments to Australian Accounting Standards arising from AASB 119 (2011)

An amended version of AASB 119 Employee Benefits with revised requirements for pensions and other postretirement benefits, termination benefits and other changes.

The key amendments include:

  • Requiring the recognition of changes in the net defined benefit liability (asset) including immediate recognition of defined benefit cost, disaggregation of defined benefit cost into components, recognition of remeasurements in other comprehensive income, plan amendments, curtailments and settlements (eliminating the 'corridor approach' permitted by the existing AASB 119)
  • Introducing enhanced disclosures about defined benefit plans
  • Modifying accounting for termination benefits, including distinguishing benefits provided in exchange for service and benefits provided in exchange for the termination of employment and affect the recognition and measurement of termination benefits
  • Clarifying various miscellaneous issues, including the classification of employee benefits, current estimates of mortality rates, tax and administration costs and risk-sharing and conditional indexation features
  • Classification of employee benefits: the amendments define short term employee benefits as employee benefits that are "expected to be settled wholly before twelve months after the end of annual reporting period" in place of currently used "due to be settled"
  • Incorporating other matters submitted to the IFRS Interpretations Committee.
Applicable to annual reporting periods beginning on or after 1 January 2013 Mandatory
Mandatory

IFRS in focus (PDF 67kb)


IFRS podcast (mp3, 8 mins)


Impact analysis

 

New or revised domestic Standards
New or revised requirement When effective 31 December 2013 applicability More information
Full years Half years

AASB 1053 Application of Tiers of Australian Accounting Standards and AASB 2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements

These Standards together implement 'stage 1' of the AASB's revised differential reporting regime.

AASB 1053 establishes a differential financial reporting framework consisting of two tiers of reporting requirements for general purpose financial statements:

  • Tier 1: Australian Accounting Standards
  • Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements ('RDR').

AASB 2010-2 makes amendments to each Standard and Interpretation indicating the disclosures not required to be made by 'Tier 2' entities. In some cases, additional 'RDR' paragraphs are inserted requiring simplified disclosures.

The following entities apply either Tier 2 (RDR) or Tier 1 ('full' Australian Accounting Standards) in preparing general purpose financial statements:

  • For-profit private sector entities that do not have public accountability
  • All not-for-profit private sector entities
  • Public sector entities other than Federal, State, Territory and Local Governments.

Regulators may have the power to require the application of 'full' Australian Accounting Standards (Tier 1) by the entities they regulate.

Note: The AASB is yet to consider RDR simplifications to certain standards, including AASB 4, AASB 1023, AASB 1038 and AAS 25. These will be subject of an additional consultative document. In addition, the AASB continues to issue 'Tier 2' exposure drafts in relation to recent IASB proposals, seeking input into how the proposed disclosures should be implemented in the RDR environment. 'Stage 2' of the AASB's differential reporting project will consider whether to extend the revised differential reporting framework to all financial statements prepared under Australian Accounting Standards, including entities currently considered 'non-reporting entities'.

Applies to annual reporting periods beginning on or after 1 July 2013 but may be early adopted for annual reporting period beginning on or after 1 July 2009 Optional
(for eligible entities)
Optional
(for eligible entities)
Accounting alert 2010/08

RDR model financial reports

RDR versions of standards (link to AASB website)

AASB 1055 Budgetary Reporting, and AASB 2013-1 Amendments to AASB 1049 – Relocation of Budgetary Reporting Requirements

AASB 1055 sets out budgetary reporting requirements for not-for-profit entities within the General Government Sector (GGS) of the Australian Government and State and Territory Governments, and, together with AASB 2013-1, relocates the corresponding budgetary reporting requirements for the whole of government and GGS of the Australian Government and State and Territory Governments from AASB 1049

(Note: All budgetary reporting requirements applicable to public sector entities are now located in a single, topic-based, Standard AASB 1055 'Budgetary Reporting') .

Applies to annual reporting periods beginning on or after 1 July 2014 Optional Optional

AASB 1055 (PDF)


AASB 2013-1 (PDF)

 

New Amending Standards

The table below lists the Amending Standards that do not relate to the pronouncements listed in other tables.

New or revised requirement When effective 31 December 2013 applicability More information
Full years Half years

AASB 2010-10  Further Amendments to Australian Accounting Standards – Removal of Fixed Dates for First- time Adopters

Amends AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9 and AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) to replace references to a fixed date of '1 January 2004' with 'the date of transition to Australian Accounting Standards', thereby providing relief for first-time adopters of Australian Accounting Standards from having to reconstruct transactions that occurred before their date of transition to Australian Accounting Standards.

Early application of the amendments in this Standard is permitted in accordance with the early application provisions of AASB 2009-11 or AASB 2010-7, as relevant.

Applicable to annual periods beginning on or after 1 January 2013 Mandatory
(for first time adopters see note)
Mandatory
(for first time adopters see note)
IFRS in Focus (PDF 61kb)

AASB 2011-2 Amendments to Australian Accounting Standards arising from the Trans-Tasman Convergence Project – Reduced Disclosure Requirements

Establishes reduced disclosure requirements for entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements in relation to the Australian additional disclosures arising from the Trans-Tasman Convergence Project.

The application date of this standard aligns with AASB 1053 Application of Tiers of Australian Accounting Standards (but may be early adopted, see below).

Note: Early adoption of AASB 2011-2 is permitted for annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that AASB 1053 'Application of Tiers of Australian Accounting Standards', AASB 1054 and AASB 2011-1 are also adopted for the same period.

Applicable to annual reporting periods beginning on or after 1 January 2013 Optional
(for first-time adopters, see note)
Mandatory
(for first-time adopters, see note)
AASB 2011 -2 (PDF 72kb)

AASB 2011-3 Amendments to Australian Accounting Standards – Orderly Adoption of Changes to the ABS GFS Manual and Related Amendments

This Standard makes amendments to AASB 1049 Whole of Government and General Government Sector Financial Reporting to amend the definition of the ABS GFS Manual, provide relief from adopting the latest version of the ABS GFS Manual, and require related disclosures where the latest version of the ABS GFS Manual has not been applied.

Applicable to annual reporting periods beginning on or after 1 July 2013 Mandatory Already Implemented AASB 2011 -3 (PDF 279kb)

AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements

Amends AASB 124 Related Party Disclosures to remove the individual key management personnel (KMP) disclosures required by Australian specific paragraphs.

Such disclosures are more in the nature of governance disclosures that are better dealt with as part of the Corporations Act 2001.

^Note: Mandatory for June 2014 YE; Interim December 2013HYE is not expected to be impacted

Applicable to annual reporting periods beginning on or after 1 July 2013 n/a (early adoption is not allowed) n/a^ (early adoption is not allowed) AASB 2011-4 (PDF 251kb)

AASB 2011-6 Amendments to Australian Accounting Standards – Extending Relief from Consolidation, the Equity Method and Proportionate Consolidation – Reduced Disclosure Requirements

Extends relief from consolidation, the equity method and proportionate consolidation to Tier 2 entities in particular circumstances, by removing the requirement for the consolidated financial statements prepared by the ultimate or any intermediate parent entity to be IFRS compliant, provided that the parent entity, investor or venturer and the ultimate or intermediate parent entity comply with Australian Accounting Standards or Australian Accounting Standards – Reduced Disclosure Requirements.
Note: Early adoption permitted provided that AASB 1053 'Application of Tiers of Australian Accounting Standards' is also adopted early for the same period

Applicable to annual reporting periods beginning on or after 1 July 2013 Optional
(for eligible entities)
Optional
(for eligible entities)
AASB 2011 -6 (PDF 305kb)

AASB 2011-9 Amendments to Australian Accounting Standards - Presentation of Items of Other Comprehensive Income 

These amendments arise from the issuance of the IASB Standard Presentation of Items of Other Comprehensive Income (Amendments to IAS 1) in June 2011.

The amendments:

  • Requires entities to group items presented in other comprehensive income (OCI) on the basis of whether they are potentially reclassifiable to profit or loss subsequently (reclassification adjustments)
  • Require tax associated with items presented before tax to be shown separately for each of the two groups of OCI items (without changing the option to present items of OCI either before tax or net of tax).
Applicable to annual reporting periods beginning on or after 1 July 2012
Mandatory Mandatory

IFRS in focus (PDF 67kb)


IFRS podcast (mp3, 12 mins)

AASB 2011-11 Amendments to AASB 119 (September 2011) arising from Reduced Disclosure Requirements

Sets out reduced disclosure requirements for Tier 2 entities to apply in relation to AASB 119 'Employee Benefits (September 2011)'

Note: Early application permitted provided AASB 1053 'Application of Tiers of Australian Accounting Standards' is also adopted.

Applicable to annual reporting periods beginning on or after 1 July 2013
Optional
(for eligible entities)
Mandatory
(for eligible entities)
AASB 2011-11 (PDF 234kb)

AASB 2011-13 Amendments to Australian Accounting Standard – Improvements to AASB 1049

Amends some of the requirements in AASB 1049 Whole of Government and General Government Sector Financial Reporting to improve that standard at an operational level.

Applicable to annual reporting periods beginning on or after 1 July 2012
Mandatory Already Implemented AASB 2011-13 (PDF 668kb)

AASB 2012-1 Amendments to Australian Accounting Standards – Fair Value Measurement – Reduced Disclosure Requirements

Sets out reduced disclosure requirements for Tier 2 entities to apply in relation to AASB 13 Fair Value Measurement and amends reduced disclosure requirements of other Australian Accounting Standards that were amended as a consequence of the issuance of AASB 13.

Note: Early application permitted provided AASB 1053 'Application of Tiers of Australian Accounting Standards'; AASB 13 'Fair Value Measurement'; and AASB 2011-8 'Amendments to Australian Accounting Standards arising from AASB 13' are also adopted.

Applicable to annual reporting periods beginning on or after 1 July 2013
Optional
(for eligible entities)
Mandatory
(for eligible entities)
AASB 2012 -1 (PDF 303kb)

AASB 2012-2 Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and Financial Liabilities (Amendments to AASB 7) 

Amends AASB 7 Financial Instruments: Disclosures to require an entity to disclose information about rights of offset and related arrangements (such as collateral posting requirements) for financial instruments under an enforceable master netting agreement or similar arrangement.

Applicable to annual periods beginning on or after 1 January 2013 Mandatory Mandatory Deloitte podcast (26 mins 11.5 mbs)

IFRS in focus (PDF 71kb)

AASB 2012-3 Amendments to Australian Accounting Standards – Offsetting Financial Assets and Financial Liabilities (Amendments to AASB 132) 

Address inconsistencies in current practice when applying the offsetting criteria in AASB 132 Financial Instruments: Presentation.

Clarifies the meaning of 'currently has a legally enforceable right of set-off' and 'simultaneous realisation and settlement'.

Note: Entities early adopting this standard must also adopt 'Amendments to Australian Accounting Standards – Disclosures- Offsetting Financial Assets and Financial Liabilities' (Amendments to AASB 7).

Applicable to annual periods beginning on or after 1 January 2014 Optional Optional Deloitte podcast (26 mins 11.5 mbs)

IFRS in focus (PDF 71kb)

AASB 2012-4 Amendments to Australian Accounting Standards – Government Loans (Amendments to AASB 1 'First-time Adoption of International Financial Reporting Standards') 

Gives first-time adopters of AASBs relief from full retrospective application of AASBs when accounting for government loans received at a below market rate of interest on transition.

First-time adopters shall apply the requirements in AASB 9 Financial Instruments and AASB 120 Accounting for Government Grants and Disclosure of Government Assistance prospectively to government loans existing at the date of transition to IFRSs. This means that first-time adopters may not recognise the corresponding benefit of the government loan at a below-market rate of interest as a government grant, unless the information needed to do so had been obtained at the time of initial accounting for the loan. It gives first-time adopters the same relief as existing preparers of IFRS financial statements.

Applicable to annual periods beginning on or after 1 January 2013 Mandatory Mandatory IFRS in focus (PDF 69kb)

AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle

Amends a number of pronouncements as a result of the 2009–2011 annual improvements cycle.

Key amendments include:

  • AASB 1- repeated application of AASB 1
  • AASB 101- clarification of the requirements for comparative information
  • AASB 116- classification of servicing equipment
  • AASB 132- tax effect of the distribution to holder of equity instruments
  • AASB 134- interim reports and segment information for total assets and liabilities
Applicable to annual periods beginning on or after 1 January 2013 Mandatory Mandatory IFRS in focus (PDF 67kb)

AASB 2012-6 Amendments to Australian Accounting Standards – Mandatory Effective Date of AASB 9 and Transition Disclosures

Amends the mandatory effective date of AASB 9 Financial Instruments so that AASB 9 is required to be applied for annual reporting periods beginning on or after 1 January 2015 instead of 1 January 2013.

Modifies the relief from restating prior periods by amending AASB 7 Financial Instruments: Disclosures to require additional disclosures on transition from AASB 139 Financial Instruments: Recognition and Measurement to AASB 9 in some circumstances.

Applicable to annual periods beginning on or after 1 January 2013 Mandatory Mandatory AASB 2012-6 (PDF 387kb)

Deloitte podcast (12 mins 5.5 mb)

IFRS in focus (PDF 67kb)

AASB 2012-7 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements

Amends reduced disclosure requirements for entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements. These amendments relate to amended disclosures in the following Standards:

  • AASB 7 Financial Instruments: Disclosures
  • AASB 12 Disclosure of Interests in Other Entities
  • AASB 101 Presentation of Financial Statements
  • AASB 127 Separate Financial Statements.
Applicable to annual periods beginning on or after 1 July 2013 Optional
(for eligible entities)
Mandatory
(for eligible entities)
AASB 2012-7 (PDF 325kb)

AASB 2012-8 Amendments to AASB 1049 – Extension of Transitional Relief for the Adoption of Amendments to the ABS GFS Manual relating to Defence Weapons Platforms

Amends AASB 1049 Whole of Government and General Government Sector Financial Reporting to provide a further two year period of transitional relief from the requirement to adopt Chapter 2 Amendments to Defence Weapons Platforms of the Australian Bureau of Statistics (ABS) publication 'Amendments to Australian System of Government Finance Statistics, 2005' in financial statements prepared in accordance with AASB 1049

Applicable to annual periods beginning on or after 1 July 2012 Mandatory Already Implemented AASB 2012-8 (PDF 354kb)

AASB 2012-9 Amendment to AASB 1048 arising from the Withdrawal of Australian Interpretation 1039

Removes Interpretation 1039 Substantive Enactment of Major Tax Bills in Australia from the list of 'other Australian interpretations' contained in AASB 1048 Interpretation of standards (Table 2), thereby removing its legal status as a mandatory reporting requirement.

As a consequence of its decision to withdraw Australian Interpretation 1039, the AASB also issued an Agenda Decision addressing the issue of when it would be appropriate to conclude that substantive enactment of major tax Bills has occurred in Australia.

Applicable to annual periods beginning on or after 1 January 2013 Mandatory Mandatory AASB 2012-9 (PDF 144kb)

AASB 2012-10 Amendments to Australian Accounting Standards – Transition Guidance and Other Amendments

The transition guidance amendments to AASB 10 'Consolidated Financial Statements' and related Standards and interpretations clarify the circumstances in which adjustments to an entity's previous accounting for its involvement with other entities are required and the timing of such adjustments

Applicable to annual periods beginning on or after 1 January 2013 Mandatory Mandatory AASB 2012-10 (PDF 470kb)

AASB 2012-11 Amendments to Australian Accounting Standards – Reduced Disclosure Requirements and Other Amendments

Amends AASB 10 'Consolidated Financial Statements' and AASB 128 'Investments in Associates and Joint Ventures' to extend relief from consolidation and the equity method for entities complying with Australian Accounting Standards – Reduced Disclosure Requirements

Applicable to annual periods beginning on or after 1 July 2013 Optional
(for eligible entities)
Mandatory (for eligible entities) AASB 2012-11 (PDF 345kb)

AASB 2013-2 Amendments to AASB 1038 – Regulatory Capital 

Makes amendments to AASB 1038 'Life Insurance Contracts', as a consequence of changes to the Australian Prudential Regulation Authority's (APRA) reporting requirements relating to life insurers

Applicable to annual reporting periods ending on or after 31 March 2013 Mandatory Already Implemented AASB 2013-2 (PDF 290kb)

AASB 2013-3 Amendments to AASB 136 – Recoverable Amount Disclosures for Non-Financial Assets 

Narrow-scope amendments to AAS 136 'Impairment of Assets' address the disclosure of information about the recoverable amount of impaired assets if that amount is based on fair value less costs of disposal.

Applicable to annual reporting periods ending on or after 1 January 2014 Optional Optional AASB 2013-3

AASB 2013-4 Amendments to Australian Accounting Standards – Novation of Derivatives and Continuation of Hedge Accounting 

Amends AASB 139 'Financial Instruments: Recognition and Measurement' to permit the continuation of hedge accounting in circumstances where a derivative, which has been designated as a hedging instrument, is novated from one counterparty to a central counterparty as a consequence of laws or regulations

Applicable to annual reporting periods ending on or after 1 January 2014 Optional Optional AASB 2013-4

AASB 2013-5 Amendments to Australian Accounting Standards – Investment Entities  

Provides an exemption from consolidation of subsidiaries under AASB 10 'Consolidated Financial Statements' for entities which meet the definition of an 'investment entity', such as certain investment funds. Instead, such entities would measure their investment in particular subsidiaries at fair value through profit or loss in accordance with AASB 9 'Financial Instruments' or AASB 139 'Financial Instruments: Recognition and Measurement'.

Note: Applicable, on a modified retrospective basis, to annual periods beginning on or after 1 January 2014, a year later than AASB 10 which is applicable to annual periods beginning on or after 1 January 2013. The amendments can be applied early, and accordingly entities can elect to apply them from when they first apply AASB 10, avoiding the need for investment entities to consolidate subsidiaries only in the first year of applying AASB 10)

Applicable to annual periods beginning on or after 1 January 2014 Optional Optional

IFRS in Focus
AASB 2013-5

 

Deloitte Accounting alert

AASB 2013-6 Amendments to AASB 136 arising from Reduced Disclosure Requirements  

Amends AASB 136 Impairment of Assets to establish reduced disclosure requirements for Tier 2 entities arising from AASB 2013-3 Amendments to AASB 136 – Recoverable Amount Disclosures for Non-Financial Assets.

Note: Early application permitted provided AASB 1053 'Application of Tiers of Australian Accounting Standards'; and AASB 2013-3 Amendments to AASB 136 – Recoverable Amount Disclosures for Non-Financial Assets are also adopted for the same period.

Applicable to annual periods beginning on or after 1 January 2014 Optional Optional

AASB 2013-6

 

 

New and revised Interpretations
New or revised requirement When effective 31 December 2013 applicability More information
Full years Half years

Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine (and related AASB 2011-12 Amendments to Australian Accounting Standards arising from Interpretation 20) 

Clarifies the requirements for accounting for stripping costs associated with waste removal in surface mining, including when production stripping costs should be recognised as an asset, how the asset is initially recognised, and subsequent measurement.

Applies to annual periods beginning on or after 1 January 2013 Mandatory Mandatory IFRS in Focus newsletter (PDF 66kb)

Interpretation 21 Levies

Clarifies the circumstances under which a liability to pay a levy imposed by a government should be recognised, and whether that liability should recognised in full at a specific date or progressively over a period of time.

Applies to annual periods beginning on or after 1 January 2014 Optional Optional IFRS in Focus newslsetter

 

Pronouncements approved by the IASB/IFRIC where an equivalent pronouncement has not been issued by the AASB
New or revised requirement When effective 31 December 2013 applicability More information
Full years Half years

Conceptual Framework for Financial Reporting 

First phase of the IASB and FASB joint project to develop an improved revised conceptual framework for International Financial Reporting Standards (IFRSs) and US generally accepted accounting practices (US GAAP).

The first phase deals with the objective and qualitative characteristics of financial reporting, incorporating the following chapters:

  • Chapter 1 The objective of financial reporting
  • Chapter 3 Qualitative characteristics of useful financial information
  • Chapter 4 The 1989 Framework: the remaining text.

Note: The Conceptual Framework project is being conducted in phases. As a chapter is finalised, the relevant paragraphs in the 'Framework for the Preparation and Presentation of Financial Statements' that was published in 1989 will be replaced. Chapter 2 will deal with the reporting entity concept.

The Conceptual Framework is not an IFRS and hence does not define standards for any particular measurement or disclosure issue. Nothing in the Conceptual Framework overrides any specific IFRS Applicable once equivalent Framework adopted by the AASB Applicable once equivalent Framework adopted by the AASB IFRS in Focus (PDF 67kb)

 

Corporations Act 2001 developments

The following developments related to the Corporations Act 2001 may have direct or indirect impacts on financial reporting:

Development When effective More information

ASIC Regulatory Guide 230 Disclosing non-IFRS financial information [RG 230]

Provides guidance on disclosure of non-IFRS (International Financial Reporting Standards) financial information. Non-IFRS financial information can provide useful information to investors and other users. However, it may increase the risk of misleading disclosure. This guidance would assist directors and preparers of financial information in reducing this risk, and the guidance includes:

  • giving equal or greater prominence to IFRS financial information;
  • explaining the non-IFRS information and reconciling it to the IFRS financial information;
  • calculating the information consistently from period to period; and
  • not using information to remove 'bad news'.
Issued 9 December 2011 RG 230 (PDF 383kb)

ASIC press release

ASIC Regulatory Guide 247 Disclosing non-IFRS financial information [RG 247]

Provides guidance on preparing an operating and financial review (OFR) in the directors' report of a listed entity under s.299A of the Corporations Act 2001

RG 247 includes guidance on:

  • providing a narrative and an analysis of the entity's operations and financial position
  • outlining the entity's key business strategies and providing a discussion of the entity's prospects for future financial years
  • the application of the 'unreasonable prejudice' exemption from disclosing specific business strategies and prospects.
Issued 27 March 2013 De loitte Accounting alert (PDF 480kb)

RG 247 (PDF 247kb)

 

Other developments

The following are other developments that may have direct or indirect impacts on financial reporting:

  • • ASIC focus areas for financial reporting - the Australian Securities & Investments Commission (ASIC) have continued to highlight the importance of reporting performance, including addressing the impact of new accounting standard requirements and focus on asset values in light of the current economic climate. Directors should focus on disclosures of useful and meaningful information for investors and other users. Some of the key areas noted in the ASIC guidance include:
    • disclosure in the operating and financial review for listed entities
    • off- balance sheet arrangements and impact of new accounting standards
    • asset values and impairment testing
    • the value of financial instruments that are not traded in an active market
    • tax accounting
    • going concern assessment
    • revenue recognition and expense deferral policies.
  • In February 2012, the ASIC released the remuneration report review findings after examining the narrative content of the remuneration report and its compliance with section 300A of 50 companies in the ASX300 for the year ended 30 June 2011. ASIC conducted this review to measure and identify areas where companies could improve their disclosure to shareholders. Some of the key areas of improvement identified in this review include:
    • the board's policy on the nature and amount of remuneration of the key management personnel (KMP)
    • the non-financial performance conditions in short-term incentive plans
    • why performance conditions have been chosen
    • the terms and conditions of incentive plans
    ASIC called for companies to provide more clarity on the remuneration arrangements for their directors and executives and to assist them in the preparation of future remuneration reports. The ASIC report includes some of the better examples of disclosures observed during the review in the key areas mentioned above
  • Proposed amendments to the dividends test: In December 2012, the Parliamentary Secretary to the Treasurer released an exposure draft legislation and explanatory material to amend the test for the payment of dividends under section 254T of the Corporations Act 2001.The exposure draft proposes that the current dividends test be repealed and replaced with a dividends test that allows companies to:
    • apply the dividends test immediately before declaration of the dividend or immediately before payment of the dividend, as appropriate, consistent with the Corporations Act 2001 dividend provisions and company practice
    • calculate assets and liabilities, for the purpose of the dividends test, in accordance with the accounting records of the company (that are required to be kept under section 286 of the Corporations Act 2001) in circumstances where the company is not required to prepare a financial report.
    For companies that are required to prepare a financial report, assets and liabilities must be calculated in accordance with Accounting Standards (consistent with the current dividends test). (Deloitte accounting alert)
  • Proposed amendments to remuneration report disclosures: In December 2012, the Parliamentary Secretary to the Treasurer released an exposure draft legislation and explanatory material to amend remuneration report disclosures under section 300A of the Corporations Act 2001. The exposure draft proposes the following key changes to remuneration report disclosures:
    • limiting the requirement to prepare a remuneration report to only listed disclosing entities that are companies
    • requiring a general description of the company's remuneration governance framework
    •  requiring disclosure of all payments made to key management personal (KMP) in relation to their retirement from the company
    • requiring disclosure of the remuneration of each KMP in three separate categories; granted before the year and paid during the year; granted and paid during the year; and granted during the year but not yet paid
    • requiring disclosure of, for each KMP, the details of any reduction, repayment or other alteration of the person's remuneration, that has been made or will be made, as a result of a material misstatement or omission in the financial statements; or if no alteration is made, an explanation of why.


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