TITLE
DESCRIPTION
OPERATIVE DATE NOTE
AASB 9
Financial Instruments
1 January 2018 B
AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9
1 January 2018 B
AASB 2010-7
Amendments to Australian Accounting Standards arising from AASB 9
1 January 2018 B
AASB 2012-6
Amendments to Australian Accounting Standards - Mandatory Effective Date
of AASB 9 and Transition Disclosures
1 January 2015 B
AASB 2013-9
Amendments to Australian Accounting Standards – Conceptual Framework,
Materiality and Financial Instruments: Part C
1 January 2018 A
AASB 15
Revenue from contracts with customers
1 January 2018 B
AASB 2014-1
Amendments to Australian Accounting Standards: Part E
1 January 2018 A
AASB 2014-3
Amendments to Australian Accounting Standards – Accounting for
Acquisitions of Interests in Joint Operations
1 January 2016 A
AASB 2014-4
Amendments to Australian Accounting Standards – Clarification of
Acceptable Methods of Depreciation and Amortisation
1 January 2016 A
AASB 2014-5
Amendments to Australian Accounting Standards arising from AASB 15
1 January 2017 B
AASB 2014-7
Amendments to Australian Accounting Standards arising from AASB 9
1 January 2018 B
AASB 2014-8
Amendments to Australian Accounting Standards arising from AASB 9
1 January 2015 B
AASB 2014-9
Amendments to Australian Accounting Standards - Equity Method in
Separate Financial Statements
1 January 2016 A
AASB 2014-10 Amendments to Australian Accounting Standards - Sale or Contribution of
Assets between an Investor and its Associate or Joint Venture
1 January 2016 A
AASB 2015-1
Amendments to Australian Accounting Standards - Annual improvement to
Australian Accounting standards 2012-2014 Cycle
1 January 2016 A
AASB 2015-2
Amendments to Australian Accounting Standards - Disclosure Initiative:
Amendment to AASB 101
1 January 2016 A
AASB 2015-3
Amendments to Australian Accounting Standards arising from the
Withdrawal of AASB 1031 Materiality
1 July 2015
A
AASB 2015-4
Amendments to Australian Accounting Standards - Financial Reporting
Requirements for Australian Groups with a Foreign Parent
1 July 2015
A
AASB 2015-5
Amendments to Australian Accounting Standards - Investment Entities:
Applying the Consolidation Exception
1 January 2016 A
TABLE NOTE
A These changes are not expected to have a significant, if any, financial and disclosure impact.
B First time adoption of these standards may have a financial impact, but the potential effects are currently being assessed.
II. Changes in accounting policies
There were a number of new Australian Accounting Standards and Interpretations applicable for the current reporting year. These
included:
TITLE
DESCRIPTION
AASB 2012-3
Amendments to Australian Accounting Standards arising from AASB 132 - Offsetting Financial Assets and
Financial Liabilities
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
AASB 2013-9
Amendments to Australian Accounting Standards – Conceptual Framework, Materiality and Financial
Instruments: Part B
AASB 2014-1
Amendments to Australian Accounting Standards: Parts A - C
Adoption of the new and amended accounting standards had no material financial impact on the Group.
III. Changes to comparatives
Certain items have been reclassified from the Consolidated entity's prior year financial report to conform to the current year's
presentation. The reclassifications are:
During the year ended 30 June 2015, the acquisition accounting was finalised in respect of the acquisition of the former
Wesfarmers business during the prior financial year. The comparative consolidated balance sheet as at 30 June 2014 has been
restated to reflect these adjustments, with no overall impact to the Group's net assets. The following balance sheet items have
been restated accordingly: goodwill; deferred tax assets; other assets; trade and other payables; employee benefits provision;
outstanding claims liability; and the net tangible assets per ordinary share. For further details refer to the acquisitions and
disposals of businesses note;
From 1 July 2014, a new Australian operating model came into effect resulting in changes to the reporting segments of the
Australian operations. Prior period segment related information has been re-presented accordingly in the segment and claims
notes; and
Reclassification of $25 million of prior year trade and other payables to other liabilities to conform to current year presentation.
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