Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Page 17
Page 18
Page 19
Page 20
Page 21
Page 22
Page 23
Page 24
Page 25
Page 26
Page 27
Page 28
Page 29
Page 30
Page 31
Page 32
Page 33
Page 34
Page 35
Page 36
Page 37
Page 38
Page 39
Page 40
Page 41
Page 42
Page 43
Page 44
Page 45
Page 46
Page 47
Page 48
Page 49
Page 50
Page 51
Page 52
Page 53
Page 54
Page 55
Page 56
Page 57
Page 58
Page 59
Page 60
Page 61
Page 62
Page 63
Page 64
Page 65
Page 66
Page 67
Page 68
Page 69
Page 70
Page 71
Page 72
Page 73
Page 74
Page 75
Page 76
NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2015 Impact of standards issued but not yet applied Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2015 reporting periods and have not been early adopted by the Group. The Groups assessment of the impact of these new standards and interpretations is set out below Title of standard Nature of change Impact Mandatory application date Date of adoption by Group AASB 9 Financial Instruments AASB 9 addresses the classification measurement and derecognition of financial assets and financial liabilities and introduces new rules for hedge accounting. In December 2014 the AASB made further changes to the classification and measurement rules and also introduced a new impairment model. These latest amendments now complete the new financial instruments standard. The new hedging rules align hedge accounting more closely with the Groups risk management practices. As a general rule it will be easier to apply hedge accounting going forward. The new standard also introduces expanded disclosure requirements and changes in presentation. As it relates to the other changes contemplated by the new accounting standard the Group continues to assess the impact on the financial statements and at 30 June 2015 the changes are not expected to materially impact the Group. Must be applied for financial years commencing on or after 1 January 2018. The Group has not yet decided whether to adopt any parts of AASB 9 early. In order to apply the new hedging rules the Group would have to adopt the December 2013 version of AASB 9 and the consequential amendments to AASB 7 and AASB 139 in their entirety. Based on the transitional provisions in the completed AASB 9 early adoption in phases will only be permitted for annual reporting periods beginning before 1 February 2015. After that date the new rules must be adopted in their entirety. AASB 15 Revenue from contracts with customers The AASB has issued a new standard for the recognition of revenue. This will replace AASB 118 which covers contracts for goods and services and AASB 111 which covers construction contracts. The new standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer so the notion of control replaces the existing notion of risks and rewards. The standard permits a modified retrospective approach for the adoption. Under this approach entities will recognise transitional adjustments in retained earnings on the date of initial application e.g. 1 January 2018 without restating the comparative period. They will only need to apply the new rules to contracts that are not completed as of the date of initial application. Management is currently assessing the impact of the new rules. At this stage the Group is not able to estimate the impact of the new rules on the Groups financial statements. The Group will make more detailed assessments of the impact over the next 12 months. Mandatory for financial years commencing on or after 1January 2018. Expected date of adoption by the Group 1 July 2018. 68 SOUTHERN CROSS AUSTEREO ANNUAL REPORT 2015