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AIFRS Update

Phillip Forward Accounting Policy & Legislation Branch. AIFRS Update. Transition to AIFRS - where are we ?. AGAAP ends 30 June 2005 From 1 July 2005 all financial statements on AIFRS basis Comparatives for first AIFRS financial statements: Opening balance sheet - completed

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AIFRS Update

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  1. Phillip Forward Accounting Policy & Legislation Branch AIFRS Update

  2. Transition to AIFRS - where are we ? • AGAAP ends 30 June 2005 • From 1 July 2005 all financial statements on AIFRS basis • Comparatives for first AIFRS financial statements: • Opening balance sheet - completed • Comparatives for 2004/05 – to OAG by 31 October 2005 • First AIFRS published financial statements: • 31 December 2005

  3. Model financial statements • Draft models on DTF website: • Departments • Net cost of service statutory authority • Commercial statutory authority • Review of drafts: • Changes to Accounting Standards • 2006 numbers • Compliance with AIFRS disclosure requirements • Consistency • Completed for 31 December 2005 reporting

  4. Treasurer’s Instructions (TIs) • Key reporting TIs to be updated for AIFRS compliance for 31 December 2005 reporting • Further update of all reporting TIs for 30 June 2006 • Proposed Wafab updates: • 30 November 2005 • 31 March 2006

  5. Australian Accounting Standards Board (AASB) • New approach by AASB to amending standards: • Amending Standards issued • For example, AASB 2005–1 “Amendments to Australian Accounting Standard” • Each Amending Standard may amend a number of Standards • Standards will not be remade until a substantial change occurs • Compiled versions on AASB website

  6. New accounting pronouncements • Since May 2005 the AASB has issued: • 8 Amending Standards (AASB 2005-1 to 2005-8) • 2 UIG Interpretations • 4 Exposure Drafts • Operative date for most amendments is the reporting year ending 31 December 2006 • Majority of amendments have limited impact on public sector

  7. Early adoption of Accounting Standards and UIGs • Most Accounting Standards and UIGs permit early adoption • To ensure consistency, it is proposed to include a policy in TI 1101 “Application of Accounting Standards and Other Pronouncements” • No early adoption unless specified

  8. Contacts Financial Policy Division Accounting Policy & Legislation Branch Phillip Forward 9222 9282 email: phil.forward@dtf.wa.gov.au Anthony Smith 9222 9368 email: anthony.smith@dtf.wa.gov.au John Stanley 9222 9280 email: john.stanley@dtf.wa.gov.au

  9. Questions? AIFRS

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