123 / 170
39.
ACCOUNTING STANDARDS AND INTERPRETATIONS NOT EFFECTIVE AT JUNE 30 2016
(continued)
Standard/interpretation
Description
Reporting period
beginning on or after
IFRS 16
Leases
IFRS 16 provides a comprehensive model for identification of lease arrangements
and their treatment in the financial statements of both leases and lessors. It
supersedes IAS 17
Leases
and its associated interpretative guidance.
January 1 2019
IAS 1
Presentation of Financial
Statements
Amendments designed to encourage entities to apply professional judgement
in determining what information to disclose in their financial statements. The
amendments also clarify that entities should use professional judgement in
determining where and in what order information is presented in the financial
disclosures.
January 1 2016
IAS 16
Property, Plant and
Equipment
and IAS 38
Intangible Assets
Amendment establishing the principle for the basis of depreciation and
amortisation as being the expected pattern of consumption of the future
economic benefits of an asset. Clarifying that revenue is generally presumed to
be an inappropriate basis for measuring the consumption of economic benefits in
such assets.
January 1 2016
IAS 19
Employee Benefits
Amendment clarifying the requirements to determine the discount rate in a
regional market sharing the same currency.
January 1 2016
IAS 27
Consolidated and
Separate Financial Statements
Amendment to allow entities to use the equity method to account for investments
in subsidiaries, joint ventures and associates in their separate financial
statements.
January 1 2016
Management’s assessment of the new standards, interpretations and amendments has not revealed a material impact on the
June 30 2016 and June 30 2017 group’s results.
Bidcorp Limited Annual integrated report 2016 |
Page 119
Financial overview