Page 161 - Adopt-a-School Foundation 2016-2017 Annual Report

ADOPT-A-SCHOOL FOUNDATION NPC
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
for the year ended 30 June 2017

1.3 new standards and interpretations

In the current period, the Foundation has adopted the following standards and interpretations that are effective for the period ended 30 June 2017 and that
are relevant to its operations:

International Financial Reporting Standards and amendments issued but not effective for 30 September 2017 year-end

Name of Standard Effective date Brief Narration of Standard Impact

Amendments to IAS 1 January 2017 In December 2015 the IASB issued amendments It is unlikely that the amendment will have
1,’Presentation of financial to clarify guidance in IAS 1 on materiality and a material impact on the company’s annual
statements’ disclosure initiative aggregation, the presentation of subtotals, the financial statement
structure of financial statements and the disclosure of
accounting policies.
Amendment to IAS 16, ‘Property, 1 January 2017 In this amendment the IASB has clarified that the It is unlikely that the amendment will have
plant and equipment’ and use of revenue based methods to calculate the a material impact on the company’s annual
IAS 38,’Intangible assets’, on depreciation of an asset is not appropriate because financial statement
depreciation and amortisation. revenue generated by an activity that includes
the use of an asset generally reflects factors other
than the consumption of the economic benefits
embodied in the asset. The IASB has also clarified
that revenue is generally presumed to be an
inappropriate basis for measuring the consumption
of the economic benefits embodied in an intangible
asset.

IFRS 9 – Financial Instruments 1 January 2018 This IFRS is part of the IASB’s project to replace IAS It is unlikely that the amendment will have
(2009 &2010) 39. IFRS 9 addresses classification and measurement a material impact on the company’s annual
• Financial liabilities of financial assets and replaces the multiple financial statement
• De-recognition of financial classification and measurement models in IAS 39
instruments with a single model that has only two classification
• Financial assets categories: amortised cost and fair value.
General hedge accounting
The IASB has updated IFRS 9, ‘Financial instruments’
to include guidance on financial liabilities and
de-recognition of financial instruments. The
accounting and presentation for financial liabilities
and for derecognising financial instruments has
been relocated from IAS 39, ‘Financial instruments:
Recognition and measurement’, without change,
except for financial liabilities that are designated at
fair value through profit or loss.

159