AUSTRALIAN ACCESS FEDERATION INCORPORATED ABN 13 155 355 685 NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2016 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUE (g) Staff Leave Entitlements Liabilities for staff salaries and staff leave entitlements expected to be settled within 12 months of the reporting date are recognised in current liabilities in respect of staff services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. (h) Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. (i) Critical Accounting Estimates and Judgments The committee members evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Association. (j) New Accounting Standards for Application in Future Periods The AASB has issued a number of new and amended Accounting Standards that have mandatory application dates for future reporting periods, some of which are relevant to the Association. The committee has decided not to early adopt any of the new and amended pronouncements. The committee’s assessment of the new and amended pronouncements that are relevant to the Association but applicable in future reporting periods is set out below: AASB 9: Financial Instruments and associated Amending Standards (applicable to annual reporting periods beginning on or after 1 January 2018). The Standard will be applicable retrospectively and includes revised requirements for the classification and measurement of financial instruments, revised recognition and derecognition requirements for financial instruments, and simplified requirements for hedge accounting. AASB 16: Leases (applicable to annual reporting periods beginning on or after 1 January 2019). When effective, this Standard will replace the current accounting requirements applicable to leases in AASB 117: Leases and related Interpretations. AASB 16 introduces a single lessee accounting model that eliminates the requirement for leases to be classified as operating or finance leases. The transitional provisions of AASB 16 allow a lessee to either retrospectively apply the Standard to comparatives in line with AASB 108: Accounting Policies, Changes in Accounting Estimates and Errors or recognise the cumulative effect of retrospective application as an adjustment to opening equity on the date of initial application. These Standards are not expected to significantly impact the Association’s financial statements. - 8 - Income Statements AUSTRALIAN ACCESS FEDERATION INCORPORATED ABN 13 155 355 685 NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2016 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUE (g) Staff Leave Entitlements Liabilities for staff salaries and staff leave entitlements expected to be settled within 12 months of the reporting date are recognised in current liabilities in respect of staff services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. (h) Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. (i) Critical Accounting Estimates and Judgments The committee members evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Association. (j) New Accounting Standards for Application in Future Periods The AASB has issued a number of new and amended Accounting Standards that have mandatory application dates for future reporting periods, some of which are relevant to the Association. The committee has decided not to early adopt any of the new and amended pronouncements. The committee’s assessment of the new and amended pronouncements that are relevant to the Association but applicable in future reporting periods is set out below: AASB 9: Financial Instruments and associated Amending Standards (applicable to annual reporting periods beginning on or after 1 January 2018). The Standard will be applicable retrospectively and includes revised requirements for the classification and measurement of financial instruments, revised recognition and derecognition requirements for financial instruments, and simplified requirements for hedge accounting. AASB 16: Leases (applicable to annual reporting periods beginning on or after 1 January 2019). When effective, this Standard will replace the current accounting requirements applicable to leases in AASB 117: Leases and related Interpretations. AASB 16 introduces a single lessee accounting model that eliminates the requirement for leases to be classified as operating or finance leases. The transitional provisions of AASB 16 allow a lessee to either retrospectively apply the Standard to comparatives in line with AASB 108: Accounting Policies, Changes in Accounting Estimates and Errors or recognise the cumulative effect of retrospective application as an adjustment to opening equity on the date of initial application. These Standards are not expected to significantly impact the Association’s financial statements. - 8 - AUSTRALIAN ACCESS FEDERATION INCORPORATED ABN 13 155 355 685 NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2016 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUE (g) Staff Leave Entitlements Liabilities for staff salaries and staff leave entitlements expected to be settled within 12 months of the reporting date are recognised in current liabilities in respect of staff services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. (h) Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. (i) Critical Accounting Estimates and Judgments The committee members evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Association. (j) New Accounting Standards for Application in Future Periods The AASB has issued a number of new and amended Accounting Standards that have mandatory application dates for future reporting periods, some of which are relevant to the Association. The committee has decided not to early adopt any of the new and amended pronouncements. The committee’s assessment of the new and amended pronouncements that are relevant to the Association but applicable in future reporting periods is set out below: AASB 9: Financial Instruments and associated Amending Standards (applicable to annual reporting periods beginning on or after 1 January 2018). The Standard will be applicable retrospectively and includes revised requirements for the classification and measurement of financial instruments, revised recognition and derecognition requirements for financial instruments, and simplified requirements for hedge accounting. AASB 16: Leases (applicable to annual reporting periods beginning on or after 1 January 2019). When effective, this Standard will replace the current accounting requirements applicable to leases in AASB 117: Leases and related Interpretations. AASB 16 introduces a single lessee accounting model that eliminates the requirement for leases to be classified as operating or finance leases. The transitional provisions of AASB 16 allow a lessee to either retrospectively apply the Standard to comparatives in line with AASB 108: Accounting Policies, Changes in Accounting Estimates and Errors or recognise the cumulative effect of retrospective application as an adjustment to opening equity on the date of initial application. These Standards are not expected to significantly impact the Association’s financial statements. - 8 - 29