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FINANCIAL STATEMENTS
Queensland Art Gallery Board of Trustees Annual Report 2013–14
PART B
17
17
Queensland Ar t Gallery Board of Trustees
Notes to and forming par t of the Financial Statements 2013–14
(ac) New and Revised Accounting Standards (cont.)
The only difference between Tier 1 and Tier 2 requirements is that Tier 2 requires fewer
disclosures than Tier 1.
Pursuant to AASB 1053, public sector entities like the Gallery may adopt Tier 2
requirements for their general purpose financial statements. However, AASB 1053
acknowledges the power of a regulator to require application of the Tier 1 requirements.
In the case of the Gallery, Queensland Treasury and Trade is the regulator. Queensland
Treasury and Trade has advised that its policy decision is to require adoption of Tier 1
reporting by all Queensland Government departments and statutory bodies that are
consolidated into the whole-of-government financial statements (which includes the
Gallery). Therefore, the release of AASB 1053 and associated amending standards will
have no impact on the Gallery.
The Gallery is not permitted to early adopt a new or amended accounting standard ahead
of the specified commencement date unless approval is obtained from Queensland
Treasury and Trade. Consequently, the Gallery has not applied any Australian
Accounting Standards and Interpretations that have been issued but are not yet effective.
The Gallery applies standards and interpretations in accordance with their respective
commencement dates.
At the date of authorisation of the financial report, the expected impacts of new or
amended Australian Accounting Standards with future commencement dates are as set
out below.
AASB 1055
Budgetary Reporting
applies from reporting periods beginning on or after 1
July 2014. The Gallery will need to include in its 2014–15 financial statements the original
budgeted figures from the Income Statement, Balance Sheet, Statement of Changes in
Equity, and Cash Flow Statement as published in the 2014–15 Queensland
Government’s Service Delivery Statement. The budgeted figures will need to be
presented consistently with the corresponding (actual) financial statements, and will be
accompanied by explanations of major variances between the actual amounts and the
corresponding original budgeted figures.
The following new and revised standards apply as from reporting periods beginning on or
after 1 January 2014:
•
AASB 10
Consolidated Financial Statements
•
AASB 11
Joint Arrangements
•
AASB 12
Disclosure of Interests in Other Entities
•
AASB 127 (revised)
Separate Financial Statements
•
AASB 128 (revised)
Investments in Associates and Joint Ventures
•
AASB 2011-
7 Amendments to Australian Accounting Standards arising from the
Consolidation and Joint Arrangements Standards [AASB 1, 2, 3, 5, 7, 101, 107, 112,
118, 121, 124, 132, 133, 136, 138, 139, 1023 & 1038 and Interpretations 5, 9, 16 &
17]
•
AASB 2013-8
Amendments to Australian Accounting Standards – Australian
Implementation Guidance for Not-for-Profit Entities – Control and Structured Entities.
AASB 10 redefines and clarifies the concept of control of another entity, and is the basis
for determining which entities should be considered into an entity’s financial statements.
AASB 2013-8 applies the various principles in AASB 10 for determining whether a not-
for-profit entity controls another entity. The Gallery has assessed its arrangements with
other entities and has determined that the Gallery does not have any controlled entities.
However, if the Gallery does control another entity in the future, the Gallery will need to
follow the relevant accounting treatment specified in AASB 10.