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Note 1. Significant AASB 2014-1 ‘Amendments to Australian
accounting policies Accounting Standards’ (Part B: Defined Benefit
Plans: Employee Contributions Amendments to
The principal accounting policies adopted in the AASB 119)
preparation of the financial statements are set out below. The amendments to AASB 119 clarify how an entity should
These policies have been consistently applied to all the account for contributions made by employees or third
years presented, unless otherwise stated. parties to defined benefit plans, based on whether those
contributions are dependent on the number of years
New, revised or amending of service provided by the employee. For contributions
Accounting Standards and that are independent of the number of years of service,
Interpretations adopted the entity may either recognise the contributions as
a reduction in the service cost in the period in which
The consolidated entity has adopted all of the new, revised or the related service is rendered, or to attribute them to
amending Accounting Standards and Interpretations issued the employees’ periods of service using the projected
by the Australian Accounting Standards Board (‘AASB’) that unit credit method; whereas for contributions that are
are mandatory for the current reporting period. dependent on the number of years of service, the entity
is required to attribute them to the employees’ periods
Any new, revised or amending Accounting Standards or of service.
Interpretations that are not yet mandatory have not been
early adopted. The application of these amendments to AASB 119
does not have any material impact on the disclosures or
Any significant impact on the accounting policies of the on the amount recognised in the Group’s consolidated
consolidated entity from the adoption of these Accounting financial statements.
Standards and Interpretations are disclosed below. The
adoption of these Accounting Standards and Interpretations The following are also relevant:
did not have any significant impact on the financial
performance or position of the consolidated entity. • AASB 2015-2 Amendments to Australian Accounting
Standards – Disclosure Initiative: Amendments to
The following Accounting Standards and Interpretations AASB 101
are most relevant to the consolidated entity:
• AASB 2015-3 Amendments to Australian Accounting
AASB 2012-3 Amendments to Australian Standards arising from the Withdrawal of AASB 1031
Accounting Standards - Offsetting Financial Materiality
Assets and Financial Liabilities
The consolidated entity has applied AASB 2012-3 from Basis of preparation
1 July 2014. The amendments add application guidance
to address inconsistencies in the application of the These general purpose financial statements have been
offsetting criteria in AASB 132 ‘Financial Instruments: prepared in accordance with Australian Accounting
Presentation’, by clarifying the meaning of ‘currently has Standards and Interpretations issued by the Australian
a legally enforceable right of set-off’; and clarifies that Accounting Standards Board (‘AASB’) and the
some gross settlement systems may be considered to be Corporations Act 2001, as appropriate for for-profit
equivalent to net settlement. oriented entities. These financial statements also comply
with International Financial Reporting Standards as issued
AASB 2014-1 ‘Amendments to Australian by the International Accounting Standards Board (‘IASB’).
Accounting Standards’ (Part A: Annual
Improvements 2010–2012 and 2011–2013 Cycles) Historical cost convention
The consolidated entity has applied Part A of AASB 2014-1 The financial statements have been prepared under the
from 1 July 2014. These amendments affect the following historical cost convention, except for, where applicable,
standards: AASB 2 ‘Share-based Payment’: clarifies the the revaluation of available-for-sale financial assets,
definition of ‘vesting condition’ by separately defining financial assets and liabilities at fair value through profit
a ‘performance condition’ and a ‘service condition’ or loss, investment properties, certain classes of property,
and amends the definition of ‘market condition’. plant and equipment and derivative financial instruments.
The amendments to AASB 3 clarify that contingent
consideration that is classified as an asset or a liability Critical accounting estimates
should be measured at fair value at each reporting date, The preparation of the financial statements requires the
irrespective of whether the contingent consideration is a use of certain critical accounting estimates. It also requires
financial instrument within the scope of AASB 9 or AASB management to exercise its judgement in the process of
139 or a non-financial asset or liability. Changes in fair value applying the consolidated entity’s accounting policies.
(other than measurement period adjustments) should The areas involving a higher degree of judgement or
be recognised in profit and loss. These amendments complexity, or areas where assumptions and estimates
are effective for business combinations for which the are significant to the financial statements, are disclosed
acquisition date is on or after 1 July 2014. in note 2.
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