ADAVB 2018/2019 Annual Report

3 8 | A D A V B A N N U A L R E P O R T 2 0 1 8 / 1 9 New Accounting Standards for Application in Future Periods Standards and Interpretations in issue not yet adopted At the date of authorisation of the financial statements, the Standards and Interpretations listed belowwere in issue but not yet effective. Standard/ Interpretation Effective for annual reporting periods beginning on or after Expected to be initially applied in the financial year ending Nature of change AASB 15: Revenue from Contracts with Customers 1 January 2019 30 June 2020 AASB 15 replaces AASB 118 Revenue, AASB 111 Construction Contracts and some revenue-related Interpretations: - establishes a new revenue recognition model - changes the basis for deciding whether revenue is to be recognised over time or at a point in time - provides new and more detailed guidance on specific topics (e.g. multiple element arrangements, variable pricing, rights of return, warranties and licensing) - expands and improves disclosures about revenue. AASB 16: Leases 1 January 2019 30 June 2020 AASB 16 replaces AASB 117 Leases and some lease-related Interpretations: - requires all leases to be accounted for ‘on- balance sheet’ by lessees, other than short- term and low value asset leases - provides new guidance on the application of the definition of lease and on sale and lease back accounting - requires new and different disclosures about leases The association has undertaken an assessment of these standards and there will be no material impact on the transactions and balances in the financial statements. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019