Accounting for an Emissions Trading Scheme The Australian Government s Perspective
|
|
- Percival Flynn
- 5 years ago
- Views:
Transcription
1 1 Accounting for an Emissions Trading Scheme The Australian Government s Perspective Tim Youngberry First Assistant Secretary Department of Finance and Deregulation Australia
2 Presentation Overview and Key Terms Presentation Overview The Australia s emission trading scheme Accounting parameters Research conducted The options and a comparison of the options Main accounting treatment of our preferred option Key Terms Fiscal Balance (FB) = Accrual Budget Underlying Cash Balance (UCB) = Cash Budget Balance
3 Overview of Australia s Emission Trading Scheme Scheme will commence on 1 July 2010, subject to final government & Parliamentary approval Government is committed to reducing emissions by 60% of 2000 levels by 2050 A cap and trade scheme Majority of permits will be sold at auction Emitters obligations will be settled with the surrendering of emission permits The Australian Government will be the regulator/administrator of the scheme
4 Accounting Parameters No specific Australian or international accounting standard exists for the accounting for emission trading schemes Required to comply with the Australian Accounting Standards (AAS) which are based on the International Accounting Standards (IAS) Treatment adopted should ideally harmonise with the Government Finance Statistics (GFS)
5 Research Undertaken New Zealand Government treatment Current and proposed United Nations System of National Accounts (SNA) and GFS Withdrawn International Financial Reporting Interpretations Committee Interpretation 3 Emission Rights Survey of current private sector practices by emitters
6 The Options Key Features Option 1: Permits as a Kind of Currency This option treats a permit as an instrument which can be surrendered to settle the participants obligations, it is not a right to emit. Option 2: Advance Receipts/Tax Revenue This option considers that the scheme imposes a tax on participants and the emission permits are tax credits. Option 3: Sale of an Asset/Non-Tax Revenue Under this option permits are recognised as an intangible assets and is similar to the approach taken by the IASB in their withdrawn guidance.
7 Scheme receipts as a tax System of National Accounts Extract from Chapter 17 cross cutting and other special issues Governments are increasingly turning to the issuing of emission permits as a means of controlling total emissions. These permits do not involve the use of a natural asset (there is no value placed on the atmosphere so it cannot be counted as an asset) and are therefore classified as taxes even though the permitted activity is one of creating an externality. (emphasis added by Department of Finance and Deregulation)
8 Tax impact of scheme Impact of Emissions Trading Scheme on the Ratio of Taxes to Gross Domestic Product (GDP) UEFO forecast of taxation revenue $285b $283b $301b $319b (including CPRS) Percent of GDP 23.6% 23.4% 23.7% 23.8% Projected annual receipts from CPRS - - $11b $12b Percent of GDP % 0.9% Forecast of taxation revenue excluding CPRS $285b $283b $290b $307b Percent of GDP 23.6% 23.4% 22.8% 23.0%
9 Comparison of the Options Type of Revenue Issue Option 1 Option 2 Option 3 Timing of Fiscal Balance impact Timing of impact on (Headline) Cash Balance Timing of impact on Underlying Cash Balance Type of liability Tax Revenue Tax Revenue Gain on sale of non-financial assets Revenue recognised as emissions emitted are reliably measured Revenue recognised as emissions emitted are reliably measured On issue of permits On issue of permits On issue of permits On issue of permits No impact on the underlying cash balance Financing liability On issue of permits GFS: Financing liability GAAP: Non financing liability On issue of permits No liability
10 Option 1: Permits as a kind of Currency Advantages Reflects the substance of all the scheme transactions (issue, revenue collection and permits surrender). No fiscal balance impact at the issue of permits. Recognise revenue at the time the emitter s obligation is reliably measured. The fiscal aggregates improve at the time emitter s obligation is raised and settled. GAAP and GFS treatments could be consistent (financial liability, financing transaction, timing and measurement). No impact on private sector s current approaches. If permits sold in advance then no budget surpluses impact. Disadvantages More complex. The legislation must be correctly set up. This option requires the tracking of permits and their original purchase price from the auction to the surrendering of the permits through the national permits register. May not comply with present accounting standards. No positive impact on cash budget balance.
11 Option 2: Advance Receipts/Tax Revenue Advantages No fiscal balance impact on issue of permits. Recognise revenue at the time the emitter s obligation is reliably measured. The fiscal aggregates improve at the time emitter s obligation is raised and settled. Tracking of permits not required. Giving away permits treatment consistent with other schemes/gfs. Consistent with GFS treatment as tax revenue. Advised that it complies with AAS Disadvantages In contrast with GFS, this option would result in GAAP not treating the issue of permits as a financing transaction. In addition, there would be no receivable under GAAP as the consideration has effectively already been received at the time of issuing the permits. Does not reflect fully the purpose of an emission trading scheme, which is that the emitters settle their obligation by remitting permits. Difference in timing between cash and accrual budget impact.
12 Option 3: Sale of an Asset/Non-Tax Revenue Advantages Simple. Recognise revenue at the time of the issue of permits. Tracking of permits not required. Complies with present AAS Disadvantages Reflects form not substance. GAAP does not recognise that the government is giving away an asset when permits are allocated free of charge. Inconsistent with preliminary ABS advice that GFS revenue is likely to be tax revenue. The revised SNA review states that ETS should be recorded as tax revenue. If permits sold in advance then large increase in budget surpluses.
13 Preferred Treatment - Advance Receipts/Tax Revenue 1. Emission units sold at auction Implementation phase ( ) Event Accounting treatment by the government Prepayment of Tax treatment (Option 2) Sale of units cash settlement within 60 days of the auction. Recognition of Revenue at the earliest when emissions emitted is reliably measured. Assistance package (households and industry) exclude free permits. Underlying Cash Balance: Full impact in derived cash flow when cash is received. Fiscal balance: No impact until the revenue is recorded, which would be at the earliest when emissions emitted can reliably be measured. Balance Sheet: Assets increase when cash is received and a liability, unearned revenue, is recorded. Fiscal balance: Improves by the amount of tax revenue recorded. Underlying Cash Balance: Nil impact. Balance Sheet: The unearned revenue liability is decreased by the amount recorded as revenue. Accounted for as government grants: Underlying Cash Balance: Full impact in derived cash flow when cash is paid. Fiscal balance: Full impact when they are due to be paid. Balance Sheet: Assets decrease when cash is paid and a liability is recorded until grant amount due is paid.
14 Preferred Treatment - Advance Receipts/Tax Revenue 2.Free emission units Accounting treatment Event Free Emission Units Grant Expense Units issued free of charge. Recognition of Revenue at the earliest when emissions are reliably measured. Accounting treatment by the government Fiscal balance: Full impact at the time of issue. Underlying Cash Balance: Nil impact. Balance Sheet: A liability is recorded until the application of the free units to an emitter s obligation. Fiscal balance: improves by the amount of tax revenue recorded. Underlying Cash Balance: Nil impact. Balance Sheet: The liability, initially recorded on issue of free units, decreases. 3.International Linking Accounting treatment options (Kyoto Units and Bilateral Agreement Units) International Units Emitter surrenders eligible International Emission Units to settle his/her obligation. Underlying Cash Balance: Nil impact. Fiscal balance: Negative impact. International units would likely be recorded as grants (or tax credit), unless they can be sold or redeemed. Only in the instance where the International units have some value for the government: Balance Sheet: International Units recorded as assets.
15 The Future Scheme to be finalised and legislation passed. Accounting Standard Setters to release standard/guidance risk that our preferred option will not meet requirements. The Auditor General has agreed to the broad concept but still to give final signoff. External accounting firm has confirmed that our preferred treatment meets the current Australian Accounting Standards
The treatment of Emissions Trading Scheme (ETS) permits in the Australian System of National Accounts
Sixth meeting of the Advisory Expert Group on National Accounts 12 14 November 2008, Washington D.C. SNA/M1.08/06.Add4 The treatment of Emissions Trading Scheme (ETS) permits in the Australian System of
More informationEmissions Trading Schemes
Meeting: Meeting Location: International Public Sector Accounting Standards Board Ottawa, Canada Meeting Date: December 2-5, 2013 Agenda Item 3 For: Approval Discussion Information Objective(s) of Agenda
More informationEmissions Trading Schemes Allison McManus, Technical Manager, IASB
International Financial Reporting Standards Emissions Trading Schemes Allison McManus, Technical Manager, IASB The views expressed in this presentation are those of the presenter, not necessarily those
More informationEMISSION TRADING SCHEMES
EMISSION TRADING SCHEMES EFRAG Feedback Statement on Comment Paper October 2013 2013 European Financial Reporting Advisory Group. The document is issued by the European Financial Reporting Advisory Group
More informationI F R S t r a n s i t i o n re p o r t /
I F R S t r a n s i t i o n re p o r t 2 0 0 4 / 2 0 0 5 Table of contents Page Section 1 IFRS results Introduction 1 Overview 2 Consolidated income statements 4 Consolidated balance sheets 6 Section 2
More informationIllustrative results under IFRS
Illustrative results under IFRS 2 June Bradford & Bingley plc Illustrative results under IFRS Introduction Bradford & Bingley plc ( the Group ), along with other European listed entities, is required by
More informationEmissions Trading Schemes. 1. The objective of this session is to provide direction on development of an Emissions Trading Schemes consultation paper.
Meeting: Meeting Location: International Public Sector Accounting Standards Board Toronto, Canada Meeting Date: June 23 26, 2015 Agenda Item 11 For: Approval Discussion Information Emissions Trading Schemes
More informationAUSTRALIA S CARBON POLLUTION REDUCTION SCHEME
AUSTRALIA S CARBON POLLUTION REDUCTION SCHEME AUSTRALIA S CARBON POLLUTION REDUCTION SCHEME Presentation to the Eighth Annual Workshop on Greenhouse Gas Emission Trading Howard Bamsey Deputy Secretary
More informationAppendix 4E. Preliminary final report Current Reporting Period: 52 weeks ended 29 July 2017 Previous Corresponding Period: 53 weeks ended 30 July 2016
Appendix 4E (rule 4.3A) Preliminary final report 52 weeks ended on 29 July Appendix 4E Preliminary final report Current Reporting Period: 52 weeks ended 29 July Previous Corresponding Period: 53 weeks
More informationFirst-Time Adoption of International Financial Reporting Standards
Audit and Assurance First-Time Adoption of International Financial Reporting Standards Discussion Paper December 2003 Contents Contents 1. Executive Summary 3 2. Harmonisation in New Zealand 4 3. Application
More informationWhat s new in the June 2016 financial reporting cycle?
Deloitte Australia Assurance & Advisory What s new in the June 2016 financial cycle? The information on this page has been updated for developments as at 28 June 2016. The analysis below provides a high
More informationEmissions Trading Schemes. 1. The objective of this session is to provide direction on development of an Emissions Trading Schemes consultation paper.
Meeting: Meeting Location: International Public Sector Accounting Standards Board Santiago, Chile Meeting Date: March 10 13, 2015 Agenda Item 11 For: Approval Discussion Information Emissions Trading Schemes
More informationMITCHELLS & BUTLERS PLC. Adoption of International Financial Reporting Standards
7 December 2005 MITCHELLS & BUTLERS PLC Adoption of International Financial Reporting Standards Mitchells & Butlers plc ( the Group ) today releases its financial results for the 53 weeks to 1 October
More informationDiploma in IFRS. Units with Learning Outcomes and Assessment Criteria
Diploma in IFRS Units with Learning Outcomes and Assessment Criteria Unit 1-IASB and regulatory framework Understand the need and role of the regulatory system Describe the impact of globalization Describe
More informationNew items for initial consideration IAS 12 Income Taxes Recognition of deferred taxes when acquiring a single-asset entity
STAFF PAPER IFRS Interpretations Committee Meeting September 2016 Project Paper topic New items for initial consideration IAS 12 Income Taxes Recognition of deferred taxes when acquiring a single-asset
More informationTHE RELATION BETWEEN ACCOUNTING AND TAXATION: THE EXAMPLE OF EMISSION RIGHTS - ACCOUNTING ASPECTS
EUROPEAN ASSOCIATION OF TAX LAW PROFESSORS CONGRESS Helsinki June 8, 2007 THE RELATION BETWEEN ACCOUNTING AND TAXATION: THE EXAMPLE OF EMISSION RIGHTS - ACCOUNTING ASPECTS Päivi Räty, M.Sc. (Econ.), Confederation
More informationensure all AASBs and Interpretations that are mandatory for adoption have been applied in the correct period
s Updated as at 17 February 2017 This document outlines all standards issued by the AASB and the IASB which will be applicable for the first time or available for early adoption by for-profit entities
More informationTransition to IFRS Report 21 September 2005
Transition to IFRS Report 21 September 2005 Transition to IFRS report Investec plc and Investec Limited ( Investec or the group ) 21 September 2005 Transition to International Financial Reporting Standards
More informationSUPPLEMENTARY INFORMATION SUPPLEMENTARY FINANCIAL INFORMATION SUPPLEMENTARY PEOPLE INFORMATION SUPPLEMENTARY SUSTAINABILITY INFORMATION SHAREHOLDER
SUPPLEMENTARY INFORMATION SUPPLEMENTARY FINANCIAL INFORMATION SUPPLEMENTARY PEOPLE INFORMATION SUPPLEMENTARY SUSTAINABILITY INFORMATION SHAREHOLDER INFORMATION MAJOR AWARDS 296 312 314 317 319 GLOSSARY
More informationAccounting for Carbon Emission Allowances
Accounting for Carbon Emission Allowances China-Australia Carbon Market Design Expert Workshop Jiasuo Hotel, Tsinghua University Presented by: Dr Maria Balatbat 13 October 2013 Tyree Energy Technologies
More informationFirst-time Adoption of International Financial Reporting Standards
IFRS Standard 1 First-time Adoption of International Financial Reporting Standards In April 2001 the International Accounting Standards Board (the Board) adopted SIC-8 First-time Application of IASs as
More informationSydney Desalination Plant Pty Limited Financial Statements for the year ended 30 June 2011
Sydney Desalination Plant Pty Limited Financial Statements for the year ended 30 June 2011 Sydney Desalination Plant Pty Limited - 30 June 2011 Page 1 Contents Directors Report Page 3 Auditor s Independence
More informationFinancial Report Retail Mortgage
Financial Report Retail Mortgage FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014 BOOKLET 11 i Financial Reports for the financial year ended June 2014. The schemes listed in Booklet 11 are noted below. Statements
More informationIFRS model financial statements 2017 Contents
Model Financial Statements under IFRS as adopted by the EU 2017 Contents Section 1 New and revised IFRSs adopted by the EU for 2017 annual financial statements and beyond... 3 Section 2 Model financial
More informationPOLICY STATEMENT INTANGIBLE ASSETS
POLICY STATEMENT INTANGIBLE ASSETS June 2005 -1- The Group of 100 first issued a Statement of Principles on Intangible Assets in 1994 in which it expressed the view that goodwill should not normally be
More informationRecognition of Deferred Tax Assets for Unrealised losses (Amendments to NZ IAS 12)
Recognition of Deferred Tax Assets for Unrealised losses (Amendments to NZ IAS 12) This Standard was issued on 31 March 2016 by the New Zealand Accounting Standards Board of the External Reporting Board
More informationAppendix 4E. Preliminary final report Current Reporting Period: 52 weeks ended 28 July 2018 Previous Corresponding Period: 52 weeks ended 29 July 2017
Appendix 4E (rule 4.3A) Preliminary final report 52 weeks ended on 28 July Appendix 4E Preliminary final report Current Reporting Period: 52 weeks ended 28 July Previous Corresponding Period: 52 weeks
More informationFinancial Statements. - Directors Responsibility Statement. - Consolidated Statement of Comprehensive Income
X.0 HEADER Financial Statements - Directors Responsibility Statement - Consolidated Statement of Comprehensive Income - Consolidated Statement of Financial Position - Consolidated Statement of Changes
More informationSNA News. SNA News. and Notes THE RECORDING OF EMISSION PERMITS ISSUED UNDER CAP AND TRADE SCHEMES. Clarification by the ISWGNA
Number 30/31 February 2011 An information service of the Intersecretariat Working Group on National Accounts (ISWGNA) published by UNSD For ISWGNA documents and reports of meetings visit: http://unstats.un.org/unsd/nationalaccount/iswgna.asp
More informationEmissions Trading Schemes. Draft Comment Paper
Emissions Trading Schemes Draft Comment Paper Comments should be submitted by 30 April 2013 to commentletters@efrag.org Background 1 Emission Trading Schemes have been implemented in a number of jurisdictions
More informationInternational Accounting Standards Board Press Release
International Accounting Standards Board Press Release FOR IMMEDIATE RELEASE 2 December 2004 IFRIC issues guidance on accounting for greenhouse gas emissions and scope of leasing standard The International
More informationFramework sets out agreed concepts that underlie financial reporting Objective, qualitative characteristics, element definitions,
International Financial Reporting Standards Framework-based teaching of principle-based standards Michael Wells, Director IFRS Education Initiative, IFRS Foundation The views expressed in this presentation
More informationIFRIC Interpretation 2 Members Shares in Co-operative Entities and Similar Instruments
IFRIC Interpretation 2 Members Shares in Co-operative Entities and Similar Instruments References IFRS 9 Financial Instruments (issued October 2010) IFRS 13 Fair Value Measurement IAS 32 Financial Instruments:
More informationAccounting for emission reductions and other incentive schemes
Accounting for emission reductions and other incentive schemes Introduction The impact of the global financial crisis has clearly been front-ofmind for most businesses in recent times. However, we are
More informationFINANCIAL STATEMENTS. BNZ Cash PIE and BNZ Term PIE
FINANCIAL STATEMENTS BNZ Cash PIE and BNZ Term PIE Financial Statements for the year ended Directory The Manager BNZ Investment Services Limited Level 4 80 Queen Street Auckland 1010 Private Bag 92208
More informationAWT International (Thailand) Limited Financial Statements for the year ended 30 June 2010
AWT International (Thailand) Limited Financial Statements for the year ended 30 June 2010 AWT International (Thailand) Limited - 30 June 2010 Page 1 Contents Statement of comprehensive income Page 3 Statement
More informationAWT INTERNATIONAL (THAILAND) LIMITED
AWT INTERNATIONAL (THAILAND) LIMITED Annual Financial Statements for the year ended 30 June 2008 AWT INTERNATIONAL (THAILAND) LIMITED - 30 June 2008 page 1 Contents Income statement page 3 Statement of
More informationNew Conceptual Framework. End of special purpose financial statements for corporates? 29 May 2018
New Conceptual Framework End of special purpose financial statements for corporates? 29 May 2018 Conceptual Framework for Financial Reporting? 2 IASB Conceptual Framework What is the Conceptual Framework?
More informationHSBC Holdings plc IFRS Comparative Financial Information
HSBC Holdings plc 2004 IFRS Comparative Financial Information HSBC HOLDINGS PLC Table of Contents Page 1 Introduction... 2 2 Financial highlights... 2 3 Basis of preparation... 4 4 Key impact analysis
More informationQueensland Environmental Law Association Inc. ABN Financial Statements
Queensland Environmental Law Association Inc. Financial Statements For the Year Ended 30 June Contents For the Year Ended 30 June Financial Statements Committee's Report 1 Statement of Profit or Loss 2
More informationInternational Financial Reporting Standard 1 First-time Adoption of International Financial Reporting Standards
International Financial Reporting Standard 1 First-time Adoption of International Financial Reporting Standards Objective 1 The objective of this IFRS is to ensure that an entity s first IFRS financial
More informationAccounting for Cap and Trade Systems
Accounting for Cap and Trade Systems Accounting for Cap and Trade Systems DISCLAIMER This publication was prepared by the Chartered Professional Accountants of Canada (CPA Canada) as non-authoritative
More informationFRS 104 Insurance Contracts
Assurance & Advisory Business Services FRS 104 Insurance Contracts Singapore Actuarial Society Forum 4 March 2005 1 May 20, 2005 Agenda Background Product Classification Insurance Contracts and Contracts
More informationMembers Shares in Co-operative Entities and Similar Instruments
IFRIC Interpretation 2 Members Shares in Co-operative Entities and Similar Instruments This version includes amendments resulting from IFRSs issued up to 31 December 2010. Members Shares in Co-operative
More informationContents. About this publication 3 Roadmap to the models for Australian entities 5 Model financial statements for the year ended 31 December 2017
International GAAP Holdings Limited Model financial statements for the year 31 December 2017 1 Contents Contents About this publication 3 Roadmap to the models for Australian entities 5 Model financial
More informationSLI Systems Limited and its Subsidiaries Financial Statements For the year ended 30 June 2015
SLI Systems Limited and its Subsidiaries Financial Statements For the year ended 30 June Contents Page Consolidated Statement of Comprehensive Income 6 Consolidated Statement of Changes in Equity 7 Consolidated
More informationAppendix 4E (Rules 4.2A.3)
Appendix 4E (Rules 4.2A.3) Name of Entity PAPERLINX SPS TRUST ARSN 123 839 814 For the period ended 30 June 2015 (Previous Corresponding Period: 30 June 2014) Results for announcement to the market 2015
More informationRestatement of 2004 Results under International Financial Reporting Standards. Grafton Group plc
Restatement of 2004 Results under International Financial Reporting Standards Grafton Group plc 6 July 2005 1 6 July 2005 RESTATEMENT OF 2004 RESULTS UNDER IFRS Grafton Group plc today announces the impact
More informationTFG INTEGRATED ANNUAL REPORT ABOUT THIS REPORT INVESTMENT CASE OUR STRATEGY AND PERFORMANCE OUR PROFILE
INVESTMENT CASE ABOUT THIS REPORT OUR OUR OPERATING ENVIRONMENT OUR STRATEGY AND PERFORMANCE Summary consolidated statement of financial position 140 Summary consolidated income statement 141 Summary consolidated
More informationAustralia and New Zealand Banking Group Limited New Zealand Branch General Disclosure Statement
Australia and New Zealand Banking Group Limited New Zealand Branch General Disclosure Statement FOR THE YEAR ENDED 30 SEPTEMBER 2010 NUMBER 8 ISSUED NOVEMBER 2010 Australia and New Zealand Banking Group
More informationPart 3 Financial accountability
Part 3 Financial Statements for year ended 30 June 2012 Index Page No. Board members declaration 38 Independent auditor s report 39 Statement of comprehensive income 41 Statement of financial position
More informationIFRS has no material impact on ICAP s underlying cash flow, economic and risk profile, dividend policy, regulatory capital and bank covenants
Press Release ICAP plc releases IFRS Transition Report ICAP plc, the world s largest voice and electronic interdealer broker today releases the restatement of selected previously published financial information
More informationMeridian Energy Financial Statements FOR YEAR ENDED 30 JUNE 2011
Meridian Energy Financial Statements FOR YEAR ENDED 30 JUNE Contents Income Statement...1 Statement of Comprehensive Income... 2 Statement of Financial Position... 3 Statement of Changes in Equity...4
More informationNotes to the financial statements
Note 1 UK GAAP accounting policies The separate financial statements of the Company are presented as required by the Companies Act 1985. As permitted by that Act, the separate financial statements have
More informationFinancial summary. The Reporting Entity. Financial performance 38 ANNUAL REPORT 16/17
Financial summary The Reporting Entity TEQ, constituted under the Tourism and Events Queensland Act 2012, is a statutory body within the meaning given in the Financial Accountability Act 2009 and is controlled
More informationThe IFRS Interpretations Committee discussed the following issues, which are on its current agenda.
IFRIC Update From the IFRS Interpretations Committee July 2012 Welcome to the IFRIC Update IFRIC Update is the newsletter of the IFRS Interpretations Committee and is published as a convenience for the
More informationNufarm Finance ( NZ ) Limited Annual Report For the year ended 31 July 2011
Nufarm Finance ( NZ ) Limited Annual Report For the year ended 31 July 2011 NUFARM FINANCE (NZ) LIMITED 1 Contents 2 Directors report 3 Company directory 4 Corporate governance 5-6 Auditor report 7 Statement
More informationand Marking Scheme 36 Total equity and liabilities 1,604,100
Answers Diploma in International Financial Reporting December 2015 Answers and Marking Scheme Marks 1 (a) Consolidated statement of financial position of Alpha at 30 September 2015 Assets Non-current assets:
More informationIFRS and UK GAAP Update. Lisa Weaver BA FCA
IFRS and UK GAAP Update Lisa Weaver BA FCA Overview of the session IFRS update covering all recent major changes in international reporting UK GAAP update including FRSs 100 to 102 the latest position
More informationTechnical Accounting Alert
TA ALERT 2016-07 4 MAY 2016 Technical Accounting Alert Accounting Standards issued but not yet effective for June 2016 Introduction The objective of this Technical Accounting (TA) Alert is to: provide
More informationNOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Insurance Australia Group Limited (IAG, Parent or Company) is a company limited by shares, incorporated and domiciled
More informationHomeserve plc. Transition to International Financial Reporting Standards
Homeserve plc Transition to International Financial Reporting Standards 28 November 2005 1 Transition to International Financial Reporting Standards ( IFRS ) Homeserve is today announcing its interim results
More informationTECHNICAL GUIDANCE TG04/2014
TECHNICAL GUIDANCE TG04/2014 ACCOUNTING TREATMENT OF DEFERRED INCOME TAX FOR LIFE INSURANCE COMPANIES Issued: Wednesday, 03 December 2014 The information contained in this publication is the property of
More informationAdjusting The Accounts
3 Adjusting The Accounts Learning Objectives 1 2 Explain the accrual basis of accounting and the reasons for adjusting entries. Prepare adjusting entries for deferrals. 3 Prepare adjusting entries for
More informationTechnical Accounting Alert TA
Technical Accounting Alert TA 2017-09? Introduction The objective of this Technical Accounting (TA) Alert is to: provide information on new and revised Accounting Standards that are mandatorily applicable
More informationUpdate on IASB s work plan
IN THE HEADLINES April 2011, Issue 2011/10 Update on IASB s work plan This issue of In the Headlines summarises the status of the current projects of the IASB 1. It reflects significant discussions up
More informationInternational Financial Reporting Standard 2. Share-based Payment
International Financial Reporting Standard 2 Share-based Payment CONTENTS paragraphs BASIS FOR CONCLUSIONS ON IFRS 2 SHARE-BASED PAYMENT INTRODUCTION SCOPE Broad-based employee share plans, including employee
More informationCONTENTS CHAIRMAN S REPORT 2 CORPORATE GOVERNANCE 4 DIRECTORS RESPONSIBILITY STATEMENT 6 INDEPENDENT AUDITORS REPORT 7 STATEMENTS OF COMPREHENSIVE
ANNUAL REPORT 2012 CONTENTS CHAIRMAN S REPORT 2 CORPORATE GOVERNANCE 4 DIRECTORS RESPONSIBILITY STATEMENT 6 INDEPENDENT AUDITORS REPORT 7 STATEMENTS OF COMPREHENSIVE INCOME 9 STATEMENTS OF CHANGES IN EQUITY
More informationvolunteering queensland VOLUNTEERING QUEENSLAND INC.
Financial Report 30 JUNE 2018 INDEX Schedule No. 1. Committee's Report 2. Statement of Profit or Loss and Other Comprehensive Income 3. Statement of Financial Position 4. Statement of Changes in Equity
More informationEmission Permits. Two papers: 1. Emission permits in the SEEA 2. JI & CDM (with Cor Graveland and Sjoerd Schenau)
Emission Permits Two papers: 1. Emission permits in the SEEA 2. JI & CDM (with Cor Graveland and Sjoerd Schenau) Both papers were discussed at the 2nd OECD / Eurostat permit taskforce meeting in Luxembourg
More informationBusiness Combinations II
October 2006 IASB Update is published as a convenience for the Board's constituents. All conclusions reported are tentative and may be changed or modified at future Board meetings. Decisions become final
More informationJohn Lewis Partnership plc A N N U A L R E P O R T A N D A C C O U N T S F I N A N C I A L S TAT E M E N T S. Results matter
John Lewis Partnership plc 83 F I N A N C I A L S TAT E M E N T S Results matter Our results matter to all of us. In this section, we look at everything we need to know about our /18 financials, from key
More informationThe Effects of Changes in Foreign Exchange Rates
International Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates This version includes amendments resulting from IFRSs issued up to 31 December 2009. IAS 21 The Effects of Changes
More informationANNUAL REPORT 2013/2014 C.28
ANNUAL REPORT 2013/2014 C.28 Annual Report 2013/2014 Message from the Chair and Chief Executive............................................................... 1 Financial Performance... 3 Directors Responsibility
More informationCHAPTER3 Adjusting the Accounts
CHAPTER3 Adjusting the Accounts 3-1 3-2 Timing Issues Accountants divide the economic life of a business into artificial time periods (Time Period Assumption)...... Jan. Feb. Mar. Apr. Dec. Generally a
More informationSUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN IFRS, NEW CHILEAN GAAP FOR COOPERATIVES AND OLD CHILEAN GAAP FOR COOPERATIVES
SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN IFRS, NEW CHILEAN GAAP FOR COOPERATIVES AND OLD CHILEAN GAAP FOR COOPERATIVES Significant Differences between IFRS and New Chilean GAAP for Cooperatives As of
More informationTechnical Accounting Alert
TA ALERT 2016-17 20 DECEMBER 2016 Technical Accounting Alert Accounting Standards issued but not yet effective for December 2016 Introduction The objective of this Technical Accounting (TA) Alert is to:
More informationAmerican Income Life Insurance Company New Zealand Branch
American Income Life Insurance Company New Zealand Branch Financial Statements as of and for the Year Ended December 31, 2016, and Independent Auditors Report AMERICAN INCOME LIFE INSURANCE COMPANY NEW
More informationSLI Systems Limited and its Subsidiaries Interim Report For the six months ended 31 December 2017
SLI Systems Limited and its Subsidiaries Interim Report For the six months 31 December 2017 Contents Page Consolidated Statement of Comprehensive Income 3 Consolidated Statement of Changes in Equity 4
More informationGetting on with the job. Statement of Finances. Victorian Budget 17/18
Getting on with the job Victorian Budget 17/18 Statement of Finances (incorporating Quarterly Financial Report No. 3) Budget Paper No. 5 Presented by Tim Pallas MP, Treasurer of the State of Victoria The
More informationINTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD PROJECT BRIEF AND OUTLINE
June 2011 Naples, Italy Page 1 of 5 INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD PROJECT BRIEF AND OUTLINE 1. Subject Emissions Trading Schemes 1.1 This project will develop requirements and
More informationRecognition of Deferred Tax Assets for Unrealised Losses (Amendments to MFRS 112) Deductible temporary differences
Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to MFRS 112) This Addendum sets out the amendments to MFRS 112 Income Taxes. An entity shall apply the amendments in this Addendum for
More informationTHREADNEEDLE GLOBAL EQUITY INCOME FUND (UNHEDGED) ARSN
THREADNEEDLE GLOBAL EQUITY INCOME FUND (UNHEDGED) ARSN 161 086 497 ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE Threadneedle Global Equity Income Fund (Unhedged) ARSN 161 086 497 Annual financial
More informationDRESS FOR SUCCESS SYDNEY INCORPORATED ABN
DRESS FOR SUCCESS SYDNEY INCORPORATED ABN 86 294 993 663 FINANCIAL REPORT for the year ended 30 June 2016 Contents Statement of profit or loss and other comprehensive income 2 Statement of financial position
More informationPREPARING FOR FRS 102 THE NEW UK GAAP
PREPARING FOR FRS 102 THE NEW UK GAAP market leaders for financial training This document represents the text of the PowerPoint displays that are used during the presentation of the seminar: Preparing
More informationEducation Services Ltd NORTHLAND SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015
NORTHLAND SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 School Address: 14 Harbour View Road, Northland, Wellington. School Postal Address: 14 Harbour View Road, Northland, Wellington
More informationDIVERSIFIED INVESTMENT STRATEGIES DIRECTORS' REPORT AND FINANCIAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016
DIRECTORS' REPORT AND FINANCIAL REPORT ipac Asset Management Limited 33 Alfred Street, Sydney, NSW 2000 ACN 003 257 225 TABLE OF CONTENTS Page Directors' Report 1 Auditor's Independence Declaration 4 Financial
More informationIASB Meeting Project Accounting policy changes (Amendments to IAS 8) Proposed threshold and timing challenge
IASB Agenda ref 12A STAFF PAPER IASB Meeting Project (Amendments to IAS 8) Paper topic Proposed threshold and timing challenge September 2017 CONTACT(S) Jawaid Dossani jdossani@ifrs.org +44 (0)20 7332
More informationMERIDIAN ENERGY LIMITED FINANCIAL STATEMENTS. 03 Financial Statements 10 Notes to the Financial Statements 62 Independent Auditor s Report
MERIDIAN ENERGY LIMITED FINANCIAL STATEMENTS 03 Financial Statements 10 Notes to the Financial Statements 62 Independent Auditor s Report FOR YEAR ENDED 30 JUNE Contents Income Statement 03 Statement of
More informationIASB. Request for Information. Responses to be received by 1 September International Accounting Standards Board
IASB International Accounting Standards Board Request for Information Responses to be received by 1 September 2009 June 2009 Request for Information ( Expected Loss Model ) Impairment of Financial Assets:
More informationInternational Financial Reporting Standard 2. Share-Based Payment
International Financial Reporting Standard 2 Share-Based Payment CONTENTS paragraphs BASIS FOR CONCLUSIONS ON IFRS 2 SHARE-BASED PAYMENT INTRODUCTION BC1 BC6 SCOPE BC7 BC28 Broad-based employee share plans,
More informationNotes to the Parent Company financial statements
Note 1 Accounting policies Basis of preparation The Parent Company financial statements have been prepared on a going concern basis using the historical cost convention modified for the revaluation of
More informationFor personal use only
BIOXYNE LIMITED ABN 97 084 464 193 The Companies Announcements Office, The Australian Stock Exchange Limited, SYDNEY Via: asxonline Date: 31 August 2015 APPENDIX 4E The results for announcement to the
More informationAccounting and Auditing Investing in Switzerland A guide for Chinese companies. Audit & Assurance
Accounting and Auditing Investing in Switzerland A guide for Chinese companies Audit & Assurance Contents Introduction 1 Swiss accounting framework 3 Financial information requirement by size and type
More informationRESEARCH PAPER EMISSIONS TRADING SCHEMES
IASB MEETING - Week beginning 17 May 2010 AGENDA PAPER 10A RESEARCH PAPER EMISSIONS TRADING SCHEMES [XXX 2010] Author: Nikolaus Starbatty Correspondence directed to: Allison McManus amcmanus@iasb.org 1
More informationDIVERSIFIED INVESTMENT STRATEGIES DIRECTORS' REPORT AND FINANCIAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
DIRECTORS' REPORT AND FINANCIAL REPORT ipac Asset Management Limited 33 Alfred Street, Sydney, NSW 2000 ACN 003 257 225 TABLE OF CONTENTS Page Directors' Report 1 Auditor's Independence Declaration 4 Financial
More informationPaper F7 (UK) Financial Reporting (United Kingdom) Tuesday 14 June Fundamentals Level Skills Module
Fundamentals Level Skills Module Financial Reporting (United Kingdom) Tuesday 14 June 2011 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted.
More informationExample Accounts Only
ACNC Special Purpose Financial Statements Disclaimer: These financial statements include illustrative disclosures for an ACNC special purpose company limited by guarantee and are not intended to be and
More informationAPA GROUP TAX TRANSPARENCY REPORT
APA GROUP TAX TRANSPARENCY REPORT 2017 As the leading energy infrastructure business in Australia, APA Group (APA) is committed to meeting the highest standards of tax governance. Compliance with all State
More informationBUSINESS INCOME TAX MEASURES
BUSINESS INCOME TAX MEASURES EXPANDING TAX SUPPORT FOR CLEAN ENERGY Under the capital cost allowance (CCA) regime, Classes 43.1 and 43.2 of Schedule II to the Income Tax Regulations provide accelerated
More information