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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
110 Independence Group NL
Notes to the consolidated financial statements
30 June 2015
2 Summary of significant accounting policies (continued)
(af) New standards and interpretations not yet adopted (continued)
Title of
standard Nature of change
Impact
Mandatory application
date/ Date of adoption
by group
AASB 15
Revenue
from
Contracts
with
Customers
(issued
December
2014)
An entity will recognise revenue to
depict the transfer of promised
goods or services to customers in
an amount that reflects the
consideration to which the entity
expects to be entitled in exchange
for those goods or services. This
means that revenue will
be
recognised when control of goods
or services is transferred, rather
than on transfer of risks and
rewards as is currently the case
under IAS 18
Revenue
.
Adoption of AASB 15 is only
mandatory for the year ending
30 June 2019.
Due to the recent release of this
standard, the entity has not yet
made a detailed assessment of
the impact of this standard.
Mandatory for financial
years commencing on or
after 1 January 2018.
Expected date of
adoption by the Group: 1
July 2018
AASB
2014-9
(issued
December
2014)
Amend-
ments to
Australian
Accounting
Standards -
Equity
Method in
Separate
Financial
Statements
Currently,
investments
in
subsidiaries, associates and joint
ventures are accounted for in
separate financial statements at
cost or at fair value under AASB
139/AASB 9. These amendments
provide an additional option to
account for these investments
using the equity method as
described in AASB 128
Investments in Associates and Joint
Ventures
.
It is not anticipated that the
changes will have any material
impact on the Group's financial
statements.
Mandatory for financial
years commencing on or
after 1 January 2016.
Expected date of
adoption by the Group: 1
July 2016
AASB
2014-4
(issued
August
2014)
Amendments
to Australian
Accounting
Standards -
Clarification
of
Acceptable
Methods of
Depreciation
and
Amortisation
Clarifies that use of revenue-based
methods
for
calculating
depreciation and amortisation is not
appropriate because revenue
generated by an activity that
includes the use of an asset
generally reflects factors other than
the consumption of economic
benefits embodied in the asset.
This assumption is rebuttable for
intangible assets and can be
overcome in limited circumstances,
for example, where revenue is
established as the predominant
limiting factor in the contract, such
as a concession to explore and
extract from a gold mine that
expires when total
cumulative
revenue from extraction of gold
reaches a certain dollar threshold.
The Standard will not have an
impact on the Group's financial
statements as it does not use
any revenue-based methods for
calculating depreciation and
amortisation.
Mandatory for financial
years commencing on or
after 1 January 2016.
Expected date of
adoption by the Group: 1
July 2016
Independence Group NL
46