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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
Annual Report 2015 111
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
2014-3
(issued
August
2014)
Amendments
to Australian
Accounting
Standards -
Accounting
for
Acquisitions
of Interests
in Joint
Ventures
When an entity acquires an interest
in a joint operation whose activities
meet the definition of a ‘business’ in
AASB 3
Business Combinations
, to
the extent of its share of assets,
liabilities, revenues and expenses
as specified in the contractual
arrangement, the entity must apply
all of the principles for business
combination accounting in AASB 3,
and other IFRSs, to the extent that
they do not conflict with AASB 11
Joint
Arrangements
.This means
that
it
will
expense all
acquisition-related costs and
recognise its share, according to
the contractual arrangements, of:
• Fair value of identifiable assets
and liabilities, unless fair value
exceptions included in AASB 3 or
other IFRSs, and
• Deferred tax assets and liabilities
that arise from the initial recognition
of an asset or liability as required
by AASB 3 and AASB 112
Income
Taxes
.
Goodwill will then be recognised as
the excess consideration over the
fair value of net identifiable assets
acquired.
There will be no impact on the
financial statements when these
amendments are first adopted
because
they
apply
prospectively to acquisitions of
interests in joint operations.
Mandatory for financial
years commencing on or
after 1 January 2016.
Expected date of
adoption by the Group: 1
July 2016
Independence Group NL
47