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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
112 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
2014-10
(issued
December
2014)
Amendments
to
Australian
Accounting
Standards -
Sale or
Contribution
of Assets
between
An Investor
and its
Associate
or Joint
Venture
Removes the inconsistency
between AASB 10
Consolidated
Financial Statements
and AASB 128
Investments in Associates and Joint
Ventures
in accounting for
transactions where a parent loses
control over a subsidiary that is not
a business under AASB 3
Business
Combinations
, by selling part of its
interest to an associate or joint
venture, or by selling down part of
its interest so that the remaining
investment becomes an associate
or joint venture. Requires that:
• Gain or loss from measuring the
retained interest in the former
subsidiary at fair value, as well as
gains or losses to be reclassified
from other comprehensive income
to profit or loss, only be recognised
to the extent of the unrelated
investor’s interest in that associate
or joint venture, and
• Remaining gains or losses to be
eliminated against the investment in
associate or joint venture.
There will be no impact on the
financial statements when these
amendments are first adopted
because they apply prospectively
to sales or contributions of assets
occurring after the application
date.
Mandatory for financial
years commencing on or
after 1 January 2016.
Expected date of
adoption by the Group: 1
July 2016
There are no other standards that are not yet effective and that would be expected to have a material impact on the
entity in the current or future reporting periods and on foreseeable future transactions.
Independence Group NL
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