Investor Presentaiton
Department of Health
Notes to the financial statements
For the year ended on 30 June 2023
9.2
Future impact of Australian Accounting Standards not yet operative
The department cannot early adopt an Australian Accounting Standard unless specifically permitted by TI 1101 Application of Australian Accounting Standards and Other
Pronouncements or by an exemption from TI 1101. Where applicable, the department plans to apply the following Australian Accounting Standards from their application
date.
Operative for reporting
periods beginning
on/after
AASB 2021-2
AASB 2021-6
AASB 2022-7
Operative for reporting periods beginning on/after 1 Jan 2023
Amendments to Australian Accounting Standards - Disclosure of Accounting Policies and Definition of Accounting Estimates
This Standard amends: (a) AASB 7, to clarify that information about measurement bases for financial instruments is expected
to be material to an entity's financial statements; (b) AASB 101, to require entities to disclose their material accounting policy
information rather than their significant accounting policies; (c) AASB 108, to clarify how entities should distinguish changes
in accounting policies and changes in accounting estimates; (d) AASB 134, to identify material accounting policy information
as a component of a complete set of financial statements; and (e) AASB Practice Statement 2, to provide guidance on how to
apply the concept of materiality to accounting policy disclosures.
There is no financial impact.
Amendments to Australian Accounting Standards - Disclosure of Accounting Policies: Tier 2 and Other Australian Accounting
Standards
This Standard amends: (a) AASB 1049, to require entities to disclose their material accounting policy information rather than
their significant accounting policies; (b) AASB 1054 to reflect the updated accounting policy terminology used in AASB 101
Presentation of Financial Statements; and (c) AASB 1060 to required entities to disclose their material accounting policy
information rather than their significant accounting policy and to clarify that information about measurement bases for
financial instruments is expected to be material to an entity's financial statements.
There is no financial impact.
Editorial Corrections to Australian Accounting Standards and Repeal of Superseded and Redundant Standards
This Standard makes editorial corrections to various Australian Accounting Standards and AASB Practice Statement 2
Making Materiality Judgements.
1 Jan 2023
1 Jan 2023
1 Jan 2023
Contents
About us
There is no financial impact.
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Significant issues Report on operations Agency performance Operational disclosures ⚫Key performance indicators Financial disclosures and compliance • AppendixView entire presentation