Soups ON, Bitches. (or, this shit is driving me nuts!) (511 hits)
Category: NoneRating: 0.18 on 12 reviews (Rate this item) (V)
Submitted by Tactile Ire (View user info) at 2007-06-26 23:42:44 EDT
Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2006 reporting periods. The company's assessment of the impact of these new standards and interpretations is set out below.
UIG 8 Scope of AASB 2
UIG 8 is applicable to annual reporting periods beginning on or after 1 May 2006. It requires consideration of transactions involving the issuance of equity instruments - where the identifiable consideration received is less than the fair value of the equity instruments issued - to establish whether or not they fall within the scope of AASB 2. The company will apply UIG 8 from 1 January 2007, but it is not expected to have any impact on the company's financial statements.
UIG 9 Reassessment of Embedded Derivatives
UIG 9 is effective for annual reporting periods beginning on or after 1 June 2006. It requires an entity to assess whether an embedded derivative is required to be separated from the host contract and accounted for as a derivative when the entity first becomes a party to the contract.
Subsequent reassessment is prohibited unless there is a change in the terms of the contract that significantly modifies the cash flows that otherwise would be required under the contract, in which case reassessment is required. The company will apply UIG 9 from annual reporting periods beginning 1 January 2007, but it is not expected to have a material impact on the company's financial statements.
AASB 7 Financial Instruments: Disclosures and AASB 2005-10 Amendments to Australian Accounting Standards [AASB 132, AASB 101, AASB 114, AASB 117, AASB 133, AASB 139, AASB 1, AASB 4, AASB 1023 & AASB 1038]
AASB 7 and AASB 2005-10 are applicable to annual reporting periods beginning on or after 1 January 2007. AASB 7 introduces new disclosures to improve the information about financial instruments. It requires the disclosure of qualitative and quantitative information about exposure to risks arising from financial instruments, including specified minimum disclosures about credit risk, liquidity risk and market risk, including sensitivity analysis to market risk. It replaces AASB 130 Disclosures in the Financial Statements of Banks and Similar Financial Institutions and the disclosure requirements in IAS 32 Financial Instruments: Disclosure and Presentation. It is applicable to all reporting entities. The amendment to AASB 101 introduces disclosures about the level of an entity's capital and how it manages capital. The company will apply the standards from annual reporting periods beginning 1 January 2007. Application of the standards is still being assessed.
Revised AASB 101 Presentation of Financial Statements A revised AASB 101 was issued in October 2006 and is applicable to annual reporting periods beginning on or after 1 January 2007. The company has not adopted the standard early. Application of the revised standard will not have a material impact on the company's financial statements."
AASB-I 11 AASB 2 - Group and Treasury Share Transactions and AASB 2007-1 Amendments to Australian Accounting Standards arising from AASB Interpretation 11 AASB-I 11 and AASB 2007-1 are effective for annual reporting periods commencing on or after 1 March 2007. AASB-I 11 addresses whether certain types of share-based payment transactions should be accounted for as equity-settled or as cash settled transactions and specifies the accounting in a subsidiary's financial statements for share-based payment arrangements involving equity instruments of the parent. The Group will apply AASB-I 11 from 1 January 2008, but it is not expected to have any impact on the company's financial statements.
User Reviews
Submitted by i_can_get_you_a_toe (user info) at 2007-06-27 17:34:49 EDT (#)
Ranking: -2
I'm not smart enough to even try to read this. :(
Submitted by rob_berg (user info) at 2007-06-27 13:48:29 EDT (#)
Ranking: 2
SNARE!
WOOO!
Submitted by SgtHartman (user info) at 2007-06-27 13:05:45 EDT (#)
Ranking: -2
I though this was funny in a "look at real life" kind of way
then I fucking slapped my moron ass in the head and realized this was shit.
Submitted by TheUniter (user info) at 2007-06-27 11:05:16 EDT (#)
Ranking: -2
Submitted by Nellypaal (user info) at 2007-06-27 07:12:54 EDT (#)
Ranking: -2
No Comment
Submitted by RabiedRooster (user info) at 2007-06-27 05:49:09 EDT (#)
Ranking: -2
I feel sorry for you i really do
Submitted by JoeyG (user info) at 2007-06-27 04:19:00 EDT (#)
Ranking: 2
Absolutely.
Submitted by experima (user info) at 2007-06-27 01:53:44 EDT (#)
Ranking: 2
beautiful.
Submitted by ih8u2man (user info) at 2007-06-27 01:45:04 EDT (#)
Ranking: 2
Oh and this made me laugh until I cried...
"The amendment to AASB 101 introduces disclosures"
Hhahahahahahah....what a dumb ass eh?
Hahhahahahaha....
stupid AASB....ahahahhahahaha
Submitted by ih8u2man (user info) at 2007-06-27 01:44:00 EDT (#)
Ranking: 2
Wild. I actually thought this was all just a bunch of bullshit until I read..
"Subsequent reassessment is prohibited unless there is a change in the terms of the contract that significantly modifies the cash flows that otherwise would be required under the contract, in which case reassessment is required."
Then I was all like..."Oh yeah...right on man...I hear ya!" Great work...
Oh and by the way really well written. The ending is fucking fantastic but you could do more still.
Submitted by ikari_shinji (user info) at 2007-06-27 01:18:01 EDT (#)
Ranking: 2
UR HED ASPLODE
Submitted by Director (user info) at 2007-06-26 23:46:12 EDT (#)
Ranking: 2
LOL ROFL HA HA HA!
Man that accounting stuff sure is funny.