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Annual Report 2018-2019 Essential Services Commission of South Australia



Annual Report 2018-2019 Essential Services Commission of South Australia

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Tabled paper 1481


Tabled Papers for 13th Assembly 2016 - 2020; Tabled Papers; ParliamentNT






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Essential Services Commission Notes to and forming part of the financial statements for the year ended 30 June 2019 21 8. Changes in accounting policy 8.1. Treasurers Instructions (Accounting Policy Statements) On 22 March 2019 the Treasurers Instructions (Accounting Policy Statements) 2019 were issued by the Treasurer under the Public Finance and Audit Act 1987. The Accounting Policy Statements replaced the following Accounting Policy Frameworks: Purpose and Scope General Purpose Financial Statements Framework Asset Accounting Framework Financial Asset and Liability Framework Income Framework, and Definitions. The new Accounting Policy Statements have largely been prepared on a no-policy change basis. Changes that impact on these financial statements are: Removal of the additional requirement to report transactions with the South Australian Government. Removal of the additional requirement to report a Statement of Equity for administered items. Increasing the bands from $10 000 to $20 000 for Commission, committees and employees reporting. These changes, however, do not impact on the amounts reported in the financial statements. The Accounting Policy Statements also set out requirements in relation to Accounting Standards and Statements not yet effective. This is further discussed in note 9.3. 8.2. AASB 9 Financial Instruments AASB 9 Financial Instruments replaces the provisions of AASB 139 that relate to recognition, classification and measurement of financial assets and financial liabilities, derecognition of financial instruments, impairment of financial assets and hedge accounting. The adoption of AASB 9 from 1 July 2018 resulted in changes in accounting policies and no adjustments to the amounts recognised in financial statements. As part of the adoption of AASB 9, the Commission adopted consequential amendments to other accounting standards and the Treasurers Instructions (Accounting Policy Statements) arising from the issue of AASB 9 as follows: AASB 7 Financial Instruments: Disclosures requires amended disclosures due to changes arising from AASB 9. These disclosures have been provided for the current year because the comparatives have not been restated. In accordance with transitional provisions and the Treasurers Instructions (Accounting Policy Statements), AASB 9 Financial Instruments was adopted without restating comparative information for classification and measurement requirements. All adjustments relating to classification and measurement are recognised in retained earnings at 1 July 2018. The adoption of AASB 9 has not had a significant effect on the recognition, measurement or classification of financial liabilities. There has been no impact on the Commissions retained earnings as at 1 July 2018.