Area

Details and title

Corporations Act

Remuneration report disclosures and non-binding member vote – new disclosures about remuneration consultants, including fees and independence.  Simplification of disclosure to cover just Key Management Personnel of a consolidated entity, and not require disclosure of the 5 most highly paid executives.
Corporations Amendment (Corporate Reporting Reform) Act 2010, No 66

Related party disclosures

Changes the definition of related parties for clarity and consistency, especially around identifying related parties through control and significant influence.  A subsidiary and associate with the same investor are now related.Control is defined to include joint control, so joint venture operations are related parties.
Explicitly requires disclosures of commitments involving related parties
AASB 124 Related Party Disclosures – retrospective application

Australian additional disclosures

Relocates disclosures required in Australian standards that are not in international accounting standards.  Also changes some terminology and requirements so Australian and New Zealand standards are the same.  Most requirements are unchanged, but capital and other expenditure commitments may be disclosed in total without showing time bands.  Imputation credits must be disclosed separately for each different tax regime.  The true and fair override is reinstated, but may still be prohibited by legislation (eg Corporations Act 2001 does not allow it).
AASB 1054Australian Additional Disclosures – retrospective application

Disclosure of transfers of financial assets

Adds disclosure requirements about transfers of financial assets so users understand any risks that may remain with the entity (e.g. securitisations, factoring transactions)
AASB 2010-6 Amendments to Australian Accounting Standards – Disclosures on Transfers of Financial Assets[AASB 1 & AASB 7]  – prospective application

Debt for equity swaps

Fair value to be used where debt extinguished by issue of equity instruments other than in common control transactions or extinguishment was part of original contract
Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments – retrospective application

Contributors to Defined Benefit pension schemes

Early payment of minimum funding to a defined benefits pension scheme may be recognised as an asset
Amendment to Interpretation 14 AASB 119 - The Limit ona Defined Benefit Asset, Minimum Funding Requirements and their Interaction – retrospective application.

Various under improvements to standards

Amendments arising from the annual improvements project, including:
Presentation of Other Comprehensive Income – clarification that the analysis of OCI items may be in statement of changes in equity or in the notes
Emphasis added that disclosures of significant events and transactions in interim financial reports should update related information in the previous annual report
Customer loyalty schemes– clarification that fair value should take into account discounts or incentives made available to non-loyalty scheme customers
Financial instrument disclosures – an amendment encourages qualitative disclosures in the context of the mandatory quantitative disclosures made
Segment reporting – requirement added to consider whether a government and entities it is known to control represent a single customer for segment reporting
AASB 2010-3 Amendments to Australian Accounting Standards arising from the Annual Improvements Project [AASB 3, AASB 7, AASB 121, AASB 128, AASB 131, AASB 132 & AASB 139]
AASB 2010-4 Amendments to Australian Accounting Standards arising from the Annual Improvements Project[AASB 1, AASB 7, AASB 101, AASB 134 and Interpretation 13
AASB 2010-5Amendments to Australian Accounting Standards[AASB 1, 3, 4, 5, 101, 107, 112, 118, 119, 121, 132, 133, 134, 137, 139, 140, 1023 & 1038 and Interpretations 112, 115, 127, 132 & 1042]
Mix of prospective and retrospective application