Financial Management Amendment Standard (No. 1) 2003 (Qld)

Queensland Subordinate Legislation 2003 No. 170 Financial Administration and Audit Act 1977 FINANCIAL MANAGEMENT AMENDMENT STANDARD (No. 1) 2003 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Standard amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Amendment of commentaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Amendment of s 95 (Content of annual report) . . . . . . . . . . . . . . . . . . . . . . 2 5 Amendment of s 97 (Requirements for annual financial statements of departments) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 6 Amendment of sch 1 (Documents made by the Treasurer or published by the treasury department and to which section 46L(2) of the Act applies) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 7 Amendment of sch 3 (Prescribed accounting standards) . . . . . . . . . . . . . . . 3 8 Amendment of sch 6 (Dictionary). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 SCHEDULE . . . . . . . . . . . . . . . . . . . . . . . . 9 AMENDMENT OF COMMENTARIES

s1 2 s5 Financial Management Amendment Standard (No. 1) 2003 No. 170, 2003 1 Short title This standard may be cited as the Financial Management Amendment Standard (No. 1) 2003 . 2 Standard amended This standard amends the Financial Management Standard 1997 . 3 Amendment of commentaries The commentaries in the Financial Management Standard 1997 are amended as stated in the schedule. 4 Amendment of s 95 (Content of annual report) Section 95(3)(b), ‘Australian Accounting Standard’— omit . 5 Amendment of s 97 (Requirements for annual financial statements of departments) Section 97(1)(b)— omit, insert — ‘(b) the minimum reporting requirements mentioned in the document called ‘Financial Reporting Requirements for Government Departments (Incorporating the Treasurer’s Minimum Reporting Requirements, the ‘Sunshine Department’ Model Financial Statements, and Accounting Policy Guidelines) for the financial year ending 30 June 2003.’. 1 1 See schedule 1 (Documents made by the Treasurer or published by the treasury department and to which section 46L(2) of the Act applies) for details about this document.

s6 3 s7 Financial Management Amendment Standard (No. 1) 2003 No. 170, 2003 6 Amendment of sch 1 (Documents made by the Treasurer or published by the treasury department and to which section 46L(2) of the Act applies) Schedule 1, item 9— omit, insert — ‘ 9. ‘Financial Reporting Requirements for Government Departments (Incorporating the Treasurer’s Minimum Reporting Requirements, the ‘Sunshine Department’ Model Financial Statements, and Accounting Policy Guidelines) for the financial year ending 30 June 2003’, as published by the treasury department in May 2003.’. 7 Amendment of sch 3 (Prescribed accounting standards) (1) Schedule 3, ‘sections 97, 98 and 99’— omit, insert — ‘sections 97 and 98’. (2) Schedule 3, parts 2 and 3— omit, insert — ‘PART 2—ACCOUNTING STANDARDS AAS 2 AAS 3 AAS 4 AAS 5 AAS 6 AAS 7 AAS 8 AAS 10 AAS 11 Inventories Income Taxes Depreciation Materiality Accounting Policies Accounting for the Extractive Industries Events Occurring After Reporting Date Recoverable Amount of Non-Current Assets Construction Contracts

s7 4 s7 Financial Management Amendment Standard (No. 1) 2003 No. 170, 2003 AAS 13 AAS 14 AAS 15 AAS 17 AAS 18 AAS 19 AAS 21 AAS 23 AAS 24 AAS 25 AAS 26 AAS 28 AAS 29 AAS 29A AAS 31 AAS 31A AAS 32 AAS 33 AAS 34 AAS 35 AAS 35A AAS 36 AAS 37 AASB 1005 AASB 1012 Accounting for Research and Development Costs Accounting for Investments in Associates Revenue Leases Accounting for Goodwill Interests in Joint Ventures Acquisitions of Assets Set-off and Extinguishment of Debt Consolidated Financial Reports Financial Reporting by Superannuation Plans Financial Reporting of General Insurance Activities Statement of Cash Flows Financial Reporting by Government Departments Amendments to the Transitional Provisions in AAS 29 Financial Reporting by Governments Amendments to the Transitional Provisions in AAS 31 Specific Disclosures by Financial Institutions Presentation and Disclosure of Financial Instruments Borrowing Costs Self-Generating and Regenerating Assets Amendments to Australian Accounting Standard AAS 35 Statement of Financial Position Financial Report Presentation and Disclosures Segment Reporting Foreign Currency Translation

s7 5 s7 Financial Management Amendment Standard (No. 1) 2003 No. 170, 2003 AASB 1018 Statement of Financial Performance AASB 1020A Amendments to Accounting Standard AASB 1020 and Australian Accounting Standard AAS 3 AASB 1020B Amendments to Accounting Standard AASB 1020 and Australian Accounting Standard AAS 3 AASB 1028 Employee Benefits AASB 1041 Revaluation of Non-Current Assets AASB 1042 Discontinuing Operations AASB 1043 Changes to the Application of AASB and AAS Standards and Other Amendments AASB 1044 Provisions, Contingent Liabilities and Contingent Assets AASB 1045 Land Under Roads: Amendments to AAS 27A, AAS 29A and AAS 31A ‘PART 3—URGENT ISSUES GROUP ABSTRACTS Abstract 1 Abstract 2 Abstract 3 Abstract 4 Abstract 6 Abstract 7 Lessee Accounting for Surplus Leased Space Under a Non-cancellable Operating Lease Accounting for Non-Vesting Sick Leave Lessee Accounting for Lease Incentives under a Non-Cancellable Operating Lease Disclosure of Accounting Policies for Restoration Obligations in the Extractive Industries Accounting for Acquisitions—Deferred Settlement of Cash Consideration Accounting for Non-current Assets—Derecognition of Intangible Assets and Change in the Basis of Measurement of a Class of Assets

s7 6 s7 Financial Management Amendment Standard (No. 1) 2003 No. 170, 2003 Abstract 8 Abstract 9 Abstract 11 Abstract 12 Abstract 13 Abstract 15 Abstract 17 Abstract 19 Abstract 20 Abstract 21 Abstract 24 Abstract 25 Abstract 26 Abstract 27 Abstract 28 Abstract 29 Abstract 30 Abstract 31 Abstract 32 Accounting for Acquisitions—Recognition of Restructuring Costs as Liabilities Accounting for Acquisitions—Recognition of Acquired Tax Losses Accounting for Contributions of, or Contributions for the Acquisition of, Non-Current Assets Accounting for the Costs of Modifying Computer Software for the Year 2000 The Presentation of the Financial Report of Entities whose Securities are ‘Stapled’ Early Termination of Foreign Currency Hedges Developer and Customer Contributions in Price Regulated Industries The Superannuation Contributions Surcharge Equity Accounting—Elimination of Unrealised Profits and Losses on Transactions with Associates Consistency—Different Cost Formulas for Inventories Equity Accounting—Carrying Amount of an Investment in an Associate Redesignation of Hedges Accounting for Major Cyclical Maintenance Designation as Hedges—Sold (Written) Options Consolidation—Special Purpose Entities Early Termination of Interest Rate Swaps Depreciation of Long-lived Physical Assets, including Infrastructure Assets: Condition-Based Depreciation and Other Related Methods Accounting for the Goods and Services Tax (GST) Designation as Hedges—Rollover Strategies

s7 7 s7 Financial Management Amendment Standard (No. 1) 2003 No. 170, 2003 Abstract 33 Abstract 34 Abstract 36 Abstract 37 Abstract 38 Abstract 39 Abstract 40 Abstract 41 Abstract 43 Abstract 44 Abstract 45 Abstract 46 Abstract 48 Abstract 49 Abstract 50 Abstract 51 Abstract 52 Abstract 53 Hedges of Anticipated Purchases and Sales Acquisitions and Goodwill—First Time Application of Accounting Standards Non-Monetary Contributions Establishing a Joint Venture Entity Accounting for Website Costs Contributions by Owners Made to Wholly Owned Public Sector Entities Effect of Proposed Tax Consolidation Legislation on Deferred Tax Balances Non-Reciprocal Transfers within an Economic Entity for Monetary or No Consideration Fair Value of Equity Instruments Issued as Purchase Consideration Classification of Financial Instruments with Conversion Options Acquisition of In-Process Research and Development Subsidiary becomes a Joint Venture Entity or an Associate Initial Foreign Currency Translation for Redomiciled Entities Status of Tax Consolidation Legislation Revenue—Barter Transactions involving Advertising Services Evaluating the Substance of Transactions involving the Legal Form of a Lease Recovery of Unfunded Superannuation of Universities Income Tax Accounting under the Tax Consolidation System Pre-completion Contracts for the Sale of Residential Development Properties’.

s8 8 s8 Financial Management Amendment Standard (No. 1) 2003 No. 170, 2003 8 Amendment of sch 6 (Dictionary) Schedule 6, definition “Australian Accounting Standards” or “AAS”— omit, insert — ‘ “AAS” or “AASB” means an accounting standard issued or maintained by the Australian Accounting Standards Board. 2 ’. 2 AAS or AASB may appear with a number and a title, for example, AAS 2—Inventories.

9 Financial Management Amendment Standard (No. 1) 2003 No. 170, 2003 SCHEDULE AMENDMENT OF COMMENTARIES section 3 1 Amendment of commentary after s 45 (Elements of systems for asset management) Commentary after section 45, item 5, ‘The Australian Accounting Standard AAS 38’— omit, insert— ‘AASB 1041’. ENDNOTES 1. Made by the Treasurer on 14 July 2003. 2. Notified in the gazette on 18 July 2003. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Treasury Department. © State of Queensland 2003