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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
118 Independence Group NL
Notes to the consolidated financial statements
30 June 2016
(continued)
31 Other accounting policies (continued)
(b) New standards and interpretations not yet adopted (continued)
Title of
standard
Nature of change
Impact
Mandatory application
date/ Date of adoption by
group
AASB 15
Revenue from
Contracts with
Customers
The AASB has issued a
new standard for the
recognition of revenue. This
will replace AASB 118
which covers revenue
arising from the sale of
goods and the rendering of
services and AASB 111
which covers construction
contracts.
The new standard is based
on the principle that
revenue is recognised
when control of a good or
service transfers to a
customer.
The standard permits either
a full retrospective or a
modified retrospective
approach for the adoption.
This standard is not expected to have a
material impact on the Group's financial
statements and disclosures.
Mandatory for financial
years commencing on or
after 1 January 2018, but
available for early adoption
Expected date of adoption
by the group: 1 January
2018.
There are no other standards that are not yet effective and that would be expected to have a material impact on the
entity in the current or future reporting periods and on foreseeable future transactions.
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