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New Accounting Standards

Adoption of New Australian Accounting Standard Requirements

All other new/revised/amending standards and/or interpretations that were issued prior to the sign-off date and are applicable to the current reporting period did not have a material effect on the RWTF’s financial statements.

The RWTF has applied the requirements of AASB 1058 Income of not-for-profit entities effective from 1 July 2019. As part of the implementation, the management of the RWTF has undertaken an assessment and concluded that the income recognition methods that have historically been in place are consistent with the requirements of this new standard. Accordingly, there were no adjustments and no amounts taken to retained surplus on initial adoption of this new standard. Accordingly, the comparative information presented for 2019 is not restated, that is, it is presented as previously reported under the various applicable AASBs and related interpretations.

Future Australian Accounting Standard Requirements

All new/revised/amending standards and/or interpretations that were issued prior to the sign-off date and are applicable to the future reporting period(s) are not expected to have a future material effect on the RWTF’s financial statements.