NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2007 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)(B) STATEMENT OF COMPLIANCE (CONTINUED) Reference Title Summary Application Date of Standard* Impact on Company Financial Report Application date for Company AASB 2005-10 Amendments to Australian Accounting Standards [AASB 132, AASB 101, AASB 114, AASB 117, AASB 133, AASB 139, AASB 1, AASB 4, AASB 1023 & AASB 1038 Amendments arise from the release in August 2005 of AASB 7 Financial Instruments Disclosures 1 January 2007 AASB 7 is a disclosure standard so will have no direct impact on the amounts included in the Company’s financial statements. However, the amendments will result in changes to the financial instrument disclosures included in the Company’s financial report. 1 July 2007 AASB 2007-2 Amendments to Australian Accounting Standards arising from AASB Interpretation 12 [AASB 1, AASB 117, AASB 118, AASB 120, AASB 121, AASB 127, AASB 131 & AASB 139] Amending standard issued as a consequence of AASB Interpretation 12 Service Concession Arrangements. 1 January 2007 Not applicable to the Company, therefore no impact. 1 July 2007 AASB 2007-3 Amendments to Australian Accounting Standards arising from AASB 8 [AASB 5, AASB 6, AASB 102, AASB 107, AASB 119, AASB 127, AASB 134, AASB 136, AASB 1023 & AASB 1038] Amending standard issued as a consequence of AASB 8 Operating Segments. 1 January 2009 AASB 8 is a disclosure standard so will have no direct impact on the amounts included in Company’s financial statements. However the amendments may have an impact on the Company’s segment disclosures as segment information included in internal management reports is more detailed than is currently reported under AASB 114 Segment Reporting. 1 July 2009 AASB 2007-5 Amendments to Australian Accounting Standard – Inventories Held for Distribution by Not-for-Profit Entities [AASB 102] This Standard makes amendments to AASB 102 Inventories. 1 July 2007 This amendment only relates to Not-for-Profit Entities and as such is not expected to have any impact on the Company's financial report. 1July 2007 *Designates the beginning of the applicable annual reporting period.
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