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Summary of requirements
Scope s35.1 M M M
Section 35 applies to an entity’s first financial
statements under MPERS.
Accounting policies s35.6 M M M To state the date of
Section 35 requires an entity’s date of transition to transition for
the MPERS to be the beginning of the earliest current year
period for which the entity presents full comparative
information in accordance with this Standard in its
first financial statements that conform to this
Standard.
Opening MPERS statement of financial position s35.7 M M M
Except as allowed in section 35, in its opening
MPERS statement of financial position an entity s35.8
should:
Recognise all assets and liabilities
whose recognition is required by
MPERS.
Not recognise items as assets or
liabilities if MPERS does not permit such
recognition.
Reclassify items recognised under
previous GAAP in accordance with
MPERS.
Apply MPERS in measuring all
recognised assets and liabilities.
e 1/7
Updated September 2010
FOR INTERNAL USE ONLY
MPERS Conversion
Impact Assessment Checklist for year ending 28 February 2015
Requirement References abcSB Specific Observation Financial Non Financial Total Effort Next Steps
Information Statements Impact
Impact
(H/M/L) (H/M/L) (H/M/L)
appropriate, another category of equity) at the date
of the opening statement of financial position.
Exceptions to retrospective application of other SECTION 35.9 To assess L L L
MPERSs
SECTION 35 disallows retrospective application of
certain items. This is to limit the use of hindsight
when adopting MPERS.
Derecognition of financial assets and financial SECTION 35.9(a) To assess L L L
liabilities
SECTION 35 ‘grandfathers’ financial assets and
financial liabilities that were derecognised in
accordance with previous GAAP before 1 January
2004.
Hedge accounting SECTION 35.9(b) L L L
SECTION 35 does not permit retrospective
designation of hedge relationships.
The designation and documentation of a hedge
relationship must be completed on or before the
date of transition to MPERSs if the hedge
relationship is to qualify for hedge accounting
from that date. Hedge accounting can be applied
prospectively only from the date that the hedge
relationship is fully designated and documented.
SECTION 35’s implementation guidance provides
information about how to account for qualifying
hedge relationships on the date of transition to
MPERS.
Non-controlling interests SECTION 35(e) L L L
A first-time adopter shall apply the Section 5.6
requirements on the allocation of profit and loss
for the period and the total comprehensive income
for the period to (i) non-controlling interest and (ii)
owners of the parent prospectively from the
transition date.
e 2/7
Updated September 2010
FOR INTERNAL USE ONLY
MPERS Conversion
Impact Assessment Checklist for year ending 28 February 2015
Requirement References abcSB Specific Observation Financial Non Financial Total Effort Next Steps
Information Statements Impact
Impact
(H/M/L) (H/M/L) (H/M/L)
Estimates& Discontinued Operations SECTION 35(c) To assess L L L
SECTION 35 disallows retrospective application on Section 35 (d)
discontinued operations and accounting estimates.
L L L
Business combinations – Application of SECTION 35.10 (a)
exemption
Entity may elect not to apply Section 19
Business Combinations and Goodwill to
transactions effected before the date of
transition to MPERS. However, if entity
restates any business combination to comply
with Section 19, it shall restate all later
business combinations.
e 3/7
Updated September 2010
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MPERS Conversion
Impact Assessment Checklist for year ending 28 February 2015
Requirement References abcSB Specific Observation Financial Non Financial Total Effort Next Steps
Information Statements Impact
Impact
(H/M/L) (H/M/L) (H/M/L)
Share-based payment- equity settled SECTION 35.10(b) L L L
Entities are encouraged, but not required, to apply
Section 26 Share-based Payment to equity
instruments or to liabilities arising from share-
based payment transactions that were granted on
or before the date of transition to MPERS.
e 4/7
Updated September 2010
FOR INTERNAL USE ONLY
MPERS Conversion
Impact Assessment Checklist for year ending 28 February 2015
Requirement References abcSB Specific Observation Financial Non Financial Total Effort Next Steps
Information Statements Impact
Impact
(H/M/L) (H/M/L) (H/M/L)
e 5/7
Updated September 2010
FOR INTERNAL USE ONLY
MPERS Conversion
Impact Assessment Checklist for year ending 28 February 2015
Requirement References abcSB Specific Observation Financial Non Financial Total Effort Next Steps
Information Statements Impact
Impact
(H/M/L) (H/M/L) (H/M/L)
production of oil and gas) on the date of transition
to the MPERS at the amount determined under
the entity’s previous GAAP. The entity shall test
those assets for impairment at the date of
transition to this Standard in accordance with
Section 27 Impairment of Assets.
Arrangements containing a lease. SECTION 35.10(k) To assess L L L N/A
A first-time adopter may elect to determine
whether an arrangement existing at the date of
transition to the MPERS contains a lease (see
paragraph 20.3) on the basis of facts and
circumstances existing at that date, rather than
when the arrangement was entered into.
Decommissioning liabilities included in the cost SECTION 35.10(l) To assess L L L N/A
of property, plant and equipment.
A first-time adopter may elect to measure the cost
of dismantling and removing the item and restoring
the site on which it is located of an item of PPE at
the date of transition to the MPERS, rather than on
the date(s) when the obligation initially arose.
Disclosures SECTION 35.12 L L L N/A
e 6/7
Updated September 2010
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MPERS Conversion
Impact Assessment Checklist for year ending 28 February 2015
Requirement References abcSB Specific Observation Financial Non Financial Total Effort Next Steps
Information Statements Impact
Impact
(H/M/L) (H/M/L) (H/M/L)
following dates:
(i) date of transition to this Standard,
and
(ii) the end of the latest period
presented in the entity’s most recent
annual financial statements
determined in accordance with its
previous financial reporting framework.
(c) a reconciliation of the profit or loss
determined in accordance with its
previous financial reporting framework
for the latest period in the entity’s most
recent annual financial statements to
its profit or loss determined in
accordance with this Standard for the
same period.
e 7/7
Updated September 2010
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