AASB 108: ‘Accounting Policies, Changes in Accounting Estimates and errors applies to financial statements required to be prepared in accordance with the Corporations Act as well as financial statements prepared as general purpose financial reports.
Paragraph 30 of the standard requires disclosure of Australian accounting standards that have been issued but which are not yet effective as well as  known, or reasonably estimable information, relevant to assessing the possible impact that application of the new standard will have on the entity’s financial report in the period of initial application. Some suggested disclosures are available for consideration at paragraph 31 of AASB 108 which may assist with an entity’s compliance.

The requirement to include these disclosures, and the extent of such disclosures, should be considered having regard to the concept of materiality. An entity should therefore consider whether the omission of information in relation to the pending application of an accounting standard may influence the usefulness of the financial statements. In this regard, it is fairly clear that where the implementation of an accounting standard in the future could materially affect the recognition or measurement of transactions and balances that are reported as at the entity’s reporting date, disclosure of the future standard and its impact should be provided. Where the impact is not yet ascertainable, but could be material, such information is also relevant for users.

Where a pending standard is not applicable, or otherwise not likely to affect financial information presented in the financial statements, we believe it prudent to at least make reference to the existence of the standard and that it is not expected to affect the entity’s future financial statements.  The qualitative aspect of such disclosure conveys to users that internal governance systems are working to monitor financial reporting developments and any possible implications thereof.  Failure to make mention of pending standards could raise doubts in the minds of users as to whether pending changes have been considered.

In the June 2010 edition of XYZ Model Financial Accounts, the disclosures made for AASB 108.30 are illustrative only and are therefore reasonably informative in their content. An entity could decide that a more minimalist approach is appropriate for those pending standards not likely to materially affect future periods. 
The list of standards disclosed by the models in  XYZ covers those issued up to April 2010.  Standards issued subsequently up to the date of signing of the accounts need to be considered.  To assist preparers of 30 June 2010 financial reports, we have attached an up-to-date list of standards and interpretations for consideration.