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101 AUSTRALIAN SPORTS COMMISSION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2015 AASB 1031 Materiality which provided quantitative and qualitative guidance on how to determine if transactions and balances were material has been withdrawn by the AASB. It has been re-issued as an interim note which only requires parties to abide by the requirements of AASB 108 Accounting Policies Changes in Accounting Estimates and Errors and AASB 101 Presentation of Financial Statements when assessing materiality. All other new revised or amended standards that were issued prior to the signing of the Statement by the Chair of the Board Chief Executive Officer and the Chief Financial Officer and are applicable to the current reporting period did not have a material effect and are not expected to have a future material effect on the Commissions financial statements. Future Australian Accounting Standard Requirements The following new standards amendments to standards or interpretations were issued by the Australian Accounting Standards Board prior to the signing of the Statement by the Chair of the Board Chief Executive Officer and Chief Financial Officer and are expected to have a financial impact on the Commission for future reporting periods. AASB 9 Financial instruments applicable from the year ending 30 June 2018 represents the first phase of a three-phase process to replace AASB 139 Financial Instruments Recognition and Measurement. The standard reduces the four categories of financial asset to two amortised cost and fair value. Given the make-up of the Commissions financial assets amortised cost items such as loans receivables term deposits the new standard is not expected to impact its treatment or valuation of these assets. Other reissued standards and amendments that were issued prior to the signing of the Statement by the Chair of the Board Chief Executive Officer and the Chief Financial Officer and are applicable to the future reporting periods are not expected to have a future financial impact on the Commission. 1.5 Revenue Revenue from the sale of goods is recognised when the risks and rewards of ownership have been transferred to the buyer the Commission retains no managerial involvement or effective control over the goods the revenue and transaction costs incurred can be reliably measured and it is probable that the economic benefits associated with the transaction will flow to the Commission. Revenue from the rendering of services is recognised by reference to the stage of completion of contracts at the reporting date. The revenue is recognised when the amount of revenue stage of completion and transaction costs incurred can be reliably measured and the probable economic benefits associated with the transaction will flow to the Commission.