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CAA Annual Report : 2014 Annual Report
20 plans and termination benefits, which have no impact on the company's financial statements as the company has no defined benefit obligations or termination benefits at present. Additionally, AASB 119 (September 2011) has introduced revised definitions for "short-term employee benefits" and "other long-term employee benefits". These revisions cause a change in accounting policy for the annual leave provision amounts recognised in the financial statements as explained below. Provision for employee benefits: annual leave For the purpose of measurement, AASB 119 (September 2011) defines obligations for short- term employee benefits as obligations expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related services. Previously, annual leave satisfied the definition of short-term employee benefits and therefore the leave liability was measured on an undiscounted basis at the amounts expected to be paid when the liability was settled. However, under AASB 119 (September 2011), as the company expects that most employees will not use all of their annual leave entitlements in the same year in which they are earned or during the 12-month period that follows, obligations for annual leave entitlements now meet the definition of other long-term employee benefits and, therefore, are required to measured at the present value of the expected future payments to be made to employees. Note, however, that these changes do not impact the classification of leave entitlements between current and non-current liabilities in the statement of financial position. (p) NEW ACCOUNTING STANDARDS AND INTERPRETATIONS NOT YET MANDATORY OR EARLY ADOPTED Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the company for the annual reporting period ended 30 June 2014. The company has not yet assessed the impact of these new or amended Accounting Standards and Interpretations. CHIROPRACTORS' ASSOCIATION OF AUSTRALIA (NATIONAL) LIMITED A.C.N. 050 096 038 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 JUNE 2014 FINANCIAL ACCOUNTS AND REPORTS OF CHIROPRACTORS' ASSOCIATION OF AUSTRALIA (NATIONAL) LIMITED FOR THE YEAR ENDING 30 JUNE 2014
2013 Annual Report