Notes To The Financial Statements (Continued) 30 June 2015 Adoption of new and revised financial reporting standards (continued) • The following standards and interpretations were in issue but not yet effective: Effective for the financial year commencing 1 January 2016 • IFRS 14 –Regulatory Deferral Accounts • Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11 ) • Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38) • Agriculture : Bearer Plants ( Amendment to IAS 16 and IAS 41 ) • Equity Method in Separate Financial Statements ( Amendments to IAS 27 ) • Sale or Contribution of Assets between an Investor and its Associate or Joint Venture ( Amendments to IFRS0 and IAS 28) • Disclosure Initiative (Amendments to IAS 1 ) • Investment Entities: Applying the Consolidation Exception ( Amendments to IFRS 10, IFRS 12 and IAS 28 ) Effective for the financial year commencing 1 July 2018 • IFRS 15 Revenue from Contracts with Customers Effective for the financial year commencing 1 July 2018 • IFRS 9 Financial Instruments The above standards and interpretations, with the exception of IFRS 9 and IFRS 15, are not applicable to the business of the organisation and will, therefore, have no impact on future financial statements. The Trustees are of the opinion that the impact of the application of the applicable standards and interpretations will be as follows: Legal Resources Foundation Annual Report 2015 43