Document ID: chunk:federal_register_of_legislation:F2024C00046:body:0:p67
Version: federal_register_of_legislation:F2024C00046
Segment Type: other
Provision Reference: 
Character Range: 174232–177265

in its general purpose financial statements.

Other issues

Extension of relief to other assets held by not-for-profit public sector entities
BC18 The Board discussed whether the relief from disclosure should be extended to include investment properties within the scope of AASB 140 Investment Property or financial assets held by not-for-profit public sector entities that are measured at fair value and categorised within Level 3 of the fair value hierarchy.  The Board decided not to extend the relief to such assets as it did not regard there to be differences in the purposes these assets are held, whether held by a for-profit private sector entity or not-for-profit public sector entity.  Further, the Board considered that, for such assets, the costs of providing the disclosures did not outweigh the benefits from making those disclosures in general purpose financial statements.  The Board noted that, unlike property, plant and equipment, there was not necessarily a significant difference between the sectors with regard to the extent to which fair value measurement is applied to these assets.
BC19 The Board also discussed whether the relief from disclosure should be extended to include other assets (besides financial assets and investment properties) held by not-for-profit public sector entities that are measured at fair value and not held primarily for their current service potential.  The Board noted that it had decided to keep the scope of its project narrow, and observed the role of materiality when considering whether specified disclosures should be included in general purpose financial statements.

Application date and transitional provisions
BC20 The Board considered the application date of the amendments to AASB 13.  The Board decided that the amendments should apply to annual reporting periods beginning on or after 1 July 2016, and to permit early adoption of the amendments.  The Board noted that early adoption would allow not-for-profit public sector entities to immediately access the disclosure relief.
BC21 The Board decided that no specific transitional provisions were necessary as the amendments relate to providing relief from disclosure.  Accordingly, the requirements of AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors apply to the amendments.

Basis for Conclusions on AASB 2022-10
This Basis for Conclusions accompanies, but is not part of, AASB 13. The Basis for Conclusions was originally published with AASB 2022-10 Amendments to Australian Accounting Standards – Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities.

Introduction
BC1               This Basis for Conclusions summarises the Australian Accounting Standards Board's considerations in reaching the conclusions in this Standard, which amends AASB 13 Fair Value Measurement for application by not-for-profit public sector entities. It sets out the reasons why the Board developed the Standard, the approach taken to developing the amendments and the key