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Compiled AASB Standard  AASB 1004

Contributions

This compiled Standard applies to annual reporting periods beginning on or after 1 July 2021.  Earlier application is permitted for annual reporting periods beginning on or after 1 January 2014 but before 1 July 2021.  It incorporates relevant amendments made up to and including 6 March 2020.

Prepared on 21 July 2021 by the staff of the Australian Accounting Standards Board.

Compilation no. 4

Compilation date:  30 June 2021

Obtaining copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.
Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT
© Commonwealth of Australia 2021
This work is copyright.  Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission.  Requests and enquiries concerning reproduction and rights should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

Contents

Comparison With International Pronouncements
Accounting Standard

AASB 1004 Contributions

from paragraph
APPLICATION 6
PARLIAMENTARY APPROPRIATIONS TO GOVERNMENT DEPARTMENTS 32
LIABILITIES OF GOVERNMENT DEPARTMENTS ASSUMED BY OTHER ENTITIES 39
CONTRIBUTIONS BY OWNERS AND DISTRIBUTIONS TO OWNERS OF LOCAL
GOVERNMENTS, GOVERNMENT DEPARTMENTS AND WHOLE OF GOVERNMENTS 48
RESTRUCTURE OF ADMINISTRATIVE ARRANGEMENTS 54
APPENDICIES
  A  Defined terms
  B  Australian simplified disclosures for Tier 2 entities
COMPILATION DETAILS

BASIS FOR CONCLUSIONS
BASIS FOR CONCLUSIONS ON AASB 1058

Australian Accounting Standard AASB 1004 Contributions (as amended) is set out in paragraphs 6 – 59 and Appendices A – B.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  AASB 1004 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Comparison with international pronouncements
AASB 1004 Contributions does not correspond directly with any specific IPSASB Standard or IFRS Standard.

AASB 1004 and IPSAS
Not-for-profit entities that comply with the requirements of AASB 1004 may not simultaneously be in compliance with the requirements of IPSAS 23 Revenue from Non-Exchange Transactions (Taxes and Transfers) or IPSAS 40 Public Sector Combinations.
Both AASB 1004 and IPSAS 23 require subject transactions that meet the definition of contributions by owners to be recognised as equity transactions.  The definitions of contributions by owners in the Standards are broadly consistent, however IPSAS