Document ID: chunk:federal_register_of_legislation:F2022C00554:body:0:p107
Version: federal_register_of_legislation:F2022C00554
Segment Type: other
Provision Reference: 
Character Range: 321721–322737

ending 30 June 2021, and the stakeholder advised that the concern described in paragraph BC12 does not appear to be a significant issue in practice. Since there was a need to amend the current GORTO liability calculation in paragraph C4(c) promptly prior to the preparation of grantors' 30 June 2021 financial statements, for practical reasons the Board decided to amend paragraph C4(c) based on Option 1.

  [1]  Note that there are two paragraphs 28(a) in The AASB's Not-for-Profit Entity Standard-Setting Framework.  The reference here is to the second paragraph 28(a), which states "the prevalence and magnitude of NFP-specific transactions, circumstances and events results in NFP entities' reported performance or financial position not reflecting economic reality (eg transfers of assets at significantly less than fair value primarily to enable a NFP entity to achieve its objectives, and for public sector entities, the provision of social benefits and related sustainability and sovereign power issues)".