Document ID: chunk:federal_register_of_legislation:F2024C00047:front:0:p19
Version: federal_register_of_legislation:F2024C00047
Segment Type: other
Provision Reference: 
Character Range: 48060–51053

reasonable approximation of fair value, for example, for financial instruments such as short-term trade receivables and payables; or
(b) [deleted]
(c) [deleted]
(d) for lease liabilities.
          Aus29.1 Further to paragraph 29, for public sector entities applying AASB 4, disclosures of fair value are not required for a contract containing a discretionary participation feature (as described in AASB 4) if the fair value of that feature cannot be measured reliably. However, an entity shall disclose information to help users of the financial statements make their own judgements about the extent of possible differences between the carrying amount of those contracts and their fair value, including:
               (a) the fact that fair value information has not been disclosed for these instruments because their fair value cannot be measured reliably;
               (b) a description of the financial instruments, their carrying amount, and an explanation of why fair value cannot be measured reliably;
               (c) information about the market for the instruments;
               (d) information about whether and how the entity intends to dispose of the financial instruments; and
               (e) if financial instruments whose fair value previously could not be reliably measured are derecognised, that fact, their carrying amount at the time of derecognition, and the amount of gain or loss recognised.
30 [Deleted]

Nature and extent of risks arising from financial instruments
31 An entity shall disclose information that enables users of its financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed at the end of the reporting period.
32 The disclosures required by paragraphs 33–42 focus on the risks that arise from financial instruments and how they have been managed. These risks typically include, but are not limited to, credit risk, liquidity risk and market risk.
32A Providing qualitative disclosures in the context of quantitative disclosures enables users to link related disclosures and hence form an overall picture of the nature and extent of risks arising from financial instruments. The interaction between qualitative and quantitative disclosures contributes to disclosure of information in a way that better enables users to evaluate an entity's exposure to risks.

Qualitative disclosures
33 For each type of risk arising from financial instruments, an entity shall disclose:
(a) the exposures to risk and how they arise;
(b) its objectives, policies and processes for managing the risk and the methods used to measure the risk; and
(c) any changes in (a) or (b) from the previous period.

Quantitative disclosures
34 For each type of risk arising from financial instruments, an entity shall disclose:
(a) summary quantitative data about its exposure to that risk at the end of the reporting period. This disclosure shall be based on the information provided internally to key