Document ID: chunk:federal_register_of_legislation:F2023C00190:reg:5
Version: federal_register_of_legislation:F2023C00190
Segment Type: reg
Provision Reference: reg 5
Character Range: 50529–58843

5   Known non-compliance with all recognition and measurement requirements in Australian Accounting Standards that is extensive                                                                                                                                                                                                                                                                                                                                                                                                                                                        Charity D Inc, a not-for-profit entity, has prepared special purpose financial statements as, in the opinion of the Management Committee, it is unlikely there are users of these financial statements who are not in a position to require the preparation of reports tailored to their information needs.  Accordingly, these financial statements have been prepared to satisfy the Management Committee's reporting requirements under the [Australian Charities and Not-for-profits Commission Act 2012 / insert further details of the not-for-profit reporting framework under which the financial statements are prepared].
    Charity D Inc, a not-for-profit entity, does not have any subsidiaries, associates or joint ventures (and therefore requirements set out in AASB 10 and AASB 128 are not applicable) and prepares special purpose financial statements that apply material accounting policies that do not comply with all the recognition and measurement requirements in Australian Accounting Standards.  Although the differences have not been quantified, they are extensive and an indication of the differences are presented with the appropriate note disclosing the accounting policy.  These special purpose financial statements do not comply with all the recognition and measurement requirements in Australian Accounting Standards.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       [The material accounting policies adopted in the special purpose financial statements are set out in notes X-Y and indicate how the recognition and measurement requirements in Australian Accounting Standards have not been complied with.
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Note X: Revenue
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       All grant income has been deferred upon receipt and not recognised as revenue until the related expenses are incurred, without assessing whether enforceable performance obligations exist. This does not comply with AASB 15 Revenue from Contracts with Customers or AASB 1058 Income of Not-for-Profit Entities.
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Note Y: Employee Benefits
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Long-term provision recognised for long service leave has been measured on the undiscounted basis which does not comply with AASB 119 Employee Benefits.
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