Document ID: chunk:federal_register_of_legislation:F2022C01123:reg:8:p2
Version: federal_register_of_legislation:F2022C01123
Segment Type: reg
Provision Reference: reg 8 (pt 2/4)
Character Range: 33237–36226

purposes that relate to their cultural, environmental or historical significance can be accounted for as heritage and cultural assets.

  (2) Heritage and cultural items must only be recognised as assets where they meet the asset definition and recognition criteria set out in AASB 116 Property, Plant and Equipment or AASB 138 Intangible Assets.

  22 Impairment of non-financial assets

  For the purposes of AASB 136, parts of reporting entities are not cash generating units where they are primarily dependent on funding from appropriations.

  23 Liabilities relating to dividends

  (1) Where legislation provides that a Minister(s) may determine the amount to be paid as a dividend or similar distribution, the reporting entity must recognise a liability for any dividend or distribution determined by the Minister(s) at the date of the Ministerial determination.

  (2) Where a wholly-owned Australian Government entity is required to pay its profit for the year to the Australian Government, a liability for the dividend must be recognised for an amount equal to profit for the current year as at the reporting entity's reporting date.

  (3) Where a reporting entity is required to pay its profit for the year to the Australian Government after the deduction of certain amounts, a liability for the dividend must be recognised if those amounts are known before the date of completion of the financial statements. If these amounts are not known before this date, the entity should instead disclose a contingent liability.

  24 Employee benefits

Guide to this section

The purpose of this section is to establish consistent requirements for reporting entities when calculating and reporting their employee benefits, and to allow a simplified approach where appropriate.

  (1) In calculating long service leave (LSL) liability, reporting entities with:

       (a) greater than 1,000 full‑time equivalent (FTE) employees must estimate the entity's LSL liability using either of the following methods:

           (i) an actuarial assessment;

           (ii) a detailed calculation basis (e.g., employee by employee); and

       (b) less than or equal to 1,000 FTE employees must estimate the entity's LSL liability using the shorthand method, or a method referred to in paragraph (a).

  (2) For the purposes of calculating the provision of employee benefits, the following relevant on‑costs are to be allowed for:

       (a) superannuation contributions made by a Commonwealth entity to meet its superannuation liability;

       (b) accrual of annual leave while an employee is on annual leave or long service leave;

       (c) accrual of long service leave while an employee is on annual leave or long service leave.

   Other on‑costs, such as workers' compensation insurance and payroll tax, are not on‑costs that are to be allowed for in calculating the provision of employee benefits for the purposes of this section.
  25 Measurement and disclosure of post employment