Document ID: chunk:federal_register_of_legislation:F2022C01123:reg:8:p1
Version: federal_register_of_legislation:F2022C01123
Segment Type: reg
Provision Reference: reg 8 (pt 1/4)
Character Range: 30121–33506

8                              Department of the Treasury                                                                  Administered financial instruments           AASB 7 Financial Instruments: Disclosure
                                                                                                                           Administered investments                     AASB 12 Disclosure of Interests in Other Entities
                                                                                                                           Administered fair value measurement          AASB 13 Fair Value Measurement

  18A  Other information required for the Australian Government consolidated financial statements
  (1) This section applies to information of a reporting entity if the information:
       (a) is required for consolidation into the Australian Government consolidated financial statements; and
       (b) is not reported in the entity's financial statements.
  (2) The reporting entity must:
       (a) prepare the information on the basis of accounts and records kept in accordance with section 41 of the PGPA Act; and
       (b) ensure that the information undergoes a management assurance process equivalent to that which the entity's financial statements must undergo.
  (3) The reporting entity must make the information available to the Department of Finance at the time and in the format requested by the Department of Finance.
  (4) When the information is made available to the Department of Finance, it must be accompanied by a statement by the CFO of the reporting entity that the information:
       (a) has been prepared on the basis of accounts and records kept in accordance with section 41 of the PGPA Act; and
       (b) has undergone a management assurance process equivalent to that which the entity's financial statements must undergo; and
       (c) is complete and accurate.

  Part 4 -  Interpretation and application of the AAS for the public sector

Guide to this Part

The purpose of this Part is to provide consistency in financial reporting across all reporting entities.  The following provides information to reporting entities about how to interpret the AAS for public sector application. This will result in the appropriate application of the AAS and a consistent approach in financial reporting across the Commonwealth that will enable a whole of Government consolidation to proceed.

  19 Early adoption of accounting pronouncements
  (1) A reporting entity must have approval from the accountable authority of the Department of Finance if they wish to adopt an AAS or AASB Interpretation earlier than its effective date of application other than as permitted or required by this rule.

  (2) The accountable authority of the Department of Finance may instruct one or more entities to early adopt an AAS or AASB interpretation.

  20 Receivables for statutory charges

  Receivables for statutory charges must be assessed for impairment under AASB 136 Impairment of Assets.

  21 Heritage and cultural assets

  (1) Only assets that are primarily used for 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