Document ID: chunk:federal_register_of_legislation:F2022C01123:reg:27:p2
Version: federal_register_of_legislation:F2022C01123
Segment Type: reg
Provision Reference: reg 27 (pt 2/15)
Character Range: 43496–46412

to set out the disclosure requirements for reporting entities that have control of heritage and cultural assets.

These assets by their very nature are of national significance and therefore require additional disclosure on how they are being managed and maintained by the Government for the national interest.

  (1) When a reporting entity controls or administers heritage and cultural assets, the notes to the financial statements must disclose:
       (a) a description of those items; and
       (b) the curatorial and preservation policies for heritage and cultural assets.
  (2) Where this information is publicly available, reporting entities may instead provide a cross-reference to this information. These policies must include details on acquisition, preservation, management and disposal of heritage and cultural assets.
  31 Assets held in trust

Guide to this section

The purpose of this section is to set out the disclosure requirements for assets held in trust by the reporting entity.

Assets held in trust are money and property that are not held on account of the Australian Government or for the use or benefit of the Australian Government. These funds are held by the Australian Government in a trustee capacity and are generally subject to trust law. Assets held in trust are not recognised in the primary statements as they are not under the control of the reporting entity.

Due to the nature of assets held in trust by the Commonwealth, disclosure is required to discharge the Government's accountability for these assets.

  (1) Financial statements of reporting entities must include a note giving particulars of financial assets held in trust when the entity is a trustee in a legal trust arrangement. A legal trustee relationship may occur through formal appointment or otherwise.
  (2) The note referred to in subsection (1) must contain a summary of the categories of assets held in trust at the end of the reporting period and the purpose for which they are being held.
  (3) Where a reporting entity holds non-monetary assets in trust, the entity need only provide a general description of those assets as part of the disclosure note.
  32 Administered investments

Guide to this section

The purpose of this section is to set out the accounting requirements for administered investments held on behalf of the Commonwealth.

Administered investments are an interest by the Australian Government in a subsidiary, associate or joint arrangement that is reported in the financial statements of a reporting entity on behalf of the Australian Government.

  (1) This section only applies to administered investments where the Government's interest is in the nature of:
       (a) subsidiaries under AASB 10 Consolidated Financial Statements;
       (b) associates under AASB 128 Investments in Associates and Joint Ventures; or
       (c) joint operations or joint ventures under AASB 11