Document ID: chunk:federal_register_of_legislation:F2022C01110:reg:1:p6
Version: federal_register_of_legislation:F2022C01110
Segment Type: reg
Provision Reference: reg 1 (pt 6/11)
Character Range: 18749–21833

general sense of the term that is often employed in relation to not-for-profit, including public sector, entities.
B2 The following for-profit entities are deemed to have public accountability:
(a) disclosing entities, even if their debt or equity instruments are not traded in a public market or are not in the process of being issued for trading in a public market;
(b) co-operatives that issue debentures;
(c) registered managed investment schemes;
(d) superannuation plans regulated by the Australian Prudential Regulation Authority (APRA) other than Small APRA Funds as defined by APRA Superannuation Circular No. III.E.1 Regulation of Small APRA Funds, December 2000; and
(e) authorised deposit-taking institutions.
B3 Some entities may also hold assets in a fiduciary capacity for a broad group of outsiders because they hold and manage financial resources entrusted to them by clients, customers or members not involved in the management of the entity.  However, if they do so for reasons incidental to a primary business (as, for example, may be the case for travel or real estate agents, schools, charitable organisations, co-operative enterprises requiring a nominal membership deposit and sellers that receive payment in advance of delivery of the goods or services such as utility companies), that does not make them publicly accountable.
B4 Examples of entities that hold assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses are most likely to include banks, credit unions, insurance companies, securities brokers/dealers, mutual funds and investment banks.

Appendix C
Transition
This appendix accompanies, but is not part of, AASB 1053.

This Appendix is intended to facilitate the application of the requirements in paragraphs 17–23 of the Standard for the application of Tiers, and the transition between Tiers, of Australian Accounting Standards.

Chart 1:  First-time Adoption of Tier 1 or Tier 2 Reporting Requirements (paragraphs 18–18D)

  * AASB 1060, paragraph B1, provides optional relief from presenting comparative information for new disclosures for not-for-profit entities transitioning early from either Tier 1 or Tier 2 – Reduced Disclosure Requirements to Tier 2 – Simplified Disclosures.

Chart 2: Re-application of Tier 1 Reporting Requirements (paragraphs 19 and 19A)

Chart 3: Re-application of Tier 2 Reporting Requirements (paragraph 19B)

Chart 4: Moving between Tiers (paragraphs 21 and 23)

Appendix D
Transition Scenarios[7]
This appendix accompanies, but is not part of AASB 1053.  It is intended to summarise which paragraphs of AASB 1053 (as revised by AASB 2014-2 Amendments to AASB 1053 – Transition to and between Tiers, and related Tier 2 Disclosure Requirements) would apply in particular common scenarios, and their consequences.

A previous reporting period  The most recent previous reporting period  Current reporting period  Applicable paragraph of AASB 1053  Consequence                                 Rationale                             Basis for Conclusions paragraph