Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p172
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 480872–484265

exemptions and alternative requirements.

Not-for-profit entities
BC8               The AASB received only limited feedback from not-for-profit stakeholders on ED 298.
BC9               Nonetheless, the AASB considers there may be issues that need to be clarified in applying AASB 18 to not-for-profit entities. These could include the way in which the income statement categorisations might be applied to:
(a)                    transfers of funds or assets to enable an entity to acquire or construct a recognisable non-financial asset to be controlled by the entity; and
(b)                   investment income from endowments that is stipulated as to be used to support particular operating activities.
BC10            These issues are expected to be among those addressed in the AASB's planned outreach with not-for-profit stakeholders.

Whole of Government and General Government Sector
BC11            AASB 1049 Whole of Government and General Government Sector Financial Reporting requires Whole of Government (WoG) and General Government Sector (GGS) entities to present consolidated financial statements in a manner that is consistent with the Australian system of Government Finance Statistics (ABS GFS Manual) published by the Australian Bureau of Statistics (ABS).
BC12            AASB 1049 requires WoG and GGS entities to:
(a)                    classify income and expenses as 'transactions' and 'other economic flows', which contrasts with the categories of 'operating', 'investing' and 'financing' in the statement of comprehensive income introduced by AASB 18; and
(b)                   present additional line items and subtotals in primary financial statements related to 'key fiscal aggregates' in addition to the requirements under AASB 101 and AASB 107 Statement of Cash Flows (AASB 1049 paragraphs 28, 32 and 36–37).
BC13            Feedback from key public sector stakeholders on ED 298 identified potential concerns with:
(a)                    simultaneously meeting the proposed income statement categorisations and the existing AASB 1049 formats for WoG and GGS financial statements; and
(b)                   how the requirements to disclose management-defined performance measures might affect public sector entities.
BC14            These issues are expected to be among those addressed in the AASB's planned outreach with public sector stakeholders.

Superannuation entities
BC15            The AASB recently completed a post-implementation review of AASB 1056 Superannuation Entities, which included issuing Invitation to Comment ITC 54 Post-implementation Review of AASB 1056 Superannuation Entities and Interpretation 1019 The Superannuation Contributions Surcharge (July 2023).
BC16            The feedback received on ITC 54 indicated widespread support for the existing requirements. The AASB concluded that none of the issues raised were sufficiently significant to warrant any standard-setting work at this stage. However, the AASB decided to continue to monitor the application of AASB 1056 and other pronouncements applicable to the superannuation industry as circumstances change, such as changes in:
(a)                    prudential, governance and tax legislation;
(b)                   Accounting Standards; and
(c)                    superannuation products.
BC17            The AASB considered there may be issues that need to be clarified in