Document ID: chunk:federal_register_of_legislation:F2023C00190:reg:7:p1
Version: federal_register_of_legislation:F2023C00190
Segment Type: reg
Provision Reference: reg 7 (pt 1/2)
Character Range: 64724–75093

7   At least one material accounting policy not assessed for compliance with recognition and measurement requirements in Australian Accounting Standards (all other material accounting policies comply with recognition and measurement requirements in Australian Accounting Standards)                                                                                                                                                                                                                                                                                              Charity F Inc, a not-for-profit entity, has prepared special purpose financial statements as, in the opinion of the Management Committee, it is unlikely there are users of these financial statements who are not in a position to require the preparation of reports tailored to their information needs.  Accordingly, these financial statements have been prepared to satisfy the Management Committee's reporting requirements under [the Australian Charities and Not-for-profits Commission Act 2012 / insert details of the not-for-profit reporting framework under which the financial statements are prepared].
    Charity F Inc, a not-for-profit entity, does not have any subsidiaries, associates or joint ventures (and therefore requirements set out in AASB 10 and AASB 128 are not applicable) and prepares special purpose financial statements that apply some material accounting policies that have not been assessed for compliance with the recognition and measurement requirements in Australian Accounting Standards.  All other material accounting policies comply with the recognition and measurement requirements in Australian Accounting Standards.                          Charity F Inc has not assessed whether these special purpose financial statements comply with all the recognition and measurement requirements in Australian Accounting Standards.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       [The material accounting policies disclosed in note X that have not been assessed for compliance with Australian Accounting Standards include:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         -          Recognition of income; and
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         -          Long-service leave.]
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       OR
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       [The material accounting policies adopted in the special purpose financial statements are set out in notes X-Y and indicate how they have not been assessed for compliance with the recognition and measurement requirements in Australian Accounting Standards.
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Note X: Revenue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       All grant income has been deferred upon receipt and not recognised as revenue until the related expenses are incurred, and has not been assessed for compliance with the recognition and measurement requirements in Australian Accounting Standards.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       …
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Note Y: Employee Benefits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       …
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Long-term provision recognised for long service leave has been measured to reflect the directors best estimate of the amounts payable for those employees expected to achieve seven years of service at the reporting date, and has not been assessed for compliance with the recognition and measurement requirements in Australian Accounting Standards.]

Implementation guidance and illustrative examples for certain for-profit private sector entities

The following implementation guidance and illustrative examples accompany, but are not part of, AASB 1054 Australian Additional Disclosures. They illustrate aspects of AASB 1054 but are not intended to provide interpretative guidance.

     IG15             The AASB has prepared this guidance and examples to explain and illustrate the application of the requirements in paragraph 9C of this Standard.

     IG16             The