Document ID: chunk:federal_register_of_legislation:F2024L00665:clause:1_6:p8
Version: federal_register_of_legislation:F2024L00665
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 8/11)
Character Range: 21757–24745

defined in the Australian Accounting Standards is not modified by the following glossary:
    amalgamated organisation has the meaning provided in section 35 of the Act.

    assets are resources controlled by a reporting unit as a result of past events and from which future economic benefits are expected to flow to the entity.

    Australian Accounting Standards means the accounting standards issued by the Australian Accounting Standards Board (AASB) or issued by CPA Australia and by The Institute of Chartered Accountants in Australia and adopted by the AASB (section 6 of the Act).

    capitation fees (also commonly known as sustentation fees or affiliation fees) mean amounts which, under the rules of the organisation or a branch of the organisation, a reporting unit may receive from or pay to another reporting unit of the organisation, calculated in accordance with rules of the organisation or branch for the purpose of ongoing general administrative expenses.

    cash means cash on hand and demand deposits.

    cash equivalent means short term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

    cash flows means inflows and outflows of cash and cash equivalents.

    comparatives mean the corresponding amounts and other disclosures for the preceding financial year presented for comparative purposes as part of the current year's financial report.

    control means the capacity of an entity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of another entity so as to enable that other entity to operate with it in achieving the objectives of the controlling entity.

    control (of an entity) means the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

    designated officer is an officer of the reporting unit within the meaning of section 243 of the Act.

    employee benefits mean all forms of consideration given by the reporting unit in exchange for service rendered by holders of office or employees or for the termination of employment.

    entity means any legal, administrative, or fiduciary arrangement, organisational structure (including a reporting unit of an organisation) or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.

    equity means the residual interest in the assets of the reporting unit after deducting all its liabilities.

    expenses means decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distribution to equity participants.

    financial records to the extent that they relate to finances or financial administration include:

      (a)    a register;
      (b)    any other record of