Document ID: chunk:federal_register_of_legislation:F2019L00828:body:0:p10
Version: federal_register_of_legislation:F2019L00828
Segment Type: other
Provision Reference: 
Character Range: 26026–29542

the preparation of its annual financial statements in accordance with the Australian Accounting Standards, specifically in regard to the:
     * interpretation/definition of specific asset, liability and equity items;
     * appropriate measurement basis for asset, liability and equity items; and
     * netting of financial assets and financial liabilities.

Classification schema
This information is provided as a reference guide for the disclosure of the loans and advances portfolios and deposit portfolios as required in ARF 322.0, it can be also be used as a general guide for other classifications in the form.
In defining sectors (refer to below), the following three broad classifications are used:

1. Private/public classification
Private: the private sector comprises private corporations, households and non-profit institutions serving households; and
Public: the public sector comprises government-controlled corporations, general government units and non-profit institutions controlled by government.

2. Level of Government classification
The level of Government classification is:
     * National/Central;
     * State/Territory; and
     * Local.

3. Resident/non-resident classification
An Australian resident is any individual, business or other organisation domiciled in Australia. Australian branches and Australian subsidiaries of foreign businesses are regarded as Australian residents.
A non-resident is any individual, business or other organisation domiciled overseas. Foreign branches and foreign subsidiaries of Australian businesses are regarded as non-residents.

Sector definitions

Households
This comprises individuals, or groups of individuals, resident in Australia whose dealings with other sectors are for personal or household purposes.
Exclude:
     * sole proprietors, partnerships, family trusts, and any other unincorporated enterprises owned by households. Show these as private unincorporated businesses.

Community service organisations
Include:
     * institutions financed mostly by members' contributions, e.g. trade unions, professional societies, consumer associations, political parties, churches and religious societies, and social, cultural, recreational and sports clubs; and
     * charities and aid organisations financed by voluntary transfers.
Exclude:
     * community service organisations and non-profit institutions controlled and mainly financed by government (include in General Government).

Non-financial corporations

Private non-financial corporations

Private trading corporations
Private trading corporations are those owned and controlled by the private sector whose main activity is producing goods or non-financial services for sale.
Include:
     * all resident private corporate trading enterprises, and non-profit institutions that are market producers of goods or non-financial services;
     * intra-group financiers (Financial Sector (Collection of Data) Act 2001 Category I) and parent companies with significant holdings of shares in private trading companies;
     * privately owned schools and hospitals;
     * any unincorporated unit that is a branch in Australia of a non-resident company and which is not included in the financial sector; and
     * any unincorporated business owned and operated by trading corporations (e.g. joint ventures).
Exclude:
     * unincorporated businesses, except for branches of non-resident companies and joint ventures or partnerships owned by corporations; and
     * non-resident enterprises.