Document ID: chunk:federal_register_of_legislation:F2022C01123:front:0:p3
Version: federal_register_of_legislation:F2022C01123
Segment Type: other
Provision Reference: 
Character Range: 5663–8882

This Part acts to restrict the accounting treatment available under specific AAS to ensure a consistent approach to financial reporting across the Commonwealth.

Part 4 – Interpretation and application of the AAS for the public sector

This Part is to provide consistency in financial reporting across the Commonwealth by interpreting the AAS for public sector application.

Part 5 – Additional disclosure required by Government

This Part sets out all additional financial reporting and disclosure requirements (excluding appropriations) required by Government to assist with understanding the financial position of Commonwealth reporting entities. These may be in addition to other requirements outside of this rule to satisfy accountability and transparency requirements.

Part 6 – Accounting and reporting for appropriations

This Part sets out the reporting and disclosure requirements for appropriations.

  Division 2 -  Definitions
  5 Definitions

Guide to this section

The purpose of this section is to provide a list of every term that is defined in this rule. A term will either be defined in this section, or in another provision of this rule. If another provision defines the term, this section will have a reference to that definition.

Some terms that are used in this rule are defined in the PGPA Act. Those terms have the same meaning as in the PGPA Act. Those terms are not included in this section but can be found in section 8 of the PGPA Act.

Key accounting definitions have the same definition as specified in the 'AASB glossary of Defined Terms' issued by the Australian Accounting Standards Board (AASB).

In this rule:
AAS                              (short for Australian Accounting Standards) means the accounting standards.
AASB                             means the Australian Accounting Standards Board.
Administered                     means those items that an entity does not control but over which it has management responsibility on behalf of the Government and which are subject to prescriptive rules or conditions established by legislation, or Australian Government policy, in order to achieve Australian Government outcomes. Typical examples include taxes, levies and fines plus grants, subsidies and personal benefit payments.
Departmental                     means those items that the entity has control over.  They include the ordinary operating costs and associated funding of Commonwealth entities, and typically include salaries, accruing employee entitlements and operational expenses including depreciation.
Key management personnel         has the same meaning as in AASB 124 Related Party Disclosures.
PGPA Act                         means the Public Governance, Performance and Accountability Act 2013.
Recoverable GST exclusive basis  means that the following are excluded from any relevant amounts:
                                 (a) GST on payments that is recoverable from the ATO;
                                 (b) GST received on taxable supplies that is payable to the ATO; and
                                 (c) payments to/refunds from the ATO of GST amounts.
Reporting entity                 an applicable entity mentioned in subsection 6(1) for