Document ID: chunk:federal_register_of_legislation:F2022C01123:reg:8:p4
Version: federal_register_of_legislation:F2022C01123
Segment Type: reg
Provision Reference: reg 8 (pt 4/4)
Character Range: 38752–40626

entity.

  (1) Where a restructure of administrative arrangements has occurred during the reporting period as per AASB 1004 Contributions, the relevant reporting entities must:
       (a) disclose details of the restructure of administrative arrangements in a note in the financial statements; and
       (b) recognise assets and liabilities transferred at their net book value immediately prior to transfer.
   (1A) Where:
       (a) during the reporting period, a Commonwealth entity has ceased to exist, or some of a Commonwealth entity's functions have been transferred; and
       (b) Division 4 of Part 2‑3 of the Public Governance, Performance and Accountability Rule 2014 applies to the entity;
   the relevant reporting entity must prepare financial statements in accordance with that Division.
         Note: Division 4 of Part 2‑3 of the Public Governance, Performance and Accountability Rule 2014 sets out special reporting requirements that apply when:
           (a) a Commonwealth entity has ceased to exist (see Subdivisions A and C of that Division); or
           (b) a Commonwealth entity has not ceased to exist but some of the Commonwealth entity's functions have been transferred (see Subdivisions B and C of that Division).
  (2) For the purposes of this section, the terms:
       (a) 'government department' in AASB 1004 means any Government controlled entity; and
       (b) 'legislation or other authority' in the definition of a restructure of administrative arrangements in AASB 1004 means one of the following:
           (i) a decision of the Cabinet or Prime Minister;
           (ii) an Administrative Arrangements Order (AAO);
           (iii) an Act of Parliament or a Regulation under an Act; or
           (iv) a written agreement between the relevant portfolio minister(s) and the Finance Minister or the Prime Minister, as appropriate.