Document ID: chunk:federal_register_of_legislation:F2022C01123:reg:27:p4
Version: federal_register_of_legislation:F2022C01123
Segment Type: reg
Provision Reference: reg 27 (pt 4/15)
Character Range: 48850–51864

the government has agreed that a regulatory function is to be charged for on a full or partial cost recovery basis. The note provides industry, the Parliament and the public with assurance that these activities are being managed in a way that aligns expenses and revenues over time.

    (1) Where a reporting entity undertakes a regulatory charging activity (consistent with the Australian Government Charging Framework), the financial statements of the entity must include a note providing financial information for those regulatory activities at an aggregate level.
(2) The note must include:
       (aa) a list of the regulatory charging activities;
       (a) appropriations drawn down and applied to the regulatory activities;
       (b) external revenue raised for the regulatory activities; and
       (c) expenses related to the regulatory activities.
  34B  Disclosure of current and non‑current assets and liabilities

Guide to this section

The purpose of this section is to require reporting entities to include in their financial statements a note disclosing total assets, total liabilities, and each asset and liability line item in their statements of financial position and administered schedules of assets and liabilities, broken down into:

 (a) amounts expected to be recovered or settled within 12 months; and

 (b) other amounts.

     A reporting entity must disclose the following in a note in the financial statements for a reporting period:
       (a) the total of:
           (i) any amounts expected to be recovered from assets within 12 months after the end of the reporting period; and
           (ii) cash and cash equivalents;
       (b) the total of any amounts recoverable from non‑current assets;
       (c) the total of any amounts expected to be settled for liabilities within 12 months after the end of the reporting period;
       (d) the total of any amounts that are expected to be settled for liabilities more than 12 months after the end of the reporting period;
       (e) for each asset and liability line item in the entity's Statement of Financial Position and Administered Schedule of Assets and Liabilities, the amounts expected to be recovered or settled:
           (i) within 12 months after the end of the reporting period; and
           (ii) more than 12 months after the end of the reporting period.
  34C  Contracts with customers

Guide to this section

The purpose of this section is to require reporting entities to disclose:

 (a) revenue recognised from contracts with customers; and

 (b) impairment losses recognised on any receivables or contract assets arising from contracts with customers.

    (1) A reporting entity must disclose all of the following amounts separately from other items for the reporting period:
       (a) revenue recognised from the entity's contracts with customers;
       (b) any impairment losses (recognised in accordance with AASB 9 Financial Instruments) on any receivables or contract assets arising from the entity's