Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p137
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 381893–385017

on or after 1 July 2021.

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     20C  Entities applying AASB 1060 are not required to apply the following Australian Accounting Standards:

          (a)  AASB 7 Financial Instruments: Disclosures;

          (b)  AASB 12 Disclosure of Interests in Other Entities;

          (ba) AASB 18 Presentation and Disclosure in Financial Statements;

          (c)  AASB 101 Presentation of Financial Statements;

          (d)  AASB 107 Statement of Cash Flows; and

          (e)  AASB 124 Related Party Disclosures.

AASB 1058 Income of Not-for-Profit Entities (December 2016)
Paragraphs 37 and B32 are amended. New text is underlined and deleted text is struck through.

Disclosure

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Restrictions

     37  An entity is encouraged to disclose information about externally imposed restrictions that limit or direct the purpose for which resources controlled by the entity may be used. For example, an entity may elect to disclose an explanation of the judgements used in determining whether funds are restricted and any of, or any combination of, the following:

          (a) assets to be used for specified purposes;

          (b)  components of equity divided into restricted and unrestricted amounts; and

          (c)  total comprehensive income divided into restricted and unrestricted amounts – either on the face of the statement (or statements) of financial performance statement of profit or loss and other comprehensive income or in the notes.

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Appendix B
Application guidance

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Volunteer services (paragraphs 18–22)

     B32  A not-for-profit entity that makes an accounting policy choice to recognise volunteer services under paragraph 19 shall only change its accounting policy if the change meets the criteria in AASB 108 Basis of Preparation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors (paragraph 14). That is, an entity can change an accounting policy only if the change:

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A footnote is added to 'AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors' in paragraph C3. New text is underlined.

  1 When it issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.

AASB 1059 Service Concession Arrangements: Grantors (July 2017)
The heading immediately preceding paragraph 28 and paragraphs B68 and AusE1 are amended. Paragraph 28 is not amended but is included for ease of reference. Paragraph B80 is deleted. Paragraphs IG12 and IG13 in the Implementation guidance accompanying AASB 1059 are amended. New text is underlined and deleted text is struck through.

Presentation and disclosure (paragraphs B79–B80)
     28 The objective of the disclosure requirements is for an entity to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of assets, liabilities, revenue and cash flows arising from service concession arrangements. To achieve this, an entity shall consider disclosing qualitative and quantitative information about its