Document ID: chunk:federal_register_of_legislation:F2023C00190:reg:6
Version: federal_register_of_legislation:F2023C00190
Segment Type: reg
Provision Reference: reg 6
Character Range: 58843–64724

6   At least one material accounting policy not assessed for compliance with recognition and measurement requirements in Australian Accounting Standards (combined with known non-compliance with recognition and measurement requirements in Australian Accounting Standards)                                                                                                                                                                                                                                                                                                         MLK Ltd is a not-for-profit entity.  In the opinion of the Directors Charity E Ltd is not a reporting entity as its users may request the financial information they need.  These special purpose financial statements have been prepared for distribution to members and for the purposes of fulfilling the requirements of the Corporations Act 2001.
    MLK Ltd, a not-for-profit entity, does not have any subsidiaries, associates or joint ventures (and therefore requirements set out in AASB 10 and AASB 128 are not applicable) and prepares special purpose financial statements that apply some material accounting policies that do not comply with the recognition and measurement requirements in Australian Accounting Standards and some material accounting policies that have not been assessed for compliance with the recognition and measurement requirements in Australian Accounting Standards.                       These special purpose financial statements do not comply with all the recognition and measurement requirements in Australian Accounting Standards.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       The material accounting policies adopted in the special purpose financial statements include:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         -          [deferring all grant income upon receipt and not recognising as revenue until the related expenses are incurred, without assessing whether enforceable performance obligations exist, which does not comply with AASB 15 Revenue from Contracts with Customers or AASB 1058 Income of Not-for-Profit Entities;
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         -          insert further details including an indication of how material recognition and measurement requirements in Australian Accounting Standards have not been complied with].
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       The material accounting policies disclosed in note X that have not been assessed for compliance with the recognition and measurement requirements of Australian Accounting Standards include:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         -          Long-service leave; and
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         -          Impairment of assets.