Document ID: chunk:federal_register_of_legislation:F2023C00192:body:0:p23
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to any period ending before that time as if the repeal had not occurred.
[Note: When this Standard applies under section 334 of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.]

Appendix A
Australian defined terms
This appendix is an integral part of the Standard.
Aus6.1 The following term is also used in this Standard with the meaning specified.
          A not-for-profit entity is an entity whose principal objective is not the generation of profit.  A not-for-profit entity can be a single entity or a group of entities comprising the parent and each of the entities that it controls.
Aus6.2 Examples of property, plant and equipment held by not-for-profit public sector entities include, but are not limited to, infrastructure, cultural, community and heritage assets.

Appendix B
Australian simplified disclosures for Tier 2 entities
This appendix is an integral part of the Standard.
          AusB1 Paragraphs 73–79 do not apply to entities preparing general purpose financial statements that apply AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities.

Australian implementation guidance
This guidance accompanies, but is not part of, AASB 116. This guidance is pertinent to not-for-profit public sector entities that hold heritage or cultural assets.
G1 In accordance with paragraphs 7(b), 15 and Aus15.1 of AASB 116, only those heritage and cultural assets that can be reliably measured are recognised. It depends on the circumstances as to whether the reliable measurement recognition criterion can be satisfied in relation to a particular heritage or cultural asset. Heritage and cultural assets acquired for consideration that is significantly less than fair value principally to enable the entity to further its objectives are required to be initially recognised at fair value as at the date of acquisition. Depending on circumstances, it may not be possible to reliably measure the fair value as at the date of acquisition of a heritage or cultural asset.
G2 Of those heritage and cultural assets that satisfy the reliable measurement criterion for initial recognition purposes, paragraph 29 of AASB 116 permits, but does not require, revaluation. However, under AASB 1049 Whole of Government and General Government Sector Financial Reporting, GGSs and whole of governments are required to adopt those optional treatments in Australian Accounting Standards that are aligned with the principles or rules in the Australian Bureau of Statistics Government Finance Statistics (GFS) Manual. Consequently, those entities would be required to adopt a revaluation model for heritage and cultural assets recognised under AASB 116 where the reliable measurement recognition criterion is satisfied.
G3 Furthermore, given the nature of many heritage and cultural assets that meet the recognition criteria, those assets may not