Document ID: chunk:federal_register_of_legislation:F2023C00188:reg:7:p14
Version: federal_register_of_legislation:F2023C00188
Segment Type: reg
Provision Reference: reg 7 (pt 14/91)
Character Range: 44682–47657

programme in which the same amount of benefit is paid to taxpayers and non-taxpayers alike (the latter being payable exclusively in the form of a cash benefit).  For example, a government may use the tax system as a convenient method of paying benefits to taxpayers, which would otherwise be paid using another payment method, such as writing a cheque, directly depositing the amount in a taxpayer's bank account, or settling another account on behalf of the taxpayer.  For example, a government may pay part of an individual's health insurance premiums, to encourage the uptake of such insurance, either by reducing the individual's tax liability (by providing payable tax credits), making a payment by cheque or by paying an amount directly to the insurer.  In these cases, the amount is payable irrespective of whether the individual pays taxes.  Consequently, this amount is an expense of the government and is recognised separately from its tax income.  Tax income is measured gross of any expenses incurred by granting payable tax credits.

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 Accounting Policies, Changes in Accounting Estimates and Errors (paragraph 14). That is, an entity can change an accounting policy only if the change:
(a)                    is required by an Australian Accounting Standard; or
(b)                   results in the financial statements providing reliable and more relevant information about the effects of transactions, other events or conditions on the entity's financial position, financial performance or cash flows.

Appendix C
Effective date and transition
This appendix is an integral part of the Standard.

Effective date

C1                   An entity shall apply this Standard for annual reporting periods beginning on or after 1 January 2019.  Earlier application is permitted provided that entities apply AASB 15 Revenue from Contracts with Customers to the same period.  If an entity applies this Standard earlier, it shall disclose that fact.

     C1A Notwithstanding paragraph C1, an entity may elect not to apply this Standard to research grants until annual reporting periods beginning on or after 1 July 2019.  If a not-for-profit entity applies this Standard to research grants prior to that, it shall also apply AASB 15 to research grants at the same time.

     C1A AASB 17, issued in July 2017, amended paragraph 7.  An entity shall apply that amendment when it applies AASB 17.

Transition

C2                   For the purposes of the transition requirements in paragraphs C3–C12:

(a)                    the date of initial application is the beginning of the annual reporting period in which an entity first applies this Standard; and

(b)                   a completed contract is a contract or