Document ID: chunk:federal_register_of_legislation:F2024L00434:body:0:p13
Version: federal_register_of_legislation:F2024L00434
Segment Type: other
Provision Reference: 
Character Range: 48677–52406

territory or local governments and that produce goods or non-financial services for sale at market prices.

                                                                  It includes: all resident trading enterprises of which 50% or more is owned by state, territory or local government or controlled by state, territory or local government through legislation, decree or regulation (e.g. state rail and water authorities, gas and fuel authorities, housing commissions, port authorities, non-privatised power authorities).

                                                                  It excludes:

                                                                       * state, territory or local government-owned financial institutions.  Report these under financial institutions;
                                                                       * entities in the general government and government departments.  Report these under general government; and
                                                                       * state and territory central borrowing authorities or treasury corporations. Report these under central borrowing authorities.

Superannuation funds                                              Means self-managed superannuation funds and other superannuation funds.

Related Parties

    14.         Key terms in the EFS collection relating to related parties are defined as follows:

Associated entities                      Has the meaning as in AASB 128 Investments in Associates and Joint Ventures (AASB 128).

Controlled entities                      Has the meaning as in AASB 3 Business Combinations (AASB 3), AASB 10 Consolidated Financial Statements (AASB 10), AASB 127 Separate Financial Statements (AASB 127) and AASB 128.

Intra-group                              Intra-group transactions or positions are those undertaken with related parties of the ADI or RFC that are not consolidated at the domestic books level.

                                         Related parties of the ADI or RFC include the parent entity, controlled entities, associated entities, joint venture entities and other branches under the same parent entity.

Joint venture entities / joint ventures  Has the meaning as in AASB 11 Joint Arrangements (AASB 11), AASB 127 and AASB 128.

Non-related parties                      Any party that is not a related party.

Parent entity                            Has the meaning as in AASB 3, AASB 10, AASB 127 and AASB 128.

Overseas operations                      For an Australian-owned ADI or RFC, overseas operations refer to overseas branches and/or overseas-based banking operations.  'Australian-owned ADI' refers to an ADI that is not a foreign-owned ADI.

                                         For a foreign-owned ADI or RFC, overseas operations refer to the overseas parent entity.   'Foreign-owned ADI' means an ADI in relation to which an approval has been given, under section 14 of the Financial Sector (Shareholdings) Act 1998, for a bank that is not locally incorporated to hold a stake of more than the allowed percentage in the ADI.

Related party                            Means a parent entity, controlled entity, associated entity, joint venture entity and any other entity under the same parent entity.

Industry definitions

    15.         Key terms in the EFS collection relating to industry classifications are defined as follows:

Accommodation and food services                  Means businesses mainly engaged in providing short-term accommodation for visitors. Also included are businesses mainly engaged in providing food and beverage services, such as the preparation and serving of meals and the serving of