Document ID: chunk:federal_register_of_legislation:F2025C00172:body:0:p99
Version: federal_register_of_legislation:F2025C00172
Segment Type: other
Provision Reference: 
Character Range: 261282–264322

or similar rights are not the dominant factor in deciding who controls a structured entity – and for for-profit entities, voting rights are a common or conventional means of determining control.
BC36 The Board identified administrative arrangements and statutory provisions (legislation) as common means by which control may be determined for many not-for-profit entities, particularly those in the public sector.  Accordingly, the Board took the view that the reference to 'similar rights' in the definition of structured entity encompasses, for not-for-profit entities, administrative arrangements and statutory provisions.  Thus, not-for-profit entities for which administrative arrangements or statutory provisions are dominant factors in determining control of the entity are not regarded as structured entities.  Appendix E for AASB 12 includes a range of examples to illustrate this approach.

AASB 1049 amendments
BC37 AASB 1049 Whole of Government and General Government Sector Financial Reporting was not addressed in the consequential amendments arising from AASB 10 (and related Standards) that were included in AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards (August 2011), given that the Board intended to address the application of AASB 10 to not-for-profit entities through its Control in the Not-for-Profit Public and Private Sectors project.  This Standard (AASB 2013-8) sets out the consequential amendments to AASB 1049 arising from AASB 10 and the related Standards.  Most of these amendments are editorial.
BC38 The Board noted that paragraph 45 of AASB 1049 does not require the General Government Sector (GGS) financial statements to comply with any of the disclosure requirements of the superseded AASB 127 Consolidated and Separate Financial Statements.  The Board reconsidered this position in respect of the disclosure requirements set out in AASB 12, and concluded that the GGS financial statements should not be required to comply with those requirements.  This is effected through the amendments in this Standard to paragraph 45 of AASB 1049.
BC39 The Board took the view that the GGS financial statements need not be required to comply with the disclosure requirements of AASB 12 on the grounds that such disclosures would essentially duplicate AASB 12 disclosures in the whole of government financial statements.  As entities included in the GGS financial statements are also included in the whole of government financial statements, the entities' association with structured entities could be addressed in either set of financial statements.  The nature of the risks associated with interests in structured entities is unlikely to change between the GGS level and the whole of government level.

Main changes from the Exposure Draft
BC40 The main changes made by the Board to the implementation guidance proposed in ED 238 following consideration of respondents' comments are noted in the following paragraphs.
BC41 Some respondents