Document ID: chunk:federal_register_of_legislation:F2022C01123:reg:27:p3
Version: federal_register_of_legislation:F2022C01123
Segment Type: reg
Provision Reference: reg 27 (pt 3/15)
Character Range: 46116–49083

administered investments where the Government's interest is in the nature of:
       (a) subsidiaries under AASB 10 Consolidated Financial Statements;
       (b) associates under AASB 128 Investments in Associates and Joint Ventures; or
       (c) joint operations or joint ventures under AASB 11 Joint Arrangements.
  (2) Other investments (e.g., a one per cent shareholding in a listed company) are accounted for under section 16 (financial instruments).
  (3) Administered investments:
       (a) are not considered controlled by the entities reporting them;
       (b) must be disclosed in the administered reports;
       (c) other than those held for sale in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations, must be measured at fair value, with any changes in fair value being recognised in the statement of comprehensive income; and
       (d) must not be consolidated on a line-by-line basis into a reporting entity's financial statements without approval from Finance.
  33 Administered investments held for sale

Guide to this section

The purpose of this section is to set out the accounting requirements for administered investments held for sale on behalf of the Commonwealth.

  (1) Administered investments held for sale:
       (a) are accounted for in accordance with section 16 (financial instruments);
       (b) must be reported by the relevant portfolio department unless a formal agreement or decision has been made to transfer the investments to Finance; and
       (c) must be transferred at net book value.
  (2) The costs of sale of an administered investment:
       (a) are expensed as incurred, regardless of whether the investment meets the criteria to be held for sale in AASB 5; and
       (b) must not be added to the carrying amount of administered investments.
  (3) Where the selling costs are expensed across a number of reporting periods, the total selling costs must be disclosed in a note to the administered reports.
  (4) Reporting entities must disclose the following for each sale of an administered investment:
       (a) proceeds from sale;
       (b) written down value of the asset sold;
       (c) recognised gain or loss on sale;
       (d) selling costs incurred; and
       (e) the net gain or loss after deducting selling costs incurred.
  (5) Where a decision has been made to sell an administered investment, but the transfer date is not specified, the asset is deemed to have been transferred on the date of the sale decision.
  34A  Regulatory charging

Guide to this section

The purpose of this section is to set out the reporting requirements for regulatory charging activities.  Regulatory charging activities are those activities where the government has agreed that a regulatory function is to be charged for on a full or partial cost recovery basis. The note provides industry, the Parliament and the public with assurance that these activities are being managed in a