Document ID: chunk:federal_register_of_legislation:F2024C00046:body:0:p66
Version: federal_register_of_legislation:F2024C00046
Segment Type: other
Provision Reference: 
Character Range: 171464–174505

despite an example of the disclosure being included in the Illustrative Examples accompanying IFRS 13.  The Board decided that the relative costs to not-for-profit public sector entities of presenting these disclosures were more than transitional in nature.
BC14 The Board also observed that IFRS 13 has not yet been incorporated into International Public Sector Accounting Standards (IPSASs) as issued by the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants.  Accordingly, for not-for-profit public sector entities, the extent of the disclosures specified by Australian Accounting Standards of the fair value measurements of property, plant and equipment held primarily for their current service potential presently exceeds those specified under IPSASs.  The Board noted that future decisions of the IPSASB on public sector measurement and the accounting for heritage and infrastructure assets may prompt a need to revisit its present decisions on the costs versus benefits of the relief provided (see also paragraph BC7).
BC15 The Board decided that it was not necessary to provide relief to entities from disclosing the reconciliation of movements in each class of assets measured at fair value and categorised within Level 3 in the fair value hierarchy required by paragraph 93(e) of AASB 13 or the valuation processes used by the entity required by paragraph 93(g).  The Board decided that these disclosures provided useful information without imposing significant additional ongoing costs.  In particular, the Board considered that the information required to prepare the necessary reconciliations was likely in many cases to be available in the underlying accounting records.
BC16 The Board noted that entities would continue to be required to disclose a description of the valuation technique(s) and the inputs used in the fair value measurement in accordance with paragraph 93(d) of AASB 13.  The Board expects, in most instances, that this disclosure together with other disclosures specified in AASB 13 and other Australian Accounting Standards (for example, AASB 101 Presentation of Financial Statements and AASB 116), would provide users of not-for-profit public sector general purpose financial statements with sufficient information about fair value measurements for decision-making purposes.  The Board observed that the relief introduced into AASB 13 by this Standard does not override the general disclosure objective of AASB 13 as described in paragraph 91 of that Standard.
BC17 The Board observed that paragraph Aus93.1 of AASB 13 does not prevent a not-for-profit public sector entity from presenting some, or all, of the disclosures specified in paragraphs 93(d), 93(f) and 93(h)(i) in its general purpose financial statements.

Other issues

Extension of relief to other assets held by not-for-profit public sector entities
BC18 The Board discussed whether the relief from disclosure should be extended to include investment properties within the scope of