Document ID: chunk:federal_register_of_legislation:F2025C00209:reg:221:p2
Version: federal_register_of_legislation:F2025C00209
Segment Type: reg
Provision Reference: reg 221 (pt 2/73)
Character Range: 160093–163542

reflecting controlled items is presented to parliament and is separately identified as relating to that entity, the entity shall disclose for the reporting period:

           1.                    that original budgeted financial statement presented to parliament, presented and classified on a basis that is consistent with the presentation and classification adopted in the corresponding financial statement prepared in accordance with Australian Accounting Standards; and
           2.                     explanations of major variances between the actual amounts presented in the financial statements and the corresponding original budget amounts.
      1.                  Where an entity within the General Government Sector (GGS)'s budgeted financial information reflecting major classes of administered income and expenses, or major classes of administered assets and liabilities, is presented to parliament and is separately identified as relating to that entity, the entity shall disclose for the reporting period:
           1.                    that original budgeted financial information presented to parliament, presented and classified on a basis that is consistent with the presentation and classification adopted for the corresponding information about administered items disclosed in accordance with AASB 1050 Administered Items; and
           2.                    explanations of major variances between the actual amounts disclosed in the financial statements in accordance with AASB 1050 and the corresponding original budget amounts.
      1.                  Comparative budgetary information in respect of the previous period need not be disclosed.
      2.                  When disclosing budgetary information under paragraphs 222–224, an entity shall comply with the requirements in AASB 1055 Budgetary Reporting.

Income of not-for-profit entities[43]
      1.                  The objective of the disclosure requirements is for an entity to disclose sufficient information to enable users of financial statements to understand the effects of volunteer services and other transactions where an entity acquires an asset for consideration that is significantly less than fair value principally to enable the entity to further its objectives on the financial position, financial performance and cash flows of the entity. Paragraphs 227–241 specify requirements relating to this objective.
      2.                  An entity shall consider the level of detail necessary to satisfy the disclosure objective and how much emphasis to place on each of the various requirements. An entity shall aggregate or disaggregate disclosures so that useful information is not obscured by either the inclusion of a large amount of insignificant detail or the aggregation of items that have substantially different characteristics.
      3.                  An entity need not disclose information in accordance with paragraphs 226–241 if it has provided the information in accordance with other sections in this Standard.
      4.                  An entity shall disclose income recognised during the period, disaggregated into categories that reflect how the nature and amount of income (and the resultant cash flows) are affected by economic factors. An entity considers disclosing separately the following categories of income:
           1.                    grants, bequests and donations of cash, other financial assets and