Document ID: chunk:federal_register_of_legislation:F2023C00190:reg:3
Version: federal_register_of_legislation:F2023C00190
Segment Type: reg
Provision Reference: reg 3
Character Range: 94039–96910

3  Known non-compliance with recognition and measurement requirements in Australian Accounting Standards that is not extensive                                                                                                                                                                                                                                                                                                                                                                                                                                                           ABC Trading Trust, a for-profit entity, has prepared special purpose financial statements as, in the opinion of the Trustees, it is unlikely there are users of these financial statements who are not in a position to require the preparation of reports tailored to their information needs.  Accordingly, these financial statements have been prepared to satisfy the Trustee's reporting requirements under the Trust Deed, which requires the financial statements to comply with Australian Accounting Standards.
   ABC Trading Trust, a for-profit entity, determined that it does not have any subsidiaries, associates or joint ventures (and therefore AASB 10 and AASB 128 are not applicable) and prepares special purpose financial statements that apply material accounting policies that do not comply with all the recognition and measurement requirements in Australian Accounting Standards.  The differences are not extensive.                                                                                                                                                            These special purpose financial statements do not comply with all the recognition and measurement requirements in Australian Accounting Standards.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         The recognition and measurement requirements that have not been complied with are those specified in AASB 116 Property, Plant and Equipment. In accounting for property, plant and equipment, ABC Trading Trust has [calculated depreciation on the basis of the useful lives determined by the Australian Taxation Office for income tax purposes / insert further details, including an indication of how material recognition and measurement requirements in Australian Accounting Standards have not been complied with].