Document ID: chunk:federal_register_of_legislation:F2023C00381:reg:25:p47
Version: federal_register_of_legislation:F2023C00381
Segment Type: reg
Provision Reference: reg 25 (pt 47/47)
Character Range: 154946–156965

as when drafting the constituting document, the beneficiaries should have determined their information needs including whether or not they required GPFS.

     BC91            Respondents to ED 297 expressed mixed views on such an exception. Whilst a minority considered no exemption was necessary, others supported providing relief in other ways. For example:

          (a)                    specifying a 'sunset' date on the exemption, or in other words, providing an extended transition period for such entities compared to entities required by legislation to prepare financial statements in accordance with AAS; or

          (b)                   providing a permanent exemption for such entities.

     BC92            The Board considered this feedback and decided that providing a 'sunset' date on the exemption would not meet the objective of providing the exception, because instead of alleviating entities of the potential consequences of changing a trust deed noted in paragraphs BC86 for example, it would only defer such consequences until a later date. Further, the Board reconsidered providing a permanent exemption, and confirmed it would not be appropriate, as providing a permanent exemption would perpetuate the SPFS issue, and cause further interpretative confusion as to whether such a reference is or is not intended to require GPFS. The Board therefore decided to retain exemption for only limited circumstances, consistent with the proposals in ED 297.

Summary of scope

     BC93            The examples in the table below illustrate the types of entities that would be generally covered in the category but some entities may have different specific requirements:

                            Entity                                                                                                                                                                                                                                                              In scope/ out of scope of the project