Document ID: chunk:federal_register_of_legislation:F2022C01123:reg:27:p5
Version: federal_register_of_legislation:F2022C01123
Segment Type: reg
Provision Reference: reg 27 (pt 5/15)
Character Range: 51571–54654

amounts separately from other items for the reporting period:
       (a) revenue recognised from the entity's contracts with customers;
       (b) any impairment losses (recognised in accordance with AASB 9 Financial Instruments) on any receivables or contract assets arising from the entity's contracts with customers.

    (2) The amounts must be disclosed in the reporting entity's statement of comprehensive income or other disclosure document.

  Part 6 -  Accounting and reporting for appropriations
  Division 1 -  Guide to this Part

Guide to this Part

The purpose of this Part is to set out how reporting entities are to report appropriations in their financial statements.

Appropriations are deemed to be material in nature for government financial reporting purposes as they are the legal instrument by which the Commonwealth provides funding to Commonwealth entities to undertake the outcomes and activities of the Government. As such to discharge its accountability requirements there is a need for adequate disclosure around all appropriation amounts available to Commonwealth entities.

Appropriations are required to be accounted for in the primary financial statements of the reporting entity as per this rule and the AAS.

Actual appropriations received, available and applied also need to be disclosed in the appropriations disclosure note.  Appropriations disclosures must include the following:

 - total amounts appropriated (this includes any adjustments to the appropriated amounts), the appropriation applied (how much appropriation was spent) and the variance between these amounts;

    - a list of all unspent annual appropriations for the reporting entity;

- a list of appropriations applied for special appropriations; and

- appropriations disclosures in relation to agents of the reporting entity.

  Division 2 -  General requirements
  35 General requirements
  (1) Reporting entities must account for and disclose appropriations (including special appropriations) in accordance with this rule, regardless of whether the relevant amounts are considered to be material, as appropriations are deemed material by nature.
  (2) Appropriations disclosures must be prepared on a recoverable GST exclusive basis and a cash basis.
  36 Withholding and quarantining of appropriations

Guide to this section

The purpose of this section is to set out the requirements around control and recognition of appropriations withheld or quarantined.

Under section 51 of the PGPA Act, the Finance Minister has the ability and power to withhold available appropriations to Commonwealth entities.

  (1) Amounts withheld under section 51 of the PGPA Act represent a loss of control event by the entity (as outlined in subsection 40(2) of this rule) and should be adjusted against the appropriation receivable balance.
  (2) Amounts quarantined by the Department of Finance are administrative in nature and do not result in the loss of control of the appropriation by the entity. Consequently, there is no impact on recognition or disclosure of the appropriation for