Document ID: chunk:federal_register_of_legislation:F2023C00188:reg:7:p5
Version: federal_register_of_legislation:F2023C00188
Segment Type: reg
Provision Reference: reg 7 (pt 5/91)
Character Range: 19556–22611

the period; and

(b)                   financial liabilities relating to prepaid taxes or rates for which the taxable event has yet to occur, and the future period(s) to which those taxes or rates relate.

30 Other information that may be appropriate for an entity to disclose includes, for each class of taxation income that the entity cannot measure reliably during the period in which the taxable event occurs (see paragraphs B28–B31):

(a)                    information about the nature of the tax;

(b)                   the reason(s) why that income cannot be measured reliably; and

(c)                    when that uncertainty might be resolved.

Transfers to enable an entity to acquire or construct a recognisable non-financial asset to be controlled by the entity

31 An entity shall disclose the opening and closing balances of financial assets arising from transfers to enable an entity to acquire or construct recognisable non-financial assets to be controlled by the entity and the associated liabilities arising from such transfers, if not otherwise separately presented or disclosed.  An entity shall also disclose income recognised in the reporting period arising from the reduction of an associated liability.

32 An entity shall disclose information about its obligations under such transfers, including a description of when the entity typically satisfies its obligations (for example, as the asset is constructed, upon completion of construction or when the asset is acquired).

     33 An entity shall disclose an explanation of when it expects to recognise as income any liability for unsatisfied obligations as at the end of the reporting period.  An entity may disclose this information in either of the following ways:

(a) on a quantitative basis using the time bands that would be most appropriate for the duration of the remaining obligations; or

(b) through qualitative information.

     34                    An entity shall disclose the judgements, and changes in the judgements, made in applying this Standard that significantly affect the determination of the amount and timing of income arising from transfers to enable an entity to acquire or construct a recognisable non-financial asset to be controlled by the entity.  In particular, an entity shall explain the judgements, and changes in the judgements, made in determining the timing of satisfaction of obligations (see paragraphs 35 and 36).

     35                    For obligations that an entity satisfies over time, an entity shall disclose both of the following:

(a)                    the methods used to recognise income (for example, a description of the output methods or input methods used and how those methods are applied); and

(b)                   an explanation of why the methods used provide a faithful depiction of the entity's progress toward satisfying its obligations.

     36                    For obligations satisfied at a point in time, an entity shall disclose the significant judgements made in evaluating when it has satisfied