Document ID: chunk:federal_register_of_legislation:F2018L00591:body:0:p9
Version: federal_register_of_legislation:F2018L00591
Segment Type: other
Provision Reference: 
Character Range: 23092–26028

the Australian Accounting Standards is not modified by the following glossary:

amalgamated organisation has the meaning provided in section 35 of the RO Act.
assets are resources controlled by a reporting unit as a result of past events and from which future economic benefits are expected to flow to the entity.
cash means cash on hand and demand deposits.
cash equivalent means short term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
cash flows means inflows and outflows of cash and cash equivalents.
comparatives mean the corresponding amounts and other disclosures for the preceding financial year presented for comparative purposes as part of the current year's financial report.
contingent liability means:
a)    a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or
b)    a present obligation that arises from past events but is not recognised because:
   1. it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or
   2. the amount of the obligation cannot be measured with sufficient reliability.
control means the capacity of an entity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of another entity so as to enable that other entity to operate with it in achieving the objectives of the controlling entity.
designated officer is an officer of the reporting unit within the meaning of section 243 of the RO Act.
employee benefits mean all forms of consideration given by the reporting unit in exchange for service rendered by holders of office or employees or for the termination of employment.
entity means any legal, administrative, or fiduciary arrangement, organisational structure (including a reporting unit of an organisation) or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.
equity means the residual interest in the assets of the reporting unit after deducting all its liabilities.
expenses means decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distribution to equity participants.
financial records to the extent that they relate to finances or financial administration include:
       a)    a register;

       b)    any other record of information;

       c)    financial reports or financial records, however compiled, recorded or stored;

       d)    a document (section 6 of the RO Act).

financial statements comprise a statement of financial position, a statement of comprehensive income and a