Document ID: chunk:federal_register_of_legislation:F2023C00190:reg:4:p1
Version: federal_register_of_legislation:F2023C00190
Segment Type: reg
Provision Reference: reg 4 (pt 1/3)
Character Range: 96910–105435

4  Known non-compliance with the recognition and measurement requirements in Australian Accounting Standards that is extensive                                                                                                                                                                                                                                                                                                                                                                                                                                                           HIJ Public 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.
   HIJ Public 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.  Although the differences have not been quantified, they are extensive, and an indication of the differences are presented with the appropriate note disclosing the accounting policy.  These special purpose financial statements do not comply with all the recognition and measurement requirements in Australian Accounting Standards.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         [The material accounting policies adopted in the special purpose financial statements are set out in notes Q-Z and indicate how the recognition and measurement requirements in Australian Accounting Standards have not been complied with.
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Note X: Impairment
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.  An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.  The recoverable amount is determined on an undiscounted basis as the higher of an asset's fair value less costs of disposal and value in use.  This does not comply with AASB 136 Impairment of Assets.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Note Y: Income Tax
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         The income tax expense or credit for the period is based on the tax payable on the current period's taxable income based on the applicable income tax rate.  This amount is not adjusted for changes in deferred tax assets and liabilities as HIJ Public Trading Trust does not recognise deferred tax balances.  This does not comply with AASB 112 Income Taxes.
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Compilation details
Accounting Standard AASB 1054 Australian Additional Disclosures (as amended)

This compiled Standard applies to annual periods beginning on or after 1 January 2023. It takes into account amendments up to and including 15 December 2022 and was prepared on 6 February 2023 by the staff of the Australian Accounting Standards Board (AASB).

This compilation is not a separate Accounting Standard made by the AASB.  Instead, it is a representation of AASB 1054 (May 2011) as amended by other