Document ID: chunk:federal_register_of_legislation:F2023C00188:reg:7:p4
Version: federal_register_of_legislation:F2023C00188
Segment Type: reg
Provision Reference: reg 7 (pt 4/91)
Character Range: 16516–19810

is significantly less than fair value principally to enable the entity to further its objectives on the financial position, financial performance and cash flows of the entity.  Paragraphs 24–41 specify requirements relating to this objective.

     24                    An entity shall consider the level of detail necessary to satisfy the disclosure objective and how much emphasis to place on each of the various requirements.  An entity shall aggregate or disaggregate disclosures so that useful information is not obscured by either the inclusion of a large amount of insignificant detail or the aggregation of items that have substantially different characteristics.

     25                    An entity need not disclose information in accordance with this Standard if it has provided the information in accordance with another Standard.

     26                    An entity shall disclose income recognised during the period, disaggregated into categories that reflect how the nature and amount of income (and the resultant cash flows) are affected by economic factors.  An entity considers disclosing separately the following categories of income:

(a)                    grants, bequests and donations of cash, other financial assets and goods;

(b)                   recognised volunteer services; and

(c)                    for government departments and other public sector entities, appropriation amounts recognised as income, by class of appropriation.

     27                    To assist users to make informed judgements about the contribution of volunteer services and inventories to the achievement of the entity's objectives during the reporting period, and the entity's dependence on such contributions for the achievement of its objectives in the future, an entity is encouraged to disclose qualitative information, by major class of transaction, about the nature of the entity's dependence arising from:

(a)                     volunteer services it receives, including those not recognised; and

(b)                    inventories held but not recognised as assets during the period.

Non-contractual income arising from statutory requirements

28 An entity shall disclose income arising from statutory requirements (such as taxes, rates and fines) recognised during the period, disaggregated into categories that reflect how the nature and amount of income (and the resultant cash flows) are affected by economic factors.

29 To meet the objective in paragraph 23, an entity shall consider disclosing information about assets and liabilities recognised at the reporting date in accordance with this Standard, including the amounts of:

(a)                    receivables that are not a financial asset as defined in AASB 132 Financial Instruments: Presentation (eg income tax receivable from a taxpayer), and:

(i)                     interest income recognised in relation to such receivables during the period; and

(ii)                   impairment losses recognised in relation to such receivables during 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