Document ID: chunk:federal_register_of_legislation:F2023C00190:reg:2
Version: federal_register_of_legislation:F2023C00190
Segment Type: reg
Provision Reference: reg 2
Character Range: 40747–43873

2   Compliance with all recognition and measurement requirements in Australian Accounting Standards except for AASB 10 and AASB 128 (interests in other entities not assessed)                                                                                                                                                                                                                                                                                                                                                                                                         Charity B Inc is a not-for-profit entity.  In the opinion of the Management Committee, Charity B Inc is not a reporting entity as its users may request the financial information they need.  These special purpose financial statements have been prepared for distribution to members and for the purposes of fulfilling the reporting requirements under the [Australian Charities and Not-for-profits Commission Act 2012 / insert further details of the not-for-profit reporting framework under which the financial statements are prepared].
    Charity B Inc, a not-for-profit entity, prepares special purpose financial statements that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Charity B Inc has not assessed whether it has relationships with other entities which, for financial reporting purposes, might be considered subsidiaries, associates or joint ventures as it is not required by the [Australian Charities and Not-for-profits Commission Act 2012] to do so.
        * do not consolidate or equity account any entities as Charity B Inc did not determine whether its interests in other entities give rise to interests in subsidiaries or investments in associates or joint ventures; and                                                                                                                                                                                                                                                                                                                                                      These special purpose financial statements comply with all the recognition and measurement requirements in Australian Accounting Standards (except for the requirements set out in AASB 10 Consolidated Financial Statements or AASB 128 Investments in Associates and Joint Ventures).
        * apply accounting policies that comply with all the recognition and measurement requirements in Australian Accounting Standards.
    The legislative framework in which Charity B Inc operates does not require it to identify subsidiaries, associates or joint ventures to determine its financial reporting requirements.