Document ID: chunk:federal_register_of_legislation:F2021C00884:reg:44:p4
Version: federal_register_of_legislation:F2021C00884
Segment Type: reg
Provision Reference: reg 44 (pt 4/15)
Character Range: 32113–35230

entities.  One area where this occurs is the disclosure of contributions, where government departments and governments are now required to make disclosures not previously required, because AAS 27 was more onerous than AASs 29 and 31.
BC15            The Board decided to include specific references to the application of this Standard to General Government Sectors (GGSs) to support/clarify the AASB 1049 Financial Reporting of General Government Sectors by Governments requirement for GGSs to adopt other Australian Accounting Standards, including this Standard.  As this Standard has many parts, applicable to different groups of entities, the Board considered it would aid users to explicitly refer to GGSs in paragraph 1(d) and throughout this Standard.
BC16            In addition, the Board decided to extend the application of the requirements relating to 'contributions of services' to apply beyond government departments to local governments, GGSs and whole of governments, for consistency across these types of entities.
BC17            Because the guidance from AASs 27, 29 and 31 partly overlapped with the guidance in the superseded AASB 1004, the Board amended the requirements to reduce duplication.
BC18            The Board considered whether the paragraphs of AAS 29 that address the accounting for parliamentary appropriations, which are only applicable to government departments, should be incorporated into this Standard as a separate section.  The Board noted the view that the requirements are no longer needed given the nature of current arrangements between governments and government departments for parliamentary appropriations compared with past arrangements and government departments' familiarity with accrual accounting.  However, the Board concluded that the paragraphs should be retained, in keeping with Board's short-term intention of retaining the guidance from AASs 27, 29 and 31 where there are no comparable requirements in existing Australian Accounting Standards and thereby avoid creating a vacuum.
BC19            Paragraph 15.2.1 of AAS 31 dealt with the disclosure of policies adopted for recognising tax revenues.  Given the nature of the commentary, the Board concluded that it would be most logical to locate the contents of this paragraph in paragraph 30 of this Standard within the area that relates to recognition of 'contributions, other than contributions by owners, by local governments, government departments, GGSs or whole of governments' and within the section 'control over assets' in a paragraph that discusses control over assets acquired from involuntary non-reciprocal transfers, such as rates, taxes and fines.  In doing this, the Board decided to extend the requirements beyond whole of governments to local governments, government departments and GGSs.

Liabilities assumed by other entities
BC20            The Board decided to substantially retain the guidance in AAS 29 relating to the treatment of liabilities assumed by other entities in the financial statements of a government department.  The Board concluded that, although the superseded AASB