Document ID: chunk:federal_register_of_legislation:F2023L00010:body:0:p4
Version: federal_register_of_legislation:F2023L00010
Segment Type: other
Provision Reference: 
Character Range: 8688–11788

committed to a plan to change the use of the asset to that alternative purpose, and an active programme to complete the plan has been initiated;

                    (c) any approvals required to change the asset's use have been obtained; and

                    (d) based on reasonably available information, it is highly probable that the current use of the asset will cease under the plan within one year.

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     Disclosure
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          93 To meet the objectives in paragraph 91, an entity shall disclose, at a minimum, the following information for each class of assets and liabilities (see paragraph 94 for information on determining appropriate classes of assets and liabilities) measured at fair value (including measurements based on fair value within the scope of this Standard) in the statement of financial position after initial recognition:
               (a) …
               (i) for recurring and non-recurring fair value measurements, if the highest and best use of a non-financial asset differs from its current use, an entity shall disclose that fact and why the non-financial asset is being used in a manner that differs from its highest and best use.
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               Aus93.2 For a non-financial asset of a not-for-profit public sector entity not held primarily for its ability to generate net cash inflows, the information in paragraph 93(i) is required to be disclosed only if the entity has determined that the asset's highest and best use differs from its current use. Such an entity is required to consider whether this difference exists only when, in accordance with paragraphs Aus29.1 and Aus29.2, at the measurement date, the asset is classified as held for sale or held for distribution to owners in accordance with AASB 5 or it is highly probable that the asset will be used for an alternative purpose to its current use.

     6                        Paragraph AusC6.1 is added to Appendix C Effective date and transition.
               AusC6.1 AASB 2022-10 Amendments to Australian Accounting Standards – Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities amended AASB 13 for application by not-for-profit public sector entities, including adding Appendix F Australian implementation guidance for not-for-profit public sector entities. A not-for-profit public sector entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2024. Earlier application is permitted. If an entity applies AASB 2022-10 for an earlier period, it shall disclose that fact.

     7                        Appendix F Australian implementation guidance for not-for-profit public sector entities is added as set out on pages 8–10 of this Standard.

     8                        Australian illustrative examples for not-for-profit public sector entities is attached to accompany AASB 13 as set out on pages 11–15 of this Standard.

Commencement of the legislative instrument

     9                        For legal purposes, this legislative instrument commences on 31 December 2023.

Appendix