Document ID: chunk:federal_register_of_legislation:F2021C00884:reg:44:p13
Version: federal_register_of_legislation:F2021C00884
Segment Type: reg
Provision Reference: reg 44 (pt 13/15)
Character Range: 57242–60414

recognition requirements for volunteer services.  The Board acknowledged the inconsistency reflects the transfer of recognition requirements for volunteer services to AASB 1004 upon the withdrawal of Australian Accounting Standards for specific types of public sector entity (namely, AAS 27 Financial Reporting by Local Governments, AAS 29 Financial Reporting by Government Departments and AAS 31 Financial Reporting by Governments) in 2007, rather than a difference in information needs of users of financial statements of not-for-profit entities in the private and public sectors.
BC110 Many respondents to ED 260 were of the view that the requirements with respect to the recognition of volunteer services should be the same for all not-for-profit entities.  However, many opined that the recognition of volunteer services should be optional, primarily for cost–benefit reasons.  Some encouraged the Board to expedite consideration of whether there was differentiation between entities in the sector to justify different accounting requirements.  Others suggested that the treatment and location of information about volunteer services be reconsidered by the Board.
BC111 The Board considered how to progress its consideration of the accounting for volunteer services, having regard to the feedback received.  The Board noted further consideration and due process would be required before it could finalise any broad changes to the current accounting requirements in this regard.  Accordingly, the Board decided, as a short-term solution, to finalise the recognition and measurement proposals largely unamended from those exposed.  (See also paragraphs BC123–BC124 below.)
BC112 The Board expects to consider the accounting requirements for volunteer services as part of a separate future project.
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Disclosure
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     Disclosure of parliamentary appropriations and other related authorities for expenditure
BC131 When developing AASB 1004 (December 2007), the Board decided to defer consideration of whether disclosures of parliamentary appropriations should apply to not-for-profit public sector entities other than government departments, given the short-term nature of its project at that time.  The Board noted that in due course, it would consider extending the application of the requirements.
BC132 As part of this project, the Board reviewed the specified disclosures of compliance with parliamentary appropriations and other externally-imposed requirements required of government departments which had been included in AASB 1004 (now deleted from that Standard).  The Board decided, in light of changes in public sector financial management arrangements since originally developing these requirements, to propose extending the scope of disclosures in this regard to include other public sector entities that obtain part or all of their spending authority from parliamentary appropriations.
BC133 In reviewing the disclosures, the Board acknowledged constituent concerns that the interaction between two of the specified disclosures was unclear, as the scope of paragraph 64(e) of AASB 1004 was broader than the scope of paragraph 64(d).  The Board decided to