Document ID: chunk:federal_register_of_legislation:F2023C00188:reg:7:p7
Version: federal_register_of_legislation:F2023C00188
Segment Type: reg
Provision Reference: reg 7 (pt 7/91)
Character Range: 25305–28408

have not been complied with, information regarding the amount of, and reasons for, the non-compliance is relevant for assessing the performance of management, the likely consequences of non-compliance, and the ability of the entity to continue to provide services at a similar or different level in the future.

41 Broad summaries of the major categories of appropriations and associated expenditures, rather than detailed reporting of appropriations for each activity or output, is sufficient for most users of such an entity's financial statements.  Determining the level of detail and the structure of the summarised information is a matter of judgement.  To develop effective disclosures, entities also subject to AASB 1055 Budgetary Reporting might consider the variance disclosure requirements in that Standard at the same time.

Commencement of the legislative instrument

42 [Repealed]

Appendix A
Defined terms
This appendix is an integral part of the Standard.
contributions by owners  Future economic benefits that have been contributed to the entity by parties external to the entity, other than those which result in liabilities of the entity, that give rise to a financial interest in the net assets of the entity which:

                              (a) conveys entitlement both to distributions of future economic benefits by the entity during its life, such distributions being at the discretion of the ownership group or its representatives, and to distributions of any excess of assets over liabilities in the event of the entity being wound up; and/or

                              (b) can be sold, transferred or redeemed.

fines                    Economic benefits received or receivable by an entity, as determined by a court or other law enforcement body, as a consequence of a breach of a law or regulation.

payable tax credits      Tax credits that are not limited to the amount of a taxpayer's tax liability for the period, because they are available to beneficiaries regardless of whether they pay taxes.

tax relief               Preferential provisions of the tax law that provide particular taxpayers with concessions that are not available to others.  Tax relief excludes payable tax credits.

taxable event            The event that the government, legislature or other authority has determined will be subject to taxation.

taxes                    Economic benefits compulsorily paid or payable to public sector entities in accordance with laws and/or regulations established to provide income to the government.  Taxes exclude fines.

Appendix B
Application guidance
This appendix is an integral part of the Standard.  It describes the application of paragraphs 1–41.

Application of this Standard
B1                   The following flowcharts summarise the main requirements of this Standard to assist in its application.

Chart 1 – Transactions other than Volunteer Services

Chart 2 – Volunteer Services
Scope (paragraph 7)
B2                   This Standard provides guidance for transactions where on initial recognition of an asset the consideration for