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Accounting Standard AASB 18 Presentation and Disclosure in Financial Statements
20CEntities applying AASB 1060 are not required to apply the following Australian Accounting Standards:
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Turn the raw legal text into a practical explanation grounded in Accounting Standard AASB 18 Presentation and Disclosure in Financial Statements.
20C Entities applying AASB 1060 are not required to apply the following Australian Accounting Standards:
(a) AASB 7 Financial Instruments: Disclosures;
(b) AASB 12 Disclosure of Interests in Other Entities;
(ba) AASB 18 Presentation and Disclosure in Financial Statements;
(c) AASB 101 Presentation of Financial Statements;
(d) AASB 107 Statement of Cash Flows; and
(e) AASB 124 Related Party Disclosures.
AASB 1058 Income of Not-for-Profit Entities (December 2016)
| Paragraphs 37 and B32 are amended. New text is underlined and deleted text is struck through. |
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Disclosure Disclosure
Disclosure
…
Restrictions
37 An entity is encouraged to disclose information about externally imposed restrictions that limit or direct the purpose for which resources controlled by the entity may be used. For example, an entity may elect to disclose an explanation of the judgements used in determining whether funds are restricted and any of, or any combination of, the following:
(a) assets to be used for specified purposes;
(b) components of equity divided into restricted and unrestricted amounts; and
(c) total comprehensive income divided into restricted and unrestricted amounts – either on the face of the statement (or statements) of financial performance statement of profit or loss and other comprehensive income or in the notes.
…
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Volunteer services (paragraphs 18–22)
B32 A not-for-profit entity that makes an accounting policy choice to recognise volunteer services under paragraph 19 shall only change its accounting policy if the change meets the criteria in AASB 108 Basis of Preparation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors (paragraph 14). That is, an entity can change an accounting policy only if the change:
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| A footnote is added to ‘AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors’ in paragraph C3. New text is underlined. |
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1 When it issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.
AASB 1059 Service Concession Arrangements: Grantors (July 2017)
<table cellspacing="0" cellpadding="0" style="width:454.35pt; margin-left:0.5pt; border:0.75pt solid #000000; border-collapse:collapse"><tbody><tr><td style="width:70.15pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; vertical-align:middle"><p style="margin:6pt 0.85pt 6pt 1.4pt; text-align:center; line-height:107%; font-size:8pt"><span style="font-weight:bold">Category</span></p></td><td style="width:55.95pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; vertical-align:middle"><p style="margin:6pt 2.75pt 6pt 3.7pt; text-align:center; line-height:107%; font-size:8pt"><span style="font-weight:bold">Lease</span></p></td><td colspan="2" style="width:190.65pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; vertical-align:middle"><p style="margin:6pt 3.15pt 6pt 13.55pt; text-indent:-4.85pt; text-align:center; line-height:107%; font-size:8pt"><span style="font-weight:bold">Service provision</span></p></td><td style="width:133.85pt; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; vertical-align:middle"><p style="margin:6pt 7.65pt 6pt 13.55pt; text-indent:-4.85pt; text-align:center; line-height:107%; font-size:8pt"><span style="font-weight:bold">Sale</span></p></td></tr><tr><td colspan="5" style="width:452.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; vertical-align:middle"><p style="margin:3pt 7.65pt 3pt 13.55pt; text-indent:-4.85pt; text-align:left; line-height:108%; font-size:8pt"><span>…</span></p></td></tr><tr><td style="width:70.15pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; vertical-align:middle"><p style="margin-top:3pt; margin-left:1.4pt; margin-bottom:3pt; font-size:8pt"><span>Relevant</span><br><span>Accounting Standards</span></p></td><td style="width:55.95pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; vertical-align:middle"><p style="margin-top:3pt; margin-bottom:3pt; text-align:center; line-height:7.5pt"><span style="font-size:8pt">AASB 16</span></p></td><td style="width:63.05pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; vertical-align:middle"><p style="margin-top:3pt; margin-bottom:3pt; text-align:center; line-height:10pt"><span style="font-size:8pt; text-decoration:underline">AASB 18</span><br><span style="font-size:8pt; text-decoration:line-through">AASB 101</span></p></td><td style="width:126.85pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; vertical-align:middle; background-color:#d9d9d9"><p style="margin:3pt 11.65pt 3pt 13.55pt; text-indent:-4.85pt; text-align:center; line-height:108%; font-size:8pt"><span>This</span><span style="letter-spacing:-0.15pt"> </span><span>Standard/</span><br><span>AASB 116/</span><br><span>AASB 138</span></p></td><td style="width:133.85pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; vertical-align:middle"><p style="margin:3pt 7.65pt 3pt 13.55pt; text-indent:-4.85pt; text-align:center; line-height:108%; font-size:8pt"><span>AASB 116/</span><span style="letter-spacing:-0.1pt"> </span><span>AASB 138 (</span><span style="letter-spacing:0.05pt">d</span><span>erecognition)</span></p></td></tr></tbody></table> ``` <table cellspacing="0" cellpadding="0" style="width:454.1pt; border:0.75pt solid #000000; border-collapse:collapse"><thead><tr><td style="width:75.95pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="NumPlain1" style="margin-top:3pt; margin-left:0pt; margin-bottom:3pt; text-indent:0pt; font-size:8pt"><span style="font-weight:bold">Features</span></p></td><td style="width:68.6pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="NumPlain1" style="margin-top:3pt; margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center; font-size:8pt"><span style="font-weight:bold">Construction contract with service outsourcing contract</span><span style="font-size:5.33pt; font-weight:bold; vertical-align:super">1</span></p></td><td style="width:97.2pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="NumPlain1" style="margin-top:3pt; margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center; font-size:8pt"><span style="font-weight:bold">Lease</span><span style="font-size:5.33pt; font-weight:bold; vertical-align:super">2</span></p><p class="NumPlain1" style="margin-top:3pt; margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center; font-size:8pt"><span>(grantor is lessor)</span></p></td><td style="width:81.35pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top; background-color:#d9d9d9"><p class="NumPlain1" style="margin-top:3pt; margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center; font-size:8pt"><span style="font-weight:bold">Service concession arrangement</span><span style="font-size:5.33pt; font-weight:bold; vertical-align:super">3</span></p></td><td style="width:76.25pt; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="NumPlain1" style="margin-top:3pt; margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center; font-size:8pt"><span style="font-weight:bold">Sale/Privatisation</span><span style="font-size:5.33pt; font-weight:bold; vertical-align:super">4</span></p></td></tr></thead><tbody><tr><td colspan="5" style="width:442.55pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="NumPlain1" style="margin-top:3pt; margin-left:0pt; margin-bottom:3pt; text-indent:0pt; font-size:8pt"><span>…</span></p></td></tr><tr><td style="width:75.95pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="NumPlain1" style="margin-top:3pt; margin-left:0pt; margin-bottom:3pt; text-indent:0pt; font-size:8pt"><span style="font-weight:bold">Relevant Accounting Standards</span></p></td><td style="width:68.6pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:3pt; margin-bottom:3pt; text-align:center; line-height:10pt"><span style="font-size:8pt">AASB 116</span><br><span style="font-size:8pt; text-decoration:line-through">AASB 101</span><br><span style="font-size:8pt; text-decoration:underline">AASB 18</span></p></td><td style="width:97.2pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="NumPlain1" style="margin-top:3pt; margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center; font-size:8pt"><span>AASB 16</span></p></td><td style="width:81.35pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top; background-color:#d9d9d9"><p class="NumPlain1" style="margin-top:3pt; margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center; font-size:8pt"><span>AASB 1059</span></p></td><td style="width:76.25pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="NumPlain1" style="margin-top:3pt; margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center; font-size:8pt"><span>AASB 116 / AASB</span><span> </span><span>138</span></p></td></tr><tr><td colspan="5" style="width:442.55pt; border-top:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="IASBNote" style="margin-bottom:0pt; font-size:8pt"><span>…</span></p></td></tr></tbody></table> ```