3Interpretation

3 Interpretation

(1)  In this order –

AASB 101 means the AASB 101- Presentation of Financial Statements (for for-profit entities) –

(a) published by the Australian Accounting Standards Board, as appointed by the Financial Reporting Council of the Commonwealth; and

(b) as amended or substituted from time to time;

Act means the Local Government Act 1993 ;

comprehensive income has the same meaning as other comprehensive income in the AASB 101;

comprehensive result has the same meaning as total comprehensive income in the AASB 101;

relevant asset means an asset within a class of assets specified in clause 4 ;

underlying surplus or deficit means an amount that is the recurrent income (not including income received specifically for new or upgraded assets, physical resources received free of charge or other income of a capital nature) of a council for a financial year less the recurrent expenses of the council for the financial year.

(2)  The Acts Interpretation Act 1931 applies to the interpretation of this order as if it were by-laws.