Public Governance, Performance and Accountability (Financial Reporting) Rule 2015
29Contingencies
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29 Contingencies
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The purpose of this section is to set out additional reporting requirements for contingent assets and liabilities beyond the disclosures required in AASB 137 Provisions, Contingent Liabilities and Contingent Assets.
Additional disclosure required includes information on unquantifiable contingencies and financial guarantees as per AASB 9 Financial Instruments.
(1) Contingent liabilities and assets that can be reliably measured must be classified by class. (2) Unquantifiable contingent liabilities and assets must be explained in a note to the financial statements. (3) If a reporting entity has given a financial guarantee, it must: (a) state that fact as part of its note for contingent liabilities and assets; and (b) include a cross reference to details regarding the guarantee in other notes to the financial statements.