Public Governance, Performance and Accountability (Financial Reporting) Rule 2015
31Assets held in trust
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31 Assets held in trust
Guide to this section
The purpose of this section is to set out the disclosure requirements for assets held in trust by the reporting entity.
Assets held in trust are money and property that are not held on account of the Australian Government or for the use or benefit of the Australian Government. These funds are held by the Australian Government in a trustee capacity and are generally subject to trust law. Assets held in trust are not recognised in the primary statements as they are not under the control of the reporting entity.
Due to the nature of assets held in trust by the Commonwealth, disclosure is required to discharge the Government’s accountability for these assets.
(1) Financial statements of reporting entities must include a note giving particulars of financial assets held in trust when the entity is a trustee in a legal trust arrangement. A legal trustee relationship may occur through formal appointment or otherwise. (2) The note referred to in subsection (1) must contain a summary of the categories of assets held in trust at the end of the reporting period and the purpose for which they are being held. (3) Where a reporting entity holds non‑monetary assets in trust, the entity need only provide a general description of those assets as part of the disclosure note.