48Special accounts

48 Special accounts

(1) The special accounts note must be prepared on a recoverable GST exclusive basis and a cash basis. (2) Reporting entities must disclose information on special accounts that existed in either the current year or comparative year regardless of whether they have been repealed or whether the relevant amounts are considered to be immaterial (appropriations are material by nature). (3) If the status of a special account has changed during the reporting period (e.g., the account has been established, varied or repealed), the nature and date of effect of each change must be disclosed as a footnote. (5) Entities must disclose the opening balance, increases, decreases (classified as either departmental or administered) and the closing balance for each special account. (6) If an amount standing to the credit of a special account is held by a reporting entity, the amount must be disclosed in the entity’s financial statement as cash. (7) If an amount standing to the credit of a special account is held in the OPA, the amount must be disclosed in a reporting entity’s financial statement as cash held in the OPA. (8) If a reporting entity holds part of the closing balance of a special account on trust, the reporting entity must: (a) disclose the amount so held as a footnote to the special accounts notes; and (b) not include that amount in the entity’s statement of financial position; and (c) not include that amount in any statements or notes required by AASB 7 Financial Instruments: Disclosures or AASB 9 Financial Instruments; and (d) disclose the amount so held in the assets held in the trust disclosure note. (9) If an amount is invested by a reporting entity from a special account, the reporting entity must disclose: (a) all relevant money invested from the special account; and (b) all proceeds of the investment credited to the special account; and (c) as a footnote to the special accounts disclosure note, the total amounts so held as investments.