For not-for-profit entities, where an asset is acquired at no cost, or for a nominal cost, the cost is its fair value as at the date of acquisition. The transfer of assets and liabilities between Commonwealth entities as a result of a restructuring of administrative arrangements is designated as an owner transaction. Prior year disclosure Restructures that occurred in the current and previous financial reporting periods must be disclosed in the restructuring note. In the rare circumstances a single restructure crosses two consecutive financial reporting periods, comparative figures must also be disclosed. Assumed functions disclosure of income and expenses – The notes to financial statements must disclose the full annual expense/income of the functions, which have been transferred to the entity. The statement of comprehensive income recognises only those expenses/income incurred/earned whilst the functions were under the control of the reporting entity. Employee movements Estimates Memorandum 2014/49: Transferring entitlements - payments when employees move between entities applies in respect of employees moving from one noncorporate Commonwealth entity to another non-corporate Commonwealth entity or to a corporate Commonwealth entity or to the High Court of Australia. This Estimates Memorandum requires that an amount in respect of accrued annual leave and accrued long service leave be transferred with the employee. This Estimates Memorandum does not apply if the move is as a direct consequence of the transfer of a Government function. Part 9 Appropriations – Overview Part 9 comprises: Chapter 41: Appropriations General Requirements outlines when and how • – appropriations are recognised. Chapter 42: Departmental Appropriations outlines the recognition and measurement • of departmental appropriations.
For not-for-profit entities, where an asset is acquired at no cost, or for a nominal cost, the cost is its fair value as at the date of acquisition. The transfer of assets and liabilities between Commonwealth entities as a result of a restructuring of administrative arrangements is designated as an owner transaction. Prior year disclosure Restructures that occurred in the current and previous financial reporting periods must be disclosed in the restructuring note. In the rare circumstances a single restructure crosses two consecutive financial reporting periods, comparative figures must also be disclosed. Assumed functions – disclosure of income and expenses The notes to financial statements must disclose the full annual expense/income of the functions, which have been transferred to the entity. The statement of comprehensive income recognises only those expenses/income incurred/earned whilst the functions were under the control of the reporting entity. Employee movements Estimates Memorandum 2014/49: Transferring entitlements - payments when employees move between entities applies in respect of employees moving from one noncorporate Commonwealth entity to another non-corporate Commonwealth entity or to a corporate Commonwealth entity or to the High Court of Australia. This Estimates Memorandum requires that an amount in respect of accrued annual leave and accrued long service leave be transferred with the employee. This Estimates Memorandum does not apply if the move is as a direct consequence of the transfer of a Government function. Part 9 – Appropriations Overview Part 9 comprises: • Chapter 41: Appropriations – General Requirements outlines when and how appropriations are recognised. • Chapter 42: Departmental Appropriations outlines the recognition and measurement of departmental appropriations.
RMG-125_0.docx