When applying AASB 1053 in Application of Tiers of Australian Accounting Standards preparation of financial statements, all reporting entities must apply Tier 1 reporting requirements. Information not reported in an entity’s financial statements but required as part of the Australian Government consolidated financial statements must be made available to the Department of Finance at the time and in the format requested. Early adoption of accounting pronouncements A reporting entity must have approval from the accountable authority of the Department of Finance if they wish to an AAS or AASB Interpretation earlier than its effective date of application other than as permitted or required by this rule. (2) The accountable authority of the Department of Finance may instruct one or more entities to adopt an AAS or AASB Interpretation. Application of Tiers As per subsection 18(2) of the FRR, entities must make available to the Department of Finance any information that is not reported in their financial statements but is required for the purpose of preparing the Australian Government consolidated financial statements. For example, additional information may be requested through a supplementary reporting pack. Entities are required to ensure that, where directed, any additional information that is provided has first been subject to a quality assurance process including similar governance processes adopted for preparing entity financial statements. Early adoption Entities must seek approval from the accountable authority of the Department of Finance for early adoption of a new AAS or AASB Interpretation due to the potential effect on the preparation of the CFS. AASB 2015-7 Amendments to Australian Accounting Standards Fair Value Disclosures of – Not-for-Profit Public Sector Entities amends AASB 13 Fair Value Measurement (paragraph Aus 93.1) to provide relief from some disclosures relating to assets held by not-for-profit public sector entities that are measured at fair value and held primarily for internal or policy use, rather than to earn revenue. Entities are allowed to early adopt the amendments for reporting periods ending on or after 30 June 2015. Rounding Off General rounding rules Subject to the exceptions listed at paragraphs 3 and 4 below, amounts in the financial statements may be rounded off as follows: to the nearest dollar; where a reporting entity has assets, liabilities, expenses, income, commitments or contingencies in excess of $10 million, to the nearest $1,000, or if less than $500, rounded to zero; or
When applying AASB 1053 Application of Tiers of Australian Accounting Standards in preparation of financial statements, all reporting entities must apply Tier 1 reporting requirements. Information not reported in an entity’s financial statements but required as part of the Australian Government consolidated financial statements must be made available to the Department of Finance at the time and in the format requested. Early adoption of accounting pronouncements A reporting entity must have approval from the accountable authority of the Department of Finance if they wish to an AAS or AASB Interpretation earlier than its effective date of application other than as permitted or required by this rule. (2) The accountable authority of the Department of Finance may instruct one or more entities to adopt an AAS or AASB Interpretation. Application of Tiers As per subsection 18(2) of the FRR, entities must make available to the Department of Finance any information that is not reported in their financial statements but is required for the purpose of preparing the Australian Government consolidated financial statements. For example, additional information may be requested through a supplementary reporting pack. Entities are required to ensure that, where directed, any additional information that is provided has first been subject to a quality assurance process including similar governance processes adopted for preparing entity financial statements. Early adoption Entities must seek approval from the accountable authority of the Department of Finance for early adoption of a new AAS or AASB Interpretation due to the potential effect on the preparation of the CFS. AASB 2015-7 Amendments to Australian Accounting Standards – Fair Value Disclosures of Not-for-Profit Public Sector Entities amends AASB 13 Fair Value Measurement (paragraph Aus 93.1) to provide relief from some disclosures relating to assets held by not-for-profit public sector entities that are measured at fair value and held primarily for internal or policy use, rather than to earn revenue. Entities are allowed to early adopt the amendments for reporting periods ending on or after 30 June 2015. Rounding Off General rounding rules Subject to the exceptions listed at paragraphs 3 and 4 below, amounts in the financial statements may be rounded off as follows: to the nearest dollar; where a reporting entity has assets, liabilities, expenses, income, commitments or contingencies in excess of $10 million, to the nearest $1,000, or if less than $500, rounded to zero; or
rmg-125-commonwealth-entities-financial-statements-guide_0.docx