Commonwealth Numbered Regulations Commonwealth Numbered Regulations
Australian Charities and Not-for-profits Commission Regulation 2013
1 Subsection 60.30(2) (after table item 3)
Insert:
| 4 | AASB 124, Related Party Disclosures |
2 After subsection 60.30(2)
Insert:
(2A) The registered entity may, under this subsection, also apply accounting standard AASB 1060, General Purpose Financial Statements - Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (the simplified disclosures standard ) in the preparation of the special purpose financial statement. If the registered entity does so, then in the preparation of that statement:
(a) the simplified disclosures standard applies unless the Commissioner allows the registered entity not to comply with part of that standard; and
(b) the simplified disclosures standard applies only to the extent that it deals with matters that are dealt with in an accounting standard mentioned in subsection (2); and
(c) an accounting standard mentioned in subsection (2) (other than accounting standard AASB 1054, Australian Additional Disclosures ) does not apply in relation to the registered entity to the same extent that the standard does not apply to entities preparing general purpose financial statements that apply the simplified disclosures standard; and
(d) in relation to accounting standard AASB 1054, Australian Additional Disclosures --only paragraphs 1 to 6, 9, 9A, 9B and 17 of that standard apply in relation to the registered entity.
(2B) Subsection (2) or (2A) does not apply in relation to the following entities and accounting standard AASB 124, Related Party Disclosures , or accounting standard AASB 1060, General Purpose Financial Statements - Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities , to the extent that the standard relates to the disclosure of key management personnel compensation:
(a) a medium registered entity;
(b) a large registered entity whose key management personnel consists of only one individual.
3 Subsection 60.30(3)
Omit "However, subsection", substitute "Subsection".
4 At the end of the instrument
Add:
205.1 Small and medium registered entities
Small registered entities
(1) For the purposes of subsection 205-25(1) of the Act, the amount of $500,000 is prescribed.
Medium registered entities
(2) For the purposes of paragraph 205-25(2)(b) of the Act, the amount of $3,000,000 is prescribed.
Part 9 -- Application, saving and transitional provisions
Division 305 -- Application, saving and transitional provisions
(1) The amendments of section 60.30 made by Schedule 2 to the Australian Charities and Not-for-profits Commission Amendment (2021 Measures No. 3) Regulations 2021 apply in relation to financial reports required to be given for:
(a) to the extent that accounting standard AASB 124, Related Party Disclosures , or accounting standard AASB 1060, General Purpose Financial Statements - Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities , relates to the disclosure of key management personnel compensation--the following:
(i) the 2021-22 financial year;
(ii) each later financial year; or
(b) otherwise--the following:
(i) the 2022-23 financial year;
(ii) each later financial year.
(2) Division 205, as added by Schedule 2 to the Australian Charities and Not-for-profits Commission Amendment (2021 Measures No. 3) Regulations 2021 , applies in relation to working out whether a registered entity is a small registered entity, a medium registered entity or a large registered entity for the following:
(a) the 2021-22 financial year;
(b) each later financial year.