Application of Australian Interpretations
22
Unless specified otherwise in paragraphs 23–26, Interpretations apply to:
(a) each not-for-profit entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(b) general purpose financial statements of each other not-for-profit entity that is a reporting entity;
(c) each entity that elects to prepare financial statements that are, or are held out to be, general purpose financial statements;
(d) for-profit private sector entities that are required by legislation to prepare financial statements that comply with either Australian Accounting Standards or accounting standards, and
(e) other for-profit private sector entities that are required only by their constituting document or another document to prepare financial statements that comply with Australian Accounting Standards, provided that the relevant document was created or amended on or after 1 July 2021.
23
Interpretation 110 Government Assistance – No Specific Relation to Operating Activities applies as set out in paragraph 22, provided the entity is a for-profit entity.
24
Interpretation 1019 The Superannuation Contributions Surcharge applies to:
(a) each not-for-profit superannuation plan that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(b) general purpose financial statements of each other not-for-profit superannuation plan that is a reporting entity;
(c) each superannuation plan that elects to prepare financial statements of a superannuation plan that are, or are held out to be, general purpose financial statements;
(d) for-profit superannuation plans that are required by legislation to prepare financial statements that comply with either Australian Accounting Standards or accounting standards; and
(e) other for-profit superannuation plans that are required only by their constituting document or another document to prepare financial statements that comply with Australian Accounting Standards, provided that the relevant document was created or amended on or after 1 July 2021.
25
Interpretation 1038 Contributions by Owners Made to Wholly-Owned Public Sector Entities applies to public sector entities as follows:
(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(b) general purpose financial statements of each other reporting entity; and
(c) financial statements that are, or are held out to be, general purpose financial statements.
26
Interpretation 1047 Professional Indemnity Claims Liabilities in Medical Defence Organisations applies to entities that are or include medical defence organisations as follows:
(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(b) general purpose financial statements of each other reporting entity; and
(c) financial statements that are, or are held out to be, general purpose financial statements.