Application

3

Subject to paragraphs 4 and 5, this Standard applies to general purpose financial statements of local governments and government departments.

4

Paragraphs 11 to 14 only apply to general purpose financial statements of local governments.

5

Paragraphs 15 to 21 only apply to general purpose financial statements of government departments.

6

This Standard applies to annual reporting periods beginning on or after 1 July 2008.

[Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]

7

This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2008, provided there is early adoption for the same annual reporting period of the following pronouncements being issued at about the same time, as applicable:

(a) AASB 1004 Contributions;

(b) AASB 1049 Whole of Government and General Government Sector Financial Reporting;

(c) AASB 1050 Administered Items;

(d) AASB 1051 Land Under Roads;

(e) AASB 2007-9 Amendments to Australian Accounting Standards arising from the Review of AASs 27, 29 and 31; and

(f) AASB Interpretation 1038 Contributions by Owners Made to Wholly-Owned Public Sector Entities.

8

This Standard does not specify disaggregated disclosure requirements for whole of governments or General Government Sectors (GGSs). The requirements for disaggregated disclosures for whole of governments and GGSs are contained in AASB 1049.

9

[Deleted by the AASB]

10

When applicable, this Standard, together with the Standards referred to in paragraph 7, supersede:

(a) AAS 27 Financial Reporting by Local Governments as issued in June 1996, as amended; and

(b) AAS 29 Financial Reporting by Government Departments as issued in June 1998, as amended.