Application
2
This Standard applies to general purpose financial statements of government departments.
3
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.]
4
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 1051 Land Under Roads;
(d) AASB 1052 Disaggregated Disclosures;
(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.
5
[Deleted by the AASB]
6
When applicable, this Standard, together with the Standards referred to in paragraph 4, supersede AAS 29 Financial Reporting by Government Departments as issued in June 1998, as amended.
6A
When a government department administers the activities of a captive insurer, the government department may elect to apply either AASB 17 Insurance Contracts or AASB 137 Provisions, Contingent Liabilities and Contingent Assets in determining the information to be disclosed about the administered captive insurer activities.
6B
For the purposes of paragraph 6A, a captive insurer is a public sector entity that conducts activities which, on a stand-alone basis, fall within the scope of AASB 17 and whose policyholders are part of the same whole of government as the entity.