Appendix A Defined terms

First Australian-Accounting-Standards financial statements | First-time adopter | Previous GAAP | Rate-regulated activities | Rate regulation | Rate regulator | Regulatory deferral account balance

This appendix is an integral part of AASB.

First Australian-Accounting-Standards financial statements

A[1]

The first annual financial statements in which an entity adopts Australian Accounting Standards, by an explicit and unreserved statement of compliance with Australian Accounting Standards.

First-time adopter

A[2]

An entity that presents its first Australian-Accounting-Standards financial statements.

Previous GAAP

A[3]

The basis of accounting that a first-time adopter used immediately before adopting Australian Accounting Standards.

Rate-regulated activities

A[4]

An entity’s activities that are subject to rate regulation.

Rate regulation

A[5]

A framework for establishing the prices that can be charged to customers for goods or services and that framework is subject to oversight and/or approval by a rate regulator.

Rate regulator

A[6]

An authorised body that is empowered by statute or regulation to establish the rate or a range of rates that bind an entity. The rate regulator may be a third-party body or a related party of the entity, including the entity’s own governing board, if that body is required by statute or regulation to set rates both in the interest of the customers and to ensure the overall financial viability of the entity.

Regulatory deferral account balance

A[7]

The balance of any expense (or income) account that would not be recognised as an asset or a liability in accordance with other Standards, but that qualifies for deferral because it is included, or is expected to be included, by the rate regulator in establishing the rate(s) that can be charged to customers.