Appendix A -- Australian defined terms

This appendix is an integral part of AASB 102.

Aus6.1

The following terms are also used in this Standard with the meanings specified.
 

Aus6.1[1]

A not-for-profit entity is an entity whose principal objective is not the generation of profit.  A not-for-profit entity can be a single entity or a group of entities comprising the parent entity and each of the entities that it controls.

 

Aus6.1[2]

In respect of not-for-profit entities, current replacement cost is the cost the entity would incur to acquire the asset at the end of the reporting period.

Aus6.1[3]

In respect of not-for-profit entities, inventories held for distribution are assets:

(a) held for distribution at no or nominal consideration in the ordinary course of operations;

(b) in the process of production for distribution at no or nominal consideration in the ordinary course of operations; or

(c) in the form of materials or supplies to be consumed in the production process or in the rendering of services at no or nominal consideration.[1]
 

1

Paragraphs 10–18 and 20–27 in this Standard apply to both inventories (as defined in paragraph 6) and inventories held for distribution (as defined in paragraph Aus6.1).