Search Definitions

A forecast transaction is an uncommitted but anticipated future transaction. …

A hedging instrument is a designated derivative or (for a hedge of the risk of changes in foreign currency exchange rates only) a designated non-derivative financial asset or non-derivative financial liability whose fair value or cash flows are expected …

A hedged item is an asset, liability, firm commitment, highly probable forecast transaction or net investment in a foreign operation that (a) exposes the entity to risk of changes in fair value or future cash flows and (b) is designated as being hedged ( …

Hedge effectiveness is the degree to which changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk are offset by changes in the fair value or cash flows of the hedging instrument (see Appendix A paragraphs …

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In respect of public sector entities, local governments , governments and most, if not all, government departments are reporting entities: …

government means the Australian Government, the Government of the Australian Capital Territory, New South Wales, the Northern Territory, Queensland, South Australia, Tasmania, Victoria or Western …

government department means a government controlled entity, created pursuant to administrative arrangements or otherwise designated as a government department by the government which controls …

local government means an entity comprising all entities controlled by a governing body elected or appointed pursuant to a Local Government Act or similar …