AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities 215-221: Government department and public sector disclosures: liabilities assumed by the government or another entity, the income, expenses, assets and liabilities (by class, with counterparties) transferred in a restructure of administrative arrangements, administered income, expenses, assets and liabilities by major class with the recipients and amounts transferred, and the land under roads policy for pre-2008 acquisitions

What does 215-221 require?

A government department discloses liabilities assumed during the period by the government or another entity. A not-for-profit transferee controlled by government in a restructure of administrative arrangements discloses the expenses and income of the transferred activities for the period, separating the amounts the transferor recognised, or explains why that is impracticable; for each material transfer it discloses the assets and liabilities transferred by class and names the transferor or transferee, with immaterial transfers disclosed in aggregate, so that users can separate restructure movements from other assets and liabilities. A government department also discloses, in its complete set of statements, administered income, expenses, assets and liabilities each by major class, and the broad categories of recipients and amounts transferred to them. An entity applying AASB 1051 discloses its material land under roads policy for land acquired before the close of its first reporting period ending with 31 December 2007 or later, in every period AASB 1051 applies.