AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities 222-225: Budgetary reporting under AASB 1055: where a budgeted statement for controlled items, or budgeted administered information for a GGS entity, was presented to parliament and identified with the entity, present that original budget on a basis consistent with the actual statements and explain major variances, without prior period budget comparatives, complying with AASB 1055

What does 222-225 require?

An entity applying AASB 1055 whose budgeted position, performance, equity or cash flow statement for controlled items was presented to parliament and separately identified as its own discloses, for the reporting period, that original budgeted statement presented and classified consistently with the corresponding actual statement, and explanations of the major variances between actual and original budget amounts. A General Government Sector entity whose budgeted administered income, expenses, assets or liabilities by major class were presented to parliament discloses the original budgeted information on a basis consistent with its AASB 1050 administered disclosures and explains the major variances. Comparative budgetary information for the previous period is not required, and the disclosures are made in compliance with AASB 1055.