Description

Australian Accounting Standard AASB 1059 Service Concession Arrangements: Grantors is effective for annual financial reporting periods beginning on or after 1 January 2020. This Circular is applicable to all entities that are reporting GSF agencies within the meaning of section 7.3 of the Government Sector Finance Act 2018, and to the accountable authorities for those reporting GSF agencies. For the avoidance of doubt, this Circular does not apply to universities and their controlled entities, or to their accountable authorities. This Circular mandates that agencies shall apply the transition requirements set out in AASB 1059.C3(b).