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26/11/2024

Appendix B: Disclosure of trust moneys

Recognition of administered and departmental trust money and note requirements

Note: Entities should have (or obtain) legal advice to support amounts reported as being held on trust. The fact that amounts are held in a special account (that is, a Services for Other Entities and Trust Moneys special account) does not automatically classify those amounts held as being trust in nature, the nature of trust moneys should be confirmed by legal advice.

Departmental and administered trust moneys are not recognised** in the:

Administered
  • Statement of comprehensive income (PRIMA:AdminIS)
  • Administered reconciliation schedule (PRIMA:AdminCE)
  • Administered schedule of assets and liabilities (PRIMA:AdminBS)
  • Administered cash flow statement (PRIMA:AdminCF)
Departmental
  • Statement of comprehensive income (PRIMA:DeptIS)
  • Statement if changes in equity (PRIMA:DeptCE)
  • Statement if financial position (PRIMA:DeptBS)
  • Cash flow statement (PRIMA:DeptCF)

** Assets held in trust are not recognised in primary statements and relevant notes (FRR: section 31).

Notes for departmental and/or administered trust moneys held in a special account (compulsory)

Assets held in trust note (held in special account)
  • Include trust amounts held in a special account (FRR: section 31 and PRIMA:O18)
  • Include a cross reference to the special account note.
Special account note
  • Include all amounts making up special account balances, including trust moneys (FRR: section 48 and PRIMA:F5.2)
  • Include a footnote disclosing special accounts that hold trust moneys, including the value of trust moneys
  • Include a cross reference to the assets held in trust note.

Notes for departmental only trust moneys retained as receipts (compulsory)

Assets held in trust note (see PGPA: section 74)
  • Include trust amounts credited to a departmental appropriation under PGPA: section 74
  • Include a cross reference to the appropriation note.
Appropriation note
  • Include trust moneys received as retainable receipts should be included in adjustments to appropriations (FRR: section 31 and PRIMA:F5.1)
  • Include a footnote disclosing trust amounts
  • Include a cross reference to the assets held in trust note.
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