Register / AASB 1049 Whole of Government and General Government Sector Financial Reporting / AASB 1049 paragraph 14(g)
Use the current grant income terminology
The government grant example is updated to the current terminology: the AASB 120 options are not adopted and the principles in AASB 1058 Income of Not-for-Profit Entities and AASB 1004 Contributions are applied.
Why the paragraph exists
An old standard name in a live example is a real defect in a policy paper, because it points preparers to a superseded source.
In practice
Check the grant policy note for the old standard names. A superseded reference in a live note points preparers at the wrong principles.
Use AASB 1058 and AASB 1004 as the current sources, and keep the AASB 120 reference only where the paragraph still mentions it for context.
The mistake to avoid
The common mistake is to leave AASB 120 in the policy note because it was there last year.
Who it binds
A government applying AASB 1049.
What to do before the date
- Confirm the entity falls in this group: Government (AASB 1049).
- Put the requirement into the financial statements preparation plan: use the current grant income terminology.
- Open a workpaper for the first evidence item: The accounting policy note on government grants and contributions, naming AASB 1058 and AASB 1004.
Evidence an auditor will ask for
Dates
| Date | What it means | Applies to |
|---|---|---|
| 2027-12-31 | The instrument commences for this paragraph | government |
| 2028-01-01 | First annual periods beginning on or after this date apply the Standard | government |
Commencement and application are separate tests.
Cross-references
- AASB 1058
- AASB 1004
- AASB 120
Record note
This is an editorial alignment with the standards that now govern grant income.
Questions
What does AASB 1049 paragraph 14(g) require in practice?
Check the grant policy note for the old standard names. A superseded reference in a live note points preparers at the wrong principles.
What is the common mistake under AASB 1049 paragraph 14(g)?
The common mistake is to leave AASB 120 in the policy note because it was there last year.
What evidence should be kept?
At least: The accounting policy note on government grants and contributions, naming AASB 1058 and AASB 1004. The kit carries each one as a row with an owner column to complete.
Source
This page is our statement of the paragraph, cited so you can check it. Read F2026L01162 on legislation.gov.au.
Source pointer: AASB 1049 paragraph 14(g). Record retrieved 2026-10-20.