Register / AASB 1049 Whole of Government and General Government Sector Financial Reporting / AASB 1049 paragraph 31(a)(ii)
Use the current fair value terminology in the other economic flows example
The example about fair value movements on financial instruments is updated to current classification terms. A movement that does not come from undistributed interest or dividends is an other economic flow, whether the instrument is measured at fair value through profit or loss or through other comprehensive income.
Why the paragraph exists
The example is used to classify items in the whole of government statements. Superseded labels cause misclassification.
In practice
Update the other economic flows working paper to the current labels, then check that the classification outcome did not move with the label.
The paragraph is an example, but the example is what preparers copy. Make the copy current.
The mistake to avoid
The common mistake is to change the label in the note and leave the old label in the working paper.
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 fair value terminology in the other economic flows example.
- Open a workpaper for the first evidence item: The other economic flows working paper with the current classification labels.
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 1049 paragraphs 30 and 30A
- AASB 9 Financial Instruments
Record note
The change is terminology only and does not change the classification outcome.
Questions
What does AASB 1049 paragraph 31(a)(ii) require in practice?
Update the other economic flows working paper to the current labels, then check that the classification outcome did not move with the label.
What is the common mistake under AASB 1049 paragraph 31(a)(ii)?
The common mistake is to change the label in the note and leave the old label in the working paper.
What evidence should be kept?
At least: The other economic flows working paper with the current classification labels. 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 31(a)(ii). Record retrieved 2026-10-20.