13. Equity

Recognition and measurement

Accumulated Funds

The category "Accumulated Funds" includes all current and prior period retained funds.

Equity transfers

Increase / Decrease in Net Assets from Equity Transfers

The Administrative Arrangements (Administrative Changes – Transfer of Staff to Western City and Aerotropolis Authority Staff Agency) Order 2020 which commenced on 16 October 2020 resulted in the following transfers between the Authority’s Staff Agency and other government departments.

Recognition and Measurement

The transfer of net assets between entities as a result of an administrative restructure, transfers of programs / functions and parts thereof between NSW public sector entities and 'equity appropriations' are designated or required by AAS to be treated as contributions by owners and recognised as an adjustment to 'Accumulated Funds'. This treatment is consistent with AASB 1004 and Australian Interpretation 1038 Contributions by Owners Made to Wholly-Owned Public Sector Entities.

Transfers arising from an administrative restructure involving not-for-profit and for-profit government entities are recognised at the amount at which the assets and liabilities were recognised by the transferor immediately prior to the restructure. Subject to below, in most instances this will approximate fair value.

All other equity transfers are recognised at fair value, except for intangibles. Where an intangible has been recognised at (amortised) cost by the transferor because there is no active market, the entity recognises the asset at the transferor’s carrying amount. Where the transferor is prohibited from recognising internally generated intangibles, the entity does not recognise that asset.