Federal Register of Legislation - Australian Government

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Orders/Other as amended, taking into account amendments up to Financial Management and Accountability (Financial Statements 2001-2002) Amendment Orders
Administered by: Finance
Registered 13 Sep 2010
Start Date 15 May 2002

Financial Management and Accountability (Financial Statements 2001–2002) Orders

as amended

made under subsection 63 (1) of the

This compilation was prepared on 3 June 2002
taking into account amendments up to Financial Management and Accountability (Financial Statements 2001-2002) Amendment Orders

Prepared by the Office of Legislative Drafting,
Attorney-General’s Department, Canberra


Contents

Page

                        1  Name of Orders [see Note 1]                                                                    3

                        2  Commencement                                                                                     3

                        3  Financial statements for financial year 2001–2002                                      3

Schedule 1           Annual financial statements                                                                 4

Notes                                                                                                                               65

 

 

 


  

  

1              Name of Orders [see Note 1]

                These Orders are the Financial Management and Accountability (Financial Statements 2001–2002) Orders.

Note   Other matters relating to Agencies are dealt with in other Orders made by the Minister under subsection 63 (1) of the Financial Management and Accountability Act 1997.

2              Commencement

                These Orders commence on gazettal.

3              Financial statements for financial year 2001–2002

                For subsection 49 (2) of the Financial Management and Accountability Act 1997, Schedule 1 sets out the requirements for the preparation of annual financial statements for the financial year ending on 30 June 2002.

Note   Schedule 1 is identical to Schedule 1 to the Commonwealth Authorities and Companies (Financial Statements 2001–2002) Orders. The purpose of having identical requirements is to achieve uniformity in financial reporting across the Commonwealth public sector which will assist in the preparation of annual financial statements in relation to the Commonwealth by the Finance Minister under section 55 of the Financial Management and Accountability Act 1997. Accordingly, certain terms, requirements and references contained in Schedule 1 to these Orders apply to Commonwealth Authorities and not to Agencies while other terms, requirements and references apply to Agencies and not to Commonwealth Authorities.

 


Schedule 1        Annual financial statements

(section 3)

  


 

 

 

 

 

REQUIREMENTS AND GUIDANCE FOR THE PREPARATION OF FINANCIAL STATEMENTS OF COMMONWEALTH AGENCIES AND AUTHORITIES

 

Financial years ending on or after 30 June 2002

COMMONWEALTH OF AUSTRALIA

Department of Finance and Administration

 


I      Introduction

 

This document is issued as a set of accounting and budgeting policies to be applied across the Commonwealth public sector. As such, it is intended that the same policies will apply to all reporting entities covered by section 49 of the Financial Management and Accountability Act 1997 (FMA) and by clause 1, Schedule 1, to the Commonwealth Authorities and Companies Act 1997 (CAC).  The guidance set out in this document is to apply for the financial year 2001-02 and for subsequent financial years until it is amended.

 

The “black letter” (ie. text in bold) sets out the Finance Minister’s Orders under the respective FMA and CAC.

 

The “grey letter” (ie. text that is not in bold) comprises “explanatory notes and guidance” which does not form part of the formal Schedule but is intended to assist in its interpretation.  The “grey letter” also provides, where necessary, additional guidance on the particular requirements of Budget preparation or monthly reporting.  This guidance may be modified from time to time by the Department of Finance and Administration (Finance) as the need arises (for example, in response to requests by agencies or authorities for further clarification of particular policies).

 

This document aims to facilitate the integrated budgeting, management and reporting framework for the Commonwealth.  This framework involves:

·               preparing annual consolidated financial statements on an accrual basis for the whole of the Commonwealth Government (including statements for the General Government, Public Trading Enterprise and Public Finance Enterprise sectors), audited by the Auditor-General (commenced in 1996–97);

·               presenting the Budget on a full accrual basis;

·               consistent with the Charter of Budget Honesty Act 1998, extending the coverage of the Budget to include all agencies and authorities in the ‘general government sector’ (that is, those entities predominantly funded from taxation);

·               funding general government sector entities on a basis that more closely reflects that of private sector businesses, in accordance with the price, quantity and quality of outputs produced by the entity (termed an ‘outputs–outcomes framework’);

·               appropriating money on an accrual basis without unspent amounts automatically lapsing;

·               presenting monthly financial information;

·               accrual accounting systems of agencies and authorities, co-ordinated by a central accrual accounting system (AIMS), including a Cash and Appropriation Management Module (CAMM); and

·               devolved financial exchange and banking arrangements for agencies.

 

The policies and guidance in the manual provide a consistent basis for preparing financial reports and budgets by all agencies and authorities. This assists:

·               users in assessing and comparing financial performance of individual agencies and authorities;

·               the Government in presenting the Budget on a full accrual basis; and

·               the Finance Minister in preparing reliable consolidated financial statements.

 

An important aim of the framework is to provide comparability between ex post and ex ante (budgeted) financial reports.  This document will assist in achieving that aim.

 

The framework for the requirements in this document incorporate:

·               Australian Accounting Standards and other authoritative pronouncements of the Standard Setting Boards (including guidance releases);

·               Urgent Issues Group consensus views;

·               Australian Statements of Accounting Concepts;

·               financial reporting policy; and

·               guidance on financial reporting.

 

This document addresses the legislative requirements for financial reporting, and includes financial reporting policies and guidance.

 

The financial reporting policies are the mandatory principles, bases or rules adopted in preparing and presenting general-purpose financial reports, including budgets.  The policies:

·               cover issues not dealt with in Australian Accounting Standards or legislation;

·               specify the preferred alternative(s) when the standards or legislation permit choice; and

·               clarify any ambiguity in the standards or legislation.

 

The document mandates Australian Accounting Standards and is concerned with providing relevant and reliable information for users of financial reports and enabling the discharge of accountability by chief executives and directors.

 

The guidance to the financial reporting policies provide the rationale and concepts underlying the financial reporting policies and are intended to assist in their interpretation and consistent application.

 

II     Preliminary

 

The policy and guidance included in this section relates to:

 

1        Commencement

2        Application

3        Certification

4        Exemptions

5        Comparatives

6        Rounding Off

1     Commencement

Policy

1.1           The requirements set out in these Orders shall apply for the financial year ending on or after 30 June 2002, unless amended.

2     Application

Policy

2.1           The financial statements of agencies and authorities must:

                (a)    include the primary statements, schedules and notes in the form prescribed in appendix A of this Schedule;

               (b)    include all note disclosures specified in the policies of this Schedule;

                (c)    comply with accounting standards and accounting interpretations issued by:

·      the Australian Accounting Standards Board (established under section 226 of the Australian Securities and Investment Commission Act 1989); and

·      the former Public Sector Accounting Standards Board, not yet reissued by the present Board;

               (d)    have regard to the Explanatory Notes to Commonwealth Accounting Policies as issued by the Department of Finance and Administration; and

                (e)    have regard to Finance Briefs issued by the Department of Finance and Administration.

2.2           The financial statements must be presented in the following order:

                (a)    primary statements;

               (b)    schedules of contingencies and commitments;

                (c)    notes to the financial statements

2.3           Requirements in this Schedule should only be included in the financial statements of the entity if they are relevant or applicable to a reporting period or comparative reporting period.

 

3     Certification

Policy

3.1           There must be attached to the front of the financial statements:

                (a)    a copy of the auditor’s report on the statements;

               (b)    a statement by the chief executive or directors, as the case may be, as to whether, in their opinion, the financial statements give a true and fair view of the matters required by this Schedule; and

                (c)    If the Commonwealth agency or authority is a Public Trading Enterprise or a Statutory Marketing Authority the directors must state whether or not, in their opinion, there are, when the statement is made, reasonable grounds to believe that the agency or authority will be able to pay its debts as and when they fall due.

4     Exemptions

Policy

4.1           In special circumstances the Minister for Finance and Administration may grant a written exemption to the Chief Executive or directors, as the case may be, from any specified requirements of this schedule.

4.2           An exemption may be granted subject to conditions, including alternative forms of disclosure.

4.3           The Chief Executive or directors must include particulars of any exemption under this clause in the summary of accounting policy given in the notes.

5     Comparatives

Policy

5.1           Subject to Policy 5.2, paragraph 6 of Australian Accounting Standard 37 (AAS 37) applies to disclosures required by these Orders as if ‘FMO’ were substituted for ‘Standard’ in that paragraph.

5.2           Comparative figures are not required, in accordance with Policy 5.1, for Policies 10, 11 – Table A, 16, 18, 22 and 24.3.

6     Rounding Off

Policy

6.1           Amounts in the financial statements may be rounded-off as follows:

                (a)    where a reporting entity has assets, liabilities, expenses or revenues in excess of $10 million — it may disclose in substitution for an amount required or permitted to be disclosed, that amount rounded off to the nearest $1,000 or, where that amount is $500 or less, to zero;

               (b)    where a reporting entity has assets, liabilities, expenses or revenues in excess of $1 billion — it may disclose in substitution for an amount required or permitted to be disclosed, that amount rounded off to the nearest $1 million or, where that amount is $500,000 or less, to zero;

                (c)    provided that:

·               rounding-off is applied consistently throughout the financial statements; and

·               the level of rounding-off is clearly indicated where it is applied; but

·               where an amount, as a result of the rounding off, is reduced to zero in the primary statements, that amount, must be shown to the nearest dollar by way of a note to the financial statements.

               (d)    Rounding-off is not permitted in notes relating to:

·               act of grace payments and waivers;

·               remuneration of auditors; and

·               remuneration of executives/officers.


 

III    Assets, Liabilities, Equity, Revenues and Expenses

 

The policies and guidance included in this section are:

7        Restructuring

8        Departmental Capital Appropriations

9        Departmental Price of Outputs Appropriations

10           Appropriations Disclosures

11           Reporting of Outcomes and Outputs

12      Receivables

13      Software

14      Land, Buildings, Infrastructure, Plant and Equipment

15      Recoverable Amount

16      Analysis of Property, Plant and Equipment, and Intangibles

17      Administered Investments in Controlled Entities

18      Analysis of Equity

19      Director/Manager Remuneration

20      Act of Grace Payments, Waivers and Defective Administration Scheme

21      Restricted Assets

22      Assets Held in Trust

23      Remuneration of Auditors

24      Sales of Assets by the Office of Asset Sales and Information Technology Outsourcing

7     Restructuring

Policy

7.1           This policy applies in relation to the transfer of assets and/or the assumption of liabilities for no consideration (or for token consideration) as a result of a transfer of a function or functions:

                (a)    between Commonwealth entities; or

               (b)    between departmental and administered classifications;

                consequent to:

                (c)    a Cabinet decision; or

               (d)    an Administrative Arrangements Order (AAO) change; or

                (e)    an Act of Parliament or regulation under an Act; or

                (f)    a written agreement between the Finance Minister and relevant portfolio Minister.

7.2           The net book values (less any token consideration) of assets and liabilities transferred in accordance with clause 7.1 must be treated as contributions by, or distributions to, owners and recognised as direct adjustments to equity for the transferor and transferee entities, in accordance with UIG 38.

7.3           Paragraphs 10.6 – 10.12 of AAS 29 apply to authorities subject to the Commonwealth Authorities and Companies Act 1997, as if ‘agency’ were substituted for ‘department’.

7.4           A transfer between two administered entities does not result in any revenues, expenses, assets, liabilities or contributions by owners because administered entities are branches of the same entity (the Government). A transfer of an administered asset or liability should therefore be adjusted to equity (retained surpluses or accumulated deficits) at existing book value.

8     Departmental Capital Appropriations

Policy

8.1           Where the amount of a departmental equity injection appropriation is not dependant on specified future events (eg. for initial working capital) it must be recognised as a direct increase in ‘Contributed equity’, when the appropriation becomes effective (generally 1 July).

8.2           Where the amount of a departmental equity injection appropriation is dependant upon specified future events that require future performance (eg. construction of capital works) it must be recognised as a direct increase in ‘Contributed equity’, as the appropriation is drawn down.

8.3           Departmental loan appropriations must be recognised as increases in borrowings, as the appropriation is drawn down.

9     Departmental Price of Outputs Appropriations

Policy

9.1           There is a rebuttable presumption that the full amount of the appropriation for outputs should be recognised as revenue in the year of appropriation. In the instance that any variation between appropriation and revenue ‘earned’ for the respective period arises, providing that the variation is measurable, either accrued or unearned revenue should be recognised.

10   Appropriations Disclosures

Policy

10.1         Agencies and authorities must disclose the following tables in the notes to the financial statements:

Appropriation Bills 1/3

 

Particulars

Administered Expenses

Departmental Outputs

Total

 

Outcome 1

Outcome … ‘n’

 

 

Balance carried from previous period

 

 

 

 

Appropriation for reporting period (Bill 1)

 

 

 

 

Appropriation for reporting period (Bill 3)

 

 

 

 

Adjustments determined by the Finance Minister

 

 

 

 

Amounts from Advance to the Finance Minister

 

 

 

 

Refunds credited (FMA s 30)

 

 

 

 

GST credits (FMA s 30A)

 

 

 

 

Annotations to ‘net appropriations’ (FMA s 31)

 

 

 

 

Other annotations

 

 

 

 

Transfers to/from other agencies (FMA s 32)

 

 

 

 

Administered expenses lapsed under determination

 

 

 

 

Available for payments

 

 

 

 

Payments made

 

 

 

 

Balance carried to next period

 

 

 

 

Appropriation Bills 2/4

 

Particulars

Administered

Equity injections and loans

Total

 

Outcome 1

Outcome … ‘n’

 

 

 

 

SPPs*

Other

SPPs*

Other

Equity

Loans

Carry-overs

Admin capital

 

Balance carried from previous period

 

 

 

 

 

 

 

 

 

Current appropriation (Bill 2)

 

 

 

 

 

 

 

 

 

Current appropriation (Bill 4)

 

 

 

 

 

 

 

 

 

Adjustments determined by the Finance Minister

 

 

 

 

 

 

 

 

 

Amounts from Advance to the Finance Minister

 

 

 

 

 

 

 

 

 

Refunds credited (FMA s 30)

 

 

 

 

 

 

 

 

 

GST credits (FMA s 30A)

 

 

 

 

 

 

 

 

 

Annotations to ‘net appropriations’ (FMA s 31)

 

 

 

 

 

 

 

 

 

Other annotations

 

 

 

 

 

 

 

 

 

Transfers to/from other agencies (FMA s 32)

 

 

 

 

 

 

 

 

 

Administered expenses lapsed under determination

 

 

 

 

 

 

 

 

 

Available for payments

 

 

 

 

 

 

 

 

 

Payments made

 

 

 

 

 

 

 

 

 

Balance carried to next period

 

 

 

 

 

 

 

 

 

* Special Purpose Payments (refer to Budget Paper 4)

Special Appropriations (Unlimited Amount)

 

Particulars of legislation providing appropriation (including purpose)

Administered

Departmental

Total

 

Outcome 1

Outcome …'n'

 

 

Budget estimate

 

 

 

 

Payments made

 

 

 

 

Refunds credited (section 30)

 

 

 

 

 

Special Appropriations (Limited Amount)

 

Particulars

Administered

Departmental

Total

 

Account 1

Account … ‘n’

Outputs

Capital

 

Balance carried from previous period

 

 

 

 

 

Appropriation for reporting period

 

 

 

 

 

GST credits (FMA s 30A)

 

 

 

 

 

Other annotations

 

 

 

 

 

Available for payments

 

 

 

 

 

Payments made

 

 

 

 

 

Balance carried to next period

 

 

 

 

 

*Prepare a separate table for each special appropriation

Special Accounts

 

Particulars

Administered

Departmental

Total

 

Account 1

Account …'n'

Outputs

Capital

 

Balance carried from previous period

 

 

 

 

 

Appropriation for reporting period

 

 

 

 

 

Receipts from other sources

 

 

 

 

 

Refunds credited (FMA s 30)

 

 

 

 

 

GST credits (FMA s 30A)

 

 

 

 

 

Available for payments

 

 

 

 

 

Payments made

 

 

 

 

 

Balance carried to next period

 

 

 

 

 

 

11   Reporting of Outcomes and Outputs

Policy

11.1         Agencies and authorities in the General Government Sector must disclose, in the notes, the following tables relating to outcomes (as specified in the Appropriation Acts relevant to the entity) and outputs:

Table A: Total Cost/Contribution of Outcomes (Whole of Government)

 

 

Outcome 1

Outcome…n

Total

Budget

Actual

Budget

Actual

Budget

Actual

Net taxation, fees and fines revenues

 

 

 

 

 

 

Other administered revenues

 

 

 

 

 

 

Net subsidies, benefits and grants expenses

 

 

 

 

 

 

Other administered revenues/expenses

 

 

 

 

 

 

Net cost of departmental outputs

 

 

 

 

 

 

Cost/Contribution of outcome before extraordinary items

 

 

 

 

 

 

Extraordinary items

Administered

Departmental

 

 

 

 

 

 

Net cost/contribution to Budget outcome

 

 

 

 

 

 

Table B: Major Departmental Revenues and Expenses by Output (Output Group)*

 

 

Output (Output Group) 1

Output (Output Group) … ‘n’

2001-02

2000-01

2001-02

2000-01

Operating Revenues

 

 

 

 

Show each major class

 

 

 

 

Operating expenses

 

 

 

 

Show each major class

 

 

 

 

 

*Choose the appropriate level of reporting (‘Outputs’ or ‘Output Groups’).

Table C: Major Classes of Departmental Assets and Liabilities by Output (or Output Group)

 

 

Output (Output Group) 1

Output (Output Group) … ‘n’

2001-02

2000-01

2001-02

2000-01

Output specific departmental assets

 

 

 

 

Show each major class

 

 

 

 

Other departmental assets

 

 

 

 

Show each major class

 

 

 

 

Output specific departmental liabilities

 

 

 

 

Show each major class

 

 

 

 

Other departmental liabilities

 

 

 

 

Show each major class

 

 

 

 

Table D: Major Classes of Administered Revenues and Expenses by Outcome

 

 

Outcome 1

Outcome … ‘n’

2001-02

2000-01

2001-02

2000-01

Revenues

 

 

 

 

Show each major class

 

 

 

 

Expenses

 

 

 

 

Show each major class

 

 

 

 

Table E: Major Classes of Administered Assets and Liabilities by Outcome

 

 

Outcome 1

Outcome … ‘n’

2001-02

2000-01

2001-02

2000-01

Outcome specific administered assets

 

 

 

 

Show each major class

 

 

 

 

Other administered assets

 

 

 

 

Show each major class

 

 

 

 

Outcome specific administered liabilities

 

 

 

 

Show each major class

 

 

 

 

Other administered liabilities

 

 

 

 

Show each major class

 

 

 

 


12   Receivables

Policy

12.1         At the end of the reporting period there must be shown, in a note, an age analysis of receivables showing receivables that are:

                (a)    current;

               (b)    overdue less than 30 days;

                (c)    overdue 30 to 60 days;

               (d)    overdue 60 to 90 days; and

                (e)    overdue more than 90 days.

13   Software

Policy

13.1         Internally developed and externally acquired computer software for internal use must initially be recognised and, where applicable, capitalised at the cost of development or acquisition.

13.2         After initial recognition internally developed software should be carried at its cost less any accumulated amortisation and any accumulated impairment losses. The capitalised costs (or revalued amounts) of development or acquisition must be amortised over the useful life of the software.

14   Land, buildings, infrastructure, plant and equipment

Policy

14.1         Subject to clause 14.3, agencies and authorities must continue to progressively revalue land, buildings, infrastructure, plant and equipment using the deprival basis of valuation for the financial year ending 30 June 2002  (AASB 1041 Revaluation of Non-Current Assets paragraph 8.10 (b)).

14.2         For financial periods beginning on or after 1 July 2002, the fair value basis must be applied to revaluations of the following asset classes in accordance with Australian Accounting Standard AASB 1041:

                (a)    Land;

               (b)    Buildings;

                (c)    Subject to clause 14.3, infrastructure, plant and equipment; and

               (d)    Heritage and cultural assets.

14.3         For financial periods beginning on or after 1 July 2001, the cost basis must be applied to specialist military equipment assets.

 

15   Recoverable Amount

Policy

15.1         All agencies and authorities must apply the recoverable amount test, in accordance with Australian Accounting Standard 10 (AAS 10) Recoverable Amount of Non-Current Assets, to their departmental non-current assets.

15.2         The recoverable amount test does not apply to administered non-current assets which agencies or authorities oversight or manage on behalf of the Government.

16   Analysis of Property, Plant and Equipment, and    Intangibles

Policy

16.1         The notes to the financial statements must include the table beginning on the next page, reconciling the opening and closing balances of property, plant and equipment and intangibles.


Table: Reconciliation of the Opening and Closing Balances of Property, Plant and Equipment and Intangibles.

Item

 

 

Land

 

 

 

 

($’000)

Buildings

 

 

 

 

($’000)

Total land and buildings

 

 

($’000)

 

Specialist military equipment

 

 

($’000)

Other infra-structure,

plant and equipment

($’000)

Total infra-structure, plant and equipment

 

($’000)

 

Computer software

 

 

 

($’000)

Other intangibles

 

 

 

($’000)

Total intangibles

 

 

 

($’000)

 

Total

 

 

 

 

($’000)

Gross value

 

 

 

 

 

 

 

 

 

 

 

 

As at 1 July

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions:

 

Purchase of assets

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition by finance lease

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revaluations: write-ups/(write-downs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets transferred in/(out)

 

 

 

 

 

 

 

 

 

 

 

 

Reclassifications

 

 

 

 

 

 

 

 

 

 

 

 

Write-offs

 

 

 

 

 

 

 

 

 

 

 

 

Change in accounting policy

 

 

 

 

 

 

 

 

 

 

 

 

Other movements (give details below)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disposals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at 30 June

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

Depreciation/Amortisation

 

 

 

 

As at 1 July

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disposals

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation/Amortisation

charge for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revaluations: write-ups/(write-downs)

 

 

 

 

 

 

 

 

 

 

 

 

Assets transferred in/(out)

 

 

 

 

 

 

 

 

 

 

 

 

Reclassifications

 

 

 

 

 

 

 

 

 

 

 

 

Write-offs

 

 

 

 

 

 

 

 

 

 

 

 

Change in accounting policy

 

 

 

 

 

 

 

 

 

 

 

 

Other (give details below)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at 30 June

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net book value asat 30 June

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net book value as at 1 July

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16.2         The following separate tables must be included for assets held at valuation and for assets held under finance leases.

Table: Assets at Valuation.

Item

 

Land

 

($’000)

Buildings

 

($’000)

Total land and buildings

($’000)

 

Specialist military equipment

($’000)

Other infra-structure, plant and equipment ($’000)

Total infra-structure, plant and equipment ($’000)

 

Computer software

($’000)

Other intangibles

($’000)

Total intangibles

($’000)

 

Total

($’000)

 As at 30 June (current year)

 

 

 

 

Gross value

 

 

 

 

 

 

 

 

 

 

Accumulated depreciation/amortisation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at 30 June (previous year)

 

 

 

 

 

 

 

 

 

 

Gross value

 

 

 

 

 

 

 

 

 

 

Accumulated depreciation/amortisation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

 

 

 

Table: Assets Held under Finance Lease.

Item

 

Land

($’000)

Buildings

($’000)

Total land and buildings ($’000)

 

Specialist military equipment ($’000)

Other infra-structure, plant and equipment ($’000)

Total infra-structure, plant and equipment ($’000)

 

Computer software

($’000)

Other intangibles

($’000)

Total intangibles

($’000)

 

Total

($’000)

As at 30 June (current year)

 

 

 

 

 

 

Gross value

 

 

 

 

 

 

 

 

 

 

Accumulated deprecation/amortisation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at 30 June (previous year)

 

 

 

 

 

 

 

 

 

 

Gross value

 

 

 

 

 

 

 

 

 

 

Accumulated deprecation/amortisation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

 

 

 

16.3         The following table must be included to allow compliance with the requirements of AAS 34 Borrowing costs

Table: Assets under Construction.

Item

 

 

 

Buildings

 

($’000)

Total land and buildings

($’000)

 

Specialist military equipment

($’000)

Other infra-structure, plant and equipment ($’000)

Total infra-structure, plant and equipment ($’000)

 

Computer software

($’000)

Other intangibles

($’000)

Total intangibles

($’000)

 

Total

($’000)

As at 30 June (current year)

 

 

 

 

 

 

Gross value

 

 

 

 

 

 

 

 

 

 

Accumulated deprecation/amortisation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at 30 June (previous year)

 

 

 

 

 

 

 

 

 

 

Gross value

 

 

 

 

 

 

 

 

 

 

Accumulated deprecation/amortisation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

 

 

 

16.4         Where practicable, assets revalued at their current replacement cost should be shown at their gross value
as permitted by paragraph 7.2 of AAS 38.


17   Administered Investments in Controlled Entities

Policy

17.1         The disclosure of administered assets and liabilities of a Department of State must show the total amount of the Commonwealth’s investment in each separate legal entity for which the Portfolio Minister is responsible.

17.2         Changes in the Commonwealth’s ownership interest must be reflected in the carrying amount of such investments;

                (a)    Contributions by, or distributions to, owners; and

               (b)    Where the Finance Minister issues a direction to revalue the investment.

17.3         Unless clause 17.2 applies and/or where otherwise required by another accounting policy or accounting standard the amount initially recorded:

                (a)    in accordance with Australian Accounting Standard 21 (AAS 21): or

               (b)    in relation to any investments held at 30 June 1997 that were revalued before that date, the amount shown as the carrying amount at 30 June 1997.

                must remained fixed as the carrying amount of the investment.


18   Analysis of Equity

Policy

18.1         The notes for Agencies and Authorities in the General Government Sector must include the following table reconciling the opening and closing balances of equity.

                Analysis of Equity

 

A

B

C

D

E = B + C + D

F

G = A +E+ F

Item

 

Accumulated results

 

($’000)

Asset revaluation reserve

($’000)

Foreign currency translation reserve

($’000)

Other reserves

 

($’000)

Total reserves

 

($’000)

Total Contributed equity/capital

($’000)

 Total

Equity

($’000)

Opening balance as at 1 July

 

 

 

 

 

 

 

Operating results and extraordinary items after tax

 

 

 

 

 

 

 

Dividends provided for or paid

 

 

 

 

 

 

 

Net revaluation increment/(decrement)

 

 

 

 

 

 

 

Transfers to/(from)/between reserves

 

 

 

 

 

 

 

Changes in accounting policies

 

 

 

 

 

 

 

Currency translation gain/(loss)

 

 

 

 

 

 

 

Capital Use Charge (CUC) payments

 

 

 

 

 

 

 

Contribution/Distribution of equity

 

 

 

 

 

 

 

Injection for capital works

 

 

 

 

 

 

 

Other (give details below)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Closing balance as at 30 June

 

 

 

 

 

 

 

Less: Outside Equity Interests

 

 

 

 

 

 

 

Total equity attributable to the Commonwealth

 

 

 

 

 

 

 


19   Director/Manager Remuneration

Policy

19.1         The disclosures required by this policy are material by nature.

19.2         The following information must be disclosed in the notes to the financial statements in regard to the remuneration of directors of an authority:

                (a)    the number of directors of the Commonwealth authority whose total remuneration for the financial year derived from the authority, whether as a director or otherwise, falls within each band of $10,000;

               (b)    the total of the remuneration referred to in paragraph (a) of all directors referred to in that paragraph.

19.3         The consolidated financial statements must include in a note the total of the remuneration of all directors of each entity in the economic entity, comprising the Commonwealth authority and its subsidiaries, for the financial year.

19.4         The following information must be disclosed in the notes to the financial statements in regard to the remuneration of managers:

                (a)    the aggregate remuneration of all managers of the entity whose remuneration for the financial year is $100,000 or more;

               (b)    the number of managers of the entity whose total remuneration for the financial year falls within each successive $10,000 band, commencing at $100,000;

                being remuneration received or due and receivable, directly or indirectly, from the entity or any related party in connection with the management of the affairs of the agency or authority or any of its subsidiaries, whether as a manager otherwise.

19.5         The following information must be disclosed in the notes to the financial statements of an economic entity where an agency or authority is the parent entity in the economic entity:

                (a)    the aggregate remuneration of all managers of the economic entity whose remuneration for the financial year is $100,000 or more;

               (b)    the number of managers of the economic entity whose total remuneration for the financial year falls within each successive $10,000 band, commencing at $100,000;

                being remuneration received or due and receivable, directly or indirectly, from the entities in the economic entity or a related party in connection with the management of the affairs of the entities in the economic entity, whether as a manager or otherwise.

19.6         In addition to all other requirements of this policy, the aggregate amount of separation and redundancy payments for managers should be disclosed separately.

 

20   Act of Grace Payments, Waivers and Defective      Administration Scheme

Policy

20.1         The disclosures required by this policy are material by nature.

20.2         The financial statements must include a note showing:

                (a)    the number and aggregate amount of any act of grace payments made during the reporting period pursuant to subsection 33 (1) of the Financial Management and Accountability Act 1997;

               (b)    the number of waivers, and the aggregate amount owing to the Commonwealth, the recovery of which was waived during the reporting period (being amounts that the entity would, but for the waiver, have been entitled to receive on behalf of the Commonwealth);

·     pursuant to subsection 34 (1) of the Financial Management and Accountability Act 1997; and

·     pursuant to other legislation, which should be specified; and

                (c)    the number and aggregate amount of payments during the reporting period under the Scheme for Compensation for Detriment caused by Defective Administration (CDDA).

21   Restricted Assets

Policy

21.1         Paragraph 12.3 of Australian Accounting Standard AAS 29, Financial Reporting by Government Departments, applies to these Orders as if ‘Commonwealth authorities’ were substituted for ‘government department’ in that paragraph.

22   Assets Held in Trust

Policy

22.1         The financial statements of agencies and authorities must include a note giving particulars of assets held in trust.

22.2         In relation to assets, the particulars required by clause 22.1 must be provided as a summary of the categories of assets held at the end of the reporting period and the purpose for which they are being held.

22.3         In relation to cash, the particulars required by clause 22.1 must include, for each significant category of trust, the:

                (a)    total amount held at the beginning of the reporting period;

               (b)    total receipts during the reporting period;

                (c)    total payments during the reporting period; and

               (d)    total amount held at the end of the reporting period.

 

23   Remuneration of Auditors

Policy

23.1         The disclosures required by this policy are material by nature.

23.2         The financial statements of an agency or authority must include a note giving particulars of the remuneration of auditors for:

                (a)    auditing the financial statements for that reporting period; and

               (b)    any other services provided during that reporting period.

23.3         The fair value of any of the services provided free of charge by the Auditor-General must also be shown.

23.4         For the purpose of this Policy, performance audits are not taken to be services provided to an agency or authority.

23.5         Authorities must disclose the extent to which auditors’ remuneration is paid to an auditor other than the Auditor-General.

24   Sale of Assets by the Office of Asset Sales and      Information Technology Outsourcing

Policy

24.1         At the time of sale, the asset must be written out of the relevant Agency’s records by crediting the asset with any related depreciation, then writing-off the balance (carrying amount);

                (a)    For administered assets, against equity (accumulated results);

               (b)    For departmental assets, recognised as an expense.

24.2         OASITO must;

                (a)    Recognise the transfer of the asset to it as an administered asset pending sale and crediting equity (accumulated results);

               (b)    Transfer the direct costs of sale from its departmental records to its administered records by debiting proceeds of sale of asset and crediting services received free of charge (thereby providing the ‘net proceeds of sale of asset’ figure);

                (c)    Credit the ‘net proceeds of sale of asset’ to the administered asset; and

               (d)    Transfer the balance (gain or loss on disposal) to the administered revenue item ‘Asset sales program (OASITO)’

24.3         In relation to each major asset sale, the following particulars  must be shown in the administered notes of OASITO;

                (a)    Gross proceeds from sale;

               (b)    Written down value of assets sold (its carrying amount before sale);

                (c)    Direct selling costs (including point of sale costs); and

               (d)    The net gain or loss from sale (see clause 5.6 of AAS 1).

IV   Contingencies and Commitments

 

From time to time Commonwealth entities enter into agreements and other arrangements that do not lead to the reporting of assets, liabilities, revenues or expenses but may result in the sacrifice of future economic benefits.  This information is important to users of financial statements in assessing an entity’s financial position, having regard to such future risks and events.  As a result of entering into these agreements and arrangements, the policies that follow require an entity to disclose potential assets, liabilities, revenues or expenses that are dependent on an event or events occurring in the future prior to recognition.

 

The policies and guidance included in this section are:

 

25      Contingencies

26      Commitments

25   Contingencies

Policy

25.1         Contingencies are conditions that exist at the reporting date that may give rise to an asset (or revenue/gain) or a liability (or loss/expense) on the occurrence or non-occurrence of one or more uncertain future events that are outside the control of the agency or authority.

25.2         Contingencies must be disclosed in the Schedule of Contingencies, in accordance with Appendix A, unless the possibility of loss or gain is remote.

25.3         The Schedule of Contingencies must disclose sufficient information to:

                (a)    enable assessments of both the nature of, and the uncertainties which affect, the contingencies; and

               (b)    show separately the contingencies (or groups of contingencies) according to different levels of uncertainty of possible gain or loss.

25.4         Particulars of material contingencies excluded from the Schedule of Contingencies because they are remote must be disclosed in a note to the financial statements.

26   Commitments

Policy

26.1         Commitments are;

                (a)    intentions to create liabilities, as evidenced by undertakings, to make future payments to other entities; and

               (b)    unrecognised liabilities that are Agreements Equally Proportionately Unperformed (AEPU’s).

26.2         The nature and ‘where quantifiable’ the amount of each category of commitments must be disclosed in a schedule of commitments in accordance with Appendix A.


Appendix A

 

FORMS OF FINANCIAL STATEMENTS

SCHEDULES AND NOTES

 


SECTION 1: COMMERCIAL REPORTING ENTITIES


 

STATEMENT OF FINANCIAL PERFORMANCE

for the period ended ___________

                                                                                                                          Consolidated                    Parent

Revenues from ordinary activities

Sales of goods and services

Government

Non-government

Interest (note x)

Dividends (note x)

Net gains from sales of assets (note x)

Reversals of previous asset write-downs

Net foreign exchange gains (note x)

Correction of fundamental error

Other (note x)

 

Total revenues from ordinary activities

 

Operating expenses from ordinary activities (excluding borrowing

costs expense)

 

Employees (note x)

Suppliers (note x)

Depreciation and amortisation (note x)

Write-down of assets (note x)

Net losses from sales of assets (note x)

Net foreign exchange losses (note x)

Correction of fundamental error

Other (note x)

Total operating expenses from ordinary activities (excluding borrowing

costs expense)

 

Borrowing costs expense (note x)

Share of net profits/losses of associates and joint ventures accounted for

    using the equity method

Correction of fundamental error

 

Profit or loss from ordinary activities before income tax

 

Income tax expense/revenue relating to ordinary activities

Correction of fundamental error

 

Profit or loss from ordinary activities after income tax

 

Profit or loss on extraordinary items after income tax expense/revenue (note x)

Correction of fundamental error

 

Net profit or loss

 

Outside equity interests in net profit or loss

 

Net profit or loss attributable to the Commonwealth

 

Net credit (debit) to asset revaluation reserve

Net exchange difference recognised as a direct debit (credit) to equity

Adjustments arising from Standards recognised as direct debit (credit) to equity

Initial adjustments from transitional UIG Consensus View recognised as a direct debit (credit) to equity

Other direct debits (credits) to equity

 

Total changes in equity other than those resulting from transactions with owners as owners

 

 

STATEMENT OF FINANCIAL POSITION

as at ____________

                                                                                                                          Consolidated                    Parent

Current assets

Cash

Receivables (see note x)

Investments (note x)

Inventories (note x)

Land and buildings

Infrastructure, plant and equipment (note x)

Intangibles

Tax assets

Other (note x)

Total current assets

Non‑current assets

Receivables (note x)

Investments (note x)

Inventories (note x)

Land and buildings (note x)

Infrastructure, plant and equipment (note x)

Tax assets

Intangibles (note x)

Other (note x)

Total non‑current assets

Total assets

Current liabilities

Interest bearing liabilities (note x)

Provisions (note x)

Payables (note x)

Tax liabilities (note x)

Total current liabilities

Non‑current liabilities

Interest bearing liabilities (note x)

Provisions

Payables (note x)

Tax liabilities

Total non‑current liabilities

Total liabilities

Equity *

Parent entity interest

Contributed Equity

Reserves

Statutory funds

Retained profits or losses

Outside equity interest

Contributed Equity

Reserves

Retained profits or losses

Total equity

 

*        Note: ‘Equity’ is the residual interest in assets after deduction of liabilities

 

STATEMENT OF CASH FLOWS

for the period ended __________

OPERATING ACTIVITIES                                          CONSOLIDATED        PARENT

Cash received

Sales of goods and services

Government

Non-Government

Appropriations (other than goods and services)

Interest

Dividends

Other

 

Total cash received

Cash used

Employees

Suppliers

Borrowing Costs

Income tax

Other

 

Total cash used

Net cash from operating activities

INVESTING ACTIVITIES

Cash received

Proceeds from sales of property, plant and equipment

Proceeds from sales of financial instruments

Bills of exchange and promissory notes

Repayments of loans made

Other

 

Total cash received

Cash used

Purchase of property, plant and equipment

Purchase of financial instruments

Bills of exchange and promissory notes

Loans made

Other

 

Total cash used

Net cash from investing activities

Financing Activities

Cash received

Appropriations—Contributed equity

Proceeds from issuing financial instruments

Proceeds from loans

Other

 

Total cash received

Cash used

Repayments of debt

Dividends paid

Other

 

Total cash used

Net cash from financing activities

Net increase in cash held

Cash at the beginning of the reporting period

Effect of exchange rate movements on cash at the beginning of the reporting period

Cash at the end of the reporting period

 

SCHEDULE OF COMMITMENTS

as at ______________

                                                                                                                        Consolidated                     Parent

By type

Capital commitments

Land and buildings

Infrastructure, plant and equipment

Investments

Other capital commitments

Total capital commitments

Other commitments

Operating leases

Project commitments

Research and development

Other commitments

Total other commitments

Commitments receivable

Net commitments

 

 

By maturity

One year or less

From one to five years

Over five years

Net commitments

 

SCHEDULE OF CONTINGENCIES

as at______________

                                                                                                                        Consolidated                     Parent

Contingent losses

Guarantees to controlled entities

Other guarantees

Indemnities

Uncalled shares/capital subscriptions

Claims for damages/costs

Other [for each type]

Total contingent losses

Contingent gains

[Specify each class]

Net contingencies

 

 

Schedule of unquantifiable contingent losses/gains

[Summarise material contingencies or classes of contingencies]

Note:   ‘contingencies’ are conditions, situations, or circumstances that:

            a.      exist at the end of the reporting period;

            b.     create uncertainty as to possible gain or loss to an entity; and

            c.      will be confirmed only on the occurrence or non-occurrence of one or more uncertain future events.

 

 

CLASSES OF ITEMS INCLUDED IN THE PRIMARY STATEMENTS FOR COMMERCIAL REPORTING ENTITIES

                (a)    There must be shown, in a note, the amounts and particulars of the classes of revenues, expenses, assets and liabilities specified in this section where they have been included under an item in the statement of financial performance/profit and loss statement or in the statement of financial position/balance sheet.

               (b)    Any material classes of revenues, expenses, assets and liabilities not specified in this section must be disclosed in the notes separately under the heading to which they relate.

                (c)    Any immaterial classes of revenues and expenses not specified in this section may be included in a class described as ‘other’ under the heading to which they relate.

Revenues

 

Interest

Loans

Leases

Deposits

Overdrafts

Dividends

Subsidiary companies

Associated companies

Other companies

Net gains from sales of assets

Receivables

Investments

Land and buildings

Infrastructure, plant and equipment

Intangibles

Other

Net foreign exchange gains

Speculative

Non-speculative

Other

Gains from derivative financial instruments

Resources received free of charge

Expenses

Employees

Remuneration (for services provided)

Separation and redundancy payments

Note: Separation and redundancy payments must exclude any benefits that would have been accrued and payable if redundancy had not occurred (e.g. accrued leave entitlements and lump sum superannuation payments).

Suppliers

Supply of goods and services

Operating lease rentals

Note: Where supplier’s expenses relate to the provision of employee benefits included in a remuneration package, they should be included in employee expenses.

Write-down of assets

Impairment of non-current assets

Bad and doubtful debts expense

Net losses from sales of assets

Receivables

Investments

Land and buildings

Infrastructure, plant and equipment

Intangibles

Net foreign exchange losses

Speculative

Non-speculative

Borrowing costs expense

Loans

Leases

Overdrafts

Other

Other

Losses from derivative financial instruments

Guarantees, undertakings and indemnities met

Extraordinary items

Each extraordinary item

Assets

Receivables

Goods and services

Appropriations

Loans

Bills of exchange and promissory notes

Interest and dividends

Investments

Gold

Government securities

Shares

Subsidiary companies

Associated companies (equity method)

Other companies

Debentures

Land and buildings

Land

Buildings (not integral to infrastructure)

Inventories

Inventories held for sale

Inventories not held for sale

Intangibles

Patents, trade marks, brand names, licences

Computer software

Purchased (include any modification cost)

Internally developed

Research and development expenditure capitalised

Goodwill

Other

Other

Prepayments paid

 

Liabilities

Interest bearing liabilities

Loans

Bank loans

Non-bank loans

Debentures and unsecured notes

Bonds

Bills of exchange and promissory notes

 

Maturity schedule must be included for total loans showing amounts payable within:

  One year or less

From one to five years

More than five years

 

Leases

One year or less

From one to five years

          More than five years

Deposits

Overdrafts

Other

Provisions

Employees

Salaries and wages

Leave

Superannuation

Workers’ compensation

Separations and redundancies

Other

Payables

Suppliers

Trade creditors

Operating lease rentals

                    Dividends

Borrowing costs

 Other

Prepayments received

Tax liabilities

Current income tax

Deferred income tax


SECTION 2: NON-COMMERCIAL REPORTING ENTITIES


 

STATEMENT OF FINANCIAL PERFORMANCE

for the period ended __________

                                                                                                                        Consolidated                     Parent

Revenues from ordinary activities

 

Revenues from government (note x)

Sales of goods and services

Interest (note x)

Dividends (note x)

Net gains from sales of assets (note x)

Reversals of previous asset write-downs

Net foreign exchange gains (note x)

Correction of a fundamental error

Other (note x)

Total revenues from ordinary activities

 

Expenses from ordinary activities (excluding borrowing costs expense)

 

Employees (note x)

Suppliers (note x)

Grants (note x)

Depreciation and amortisation (note x)

Write-down of assets (note x)

Net losses from sales of assets (note x)

Net foreign exchange losses (note x)

Correction of fundamental error

Other (note x)

Total expenses from ordinary activities (excluding borrowing costs expense)

 

Borrowing costs expense

Share of net profits/losses of associates and joint ventures accounted for using the equity method

Correction of fundamental error

 

Net operating surplus or deficit from ordinary activities

 

Gain or loss on extraordinary items (note x)

Correction of fundamental error

 

Net surplus or deficit

 

Outside equity interests in net surplus or deficit

 

Net surplus or deficit attributable to the Commonwealth

 

Net credit (debit) to asset revaluation reserve

Net exchange difference recognised as a direct debit (credit) to equity

Adjustments arising from Standards recognised as direct debit (credit) to equity

Initial adjustments from transitional UIG Consensus View recognised as a direct debit (credit) to equity

Other direct debits (credits) to equity

 

Total changes in equity other than those resulting from transactions with owners as owners

 

STATEMENT OF FINANCIAL POSITION

as at ____________

                                                                                                                        Consolidated                     Parent

ASSETS

Financial assets

Cash

Receivables (note x)

Investments (note x)

Accrued revenues (note x)

Other (note x)

Total financial assets

Non-financial assets

Land and buildings (note x)

Infrastructure, plant and equipment (note x)

Inventories (note x)

Intangibles (note x)

Other (note x)

Total non-financial assets

Total assets

LIABILITIES

Interest bearing liabilities

Loans (note x)

Leases

Deposits

Overdrafts

Other

Total interest bearing liabilities

Provisions

Capital use charge

Employees (note x)

Payables

Suppliers (note x)

Grants (note x)

Other (note x)

Total provisions and payables

Total liabilities

EQUITY*

Parent entity interest

Contributed equity

Reserves

Statutory funds

Retained surpluses or accumulated deficits

Total parent entity interest

Outside equity interest

Contributed equity

Reserves

Retained surpluses or accumulated deficits

Total outside equity interest

Total equity

*Note: ‘equity’ is the residual interest in assets after deduction of liabilities.

 

STATEMENT OF CASH FLOWS

for the period ended __________

                                                                                                                        Consolidated                     Parent

OPERATING ACTIVITIES

Cash received

 

Sales of goods and services

Government

Non-government

Appropriations (other than goods and services)

Interest

Dividends

Other

Total cash received

Cash used

Employees

Suppliers

Grants (note x)

Borrowing cost

 

Other

Total cash used

Net cash from operating activities

INVESTING ACTIVITIES

Cash received

Proceeds from sales of property, plant and equipment

Proceeds from sales of financial instruments

Bills of exchange and promissory notes

Repayments of loans made

Other

Total cash received

Cash used

Purchase of property, plant and equipment

Purchase of financial instruments

Bills of exchange and promissory notes

Loans made

Other

Total cash used

Net cash from investing activities

FINANCING ACTIVITIES

Cash received

Appropriations - Contributed equity

Proceeds from issuing financial instruments

Proceeds from loans

Other

Total cash received

Cash used

Repayments of debt

Capital use charge paid

Dividends paid

Other

Total cash used

Net cash from financing activities

Net increase in cash held

Cash at the beginning of the reporting period

Effect of exchange rate movements on cash at the beginning of the reporting period

Cash at the end of the reporting period

 

SCHEDULE OF COMMITMENTS

as at ______________

                                                                                                                        Consolidated                     Parent

By type

Capital commitments

Land and buildings

Infrastructure, plant and equipment

Investments

Other capital commitments

Total capital commitments

Other commitments

Operating leases

Project commitments

Research and development

Other commitments

Total other commitments

Commitments receivable

Net commitments

 

 

By maturity

One year or less

From one to five years

 

Over five years

Net commitments

 

SCHEDULE OF CONTINGENCIES

as at______________

                                                                                                                        Consolidated                     Parent

Contingent losses

Guarantees to controlled entities

Other guarantees

Indemnities

Uncalled shares/capital subscriptions

Claims for damages/costs

Other [for each type]

Total contingent losses

Contingent gains

[Specify each class]

Net contingencies

 

 

Schedule of unquantifiable contingent losses/gains

[Summarise material contingencies or classes of contingencies]

Note: ‘contingencies’ are conditions, situations, or circumstances that:

a.        exist at the end of the reporting period;

b.       create uncertainty as to possible gain or loss to an entity; and

c.        will be confirmed only on the occurrence or non-occurrence of one or more uncertain future events.

 

CLASSES OF ITEMS INCLUDED IN THE PRIMARY STATEMENTS FOR NON-COMMERCIAL REPORTING ENTITIES

               (d)    There must be shown, in a note, the amounts and particulars of the classes of revenues, expenses, assets and liabilities specified in this section where they have been included under an item in the statement of financial performance or in the statement of financial position.

                (e)    Any material classes of revenues, expenses, assets and liabilities not specified in this section must be disclosed in the notes separately under the heading to which they relate.

                (f)    Any immaterial classes of revenues and expenses not specified in this section may be included in a class described as ‘other’ under the heading to which they relate.

Revenues

 

Sale of goods and services

           Government

           Non-government

Interest

Loans

Leases

Deposits

Overdrafts

Dividends

Subsidiary companies

Associated companies

Other companies

Net gains from sales of assets

 

Receivables

Investments

Land and buildings

Infrastructure, plant and equipment

Intangibles

 

Net foreign exchange gains

Speculative

Non-speculative

Other

Gains from derivative financial instruments

Resources received free of charge

 

Expenses

Employees

Remuneration (for services provided)

Separation and redundancy payments

Note: Separation and redundancy payments must exclude any benefits that would have been accrued and payable if redundancy had not occurred (e.g. accrued leave entitlements and lump sum superannuation payments).

Suppliers

Supply of goods and services

Operating lease rentals

Other

Note: Where a supplier’s expenses relate to the provision of employee benefits included in a remuneration package, they should be included in employee expenses.

Write-down of assets

Impairment of non-current assets

          Bad and doubtful debts expense

Net losses from sales of assets

 

Receivables

Investments

 

Land and buildings

Infrastructure, plant and equipment

Intangibles

Net foreign exchange losses

Speculative

Non-speculative

Borrowing costs expense

Loans

Leases

Overdrafts

Other

Other

Losses from derivative financial instruments

Guarantees, undertakings and indemnities met

Extraordinary items

Each extraordinary item

 

Assets

Receivables

Goods and services

Appropriations

Loans

Bills of exchange and promissory notes

Interest and dividends

Other

Investments

Government securities

 

Shares

Subsidiary companies

Associated companies (equity method)

Other companies

Debentures

 

Land and buildings

Land

Buildings (not integral to infrastructure)

Infrastructure plant and equipment

Specialist military equipment

Other

Inventories

Inventories held for sale

Inventories not held for sale

Intangibles

Patents, trade marks, brand names and licences

Computer software

Purchased (include any modification cost)

Internally developed

Research and development expenditure capatilised

Goodwill

 

Other

Other

Prepayments paid

 

Liabilities

Interest bearing liabilities

Loans

Bank loans

Non-bank loans

Bills of exchange and promissory notes

Maturity schedule must be included for total loans showing amounts payable within:

One year or less

From one to five years

More than five years

Leases

Maturity schedule must be included for total leases showing amounts payable within:

One year or less

From one to five years

More than five years

Deposits

Overdrafts

Other

Provisions

Employees

Salaries and wages

Leave

Superannuation

Workers’ compensation

Separations and redundancies

Other

Payables

Suppliers

Trade creditors

Operating lease rentals

Grants

Overseas

Non-profit entities

Commercial entities

Other

Interest payable

Prepayments received

 

SECTION 3: ADMINISTERED NOTES

ADMINISTERED NOTES

                (a)    There must be shown, in a note, the amounts and particulars of the classes of revenues, expenses, assets, liabilities and cash flows specified in this section.

               (b)    Any material classes of revenues, expenses, assets, liabilities and cash flows not specified in this section must be disclosed in the notes separately under the heading to which they relate.

                (c)    Any immaterial classes of revenues, expenses, assets, liabilities and cash flows not specified in this section may be included in a class described as ‘other’ under the heading to which they relate.

NOTE XX — REVENUES ADMINISTERED ON BEHALF OF GOVERNMENT [1]

Revenues

Income tax

Gross PAYG

Gross other individuals

Medicare levy

Capital gains tax

Income tax refunds

External companies (including tax on realised capital gains)

Superannuation (including tax on realised capital gains and the superannuation contribution
          surcharge)

Withholding tax

Petroleum resource rent tax

Related entities

Other

Total

Indirect tax

GST

Sales tax

Excise duty (includes petroleum products and crude oil, excludes Revenue Replacement Payments,
          and the estimates of petroleum products excise are net of the Diesel Fuel Rebate Scheme)

Customs duty (excluding Revenue Replacement Payments, and custom duty imposed on imported
          petroleum products, tobacco, beer and spirits, which are akin to excise duty on these items)

Total

Other taxes, fees and fines

Fringe benefits tax

Wool tax

Other tax

Non-taxation

Total

Interest

Loans

Overseas

State and Territory Governments

Local government

Commonwealth entities

Other loans

Leases

Deposits

Bills receivable

Overdrafts

Other

Total

Dividends

International financial institutions

Commonwealth entities

Associated companies

Other companies

Total


Net gains from sales of assets

 

Receivables

Investments

Land and buildings

Infrastructure, plant and equipment

Intangibles

Asset sales program (OASITO)

Total

Net foreign exchange gains

Speculative

Non-speculative

Total

Sales of Goods and Services

Provision of goods – related entities

Provision of goods – external entities

Operating lease rental

Other

Total

Other revenue

Industry contributions

Agricultural production taxes

Licence fees

Corporations Law fees

Immigration fees

Indexation of HECS loans

Gains from derivative financial instruments

Other

Total

 

Total Revenues Administered on behalf of Government

 


NOTE XX — EXPENSES ADMINISTERED ON BEHALF OF GOVERNMENT [2]

Expenses

Grants

State and Territory Governments

Local governments

Private sector

Overseas

Related entities

Total

Subsidies

Payable to related entities

Other

Total

Personal Benefits

Direct

Indirect

Total

Employees

Wages and salaries

Superannuation

Leave and other entitlements

Separations and redundancies

Workers compensation

Other

Total

Suppliers

Supply of goods and services

Operating lease rentals

Other

Total

Note: Where supplier’s expenses relate to the provision of employee benefits included in a remuneration package, they should be included in employee expenses.

Depreciation and Amortisation

Write-down of assets

Financial assets

Receivables

Investments

Non-financial assets

Land and buildings

Infrastructure, plant and equipment

Inventories

Intangibles

Total

Net losses from sales of assets

Financial assets

Investments

Non-financial assets

Land and buildings

Infrastructure, plant and equipment

Intangibles

Asset Sales Program (OASITO)

Total

Net foreign exchange losses

Speculative

Non-speculative

Total

Interest

Commonwealth securities

Loans

Leases

Deposits

Overdrafts

Other

Taxation overpayments

Total

Other

Losses from derivative financial instruments

Guarantees, undertakings and indemnities met

Total

Extraordinary items

Each extraordinary item

Total

 

Total expenses administered on behalf of Government


NOTE XX — ASSETS ADMINISTERED ON BEHALF OF GOVERNMENT [3]

Financial assets

Cash

OPA

Agency

Receivables

Income tax

Sales tax

Excise duty

Customs duty

Goods and Services Tax

Other taxes, fees and fines

Recoveries of benefit payments

Advances

Loans

State and Territory Governments

Local governments

HECS

Other

Goods and services

Bills of exchange and promissory notes

Interest and dividends

Other

Total

Investments

Gold

Government securities

Shares

Commonwealth companies

Associated companies (equity method)

Other companies

Debentures

Non-financial assets

Total

Non-financial assets

Land and buildings

Land

Buildings (not integral to infrastructure)

Total

Infrastructure, Plant and Equipment

Inventories

Inventories held for sale

Inventories not held for sale

Total

Intangibles

Computer software

Other

Total

Other

Prepayments paid

Future income tax benefit

Other

Total

Total Assets administered on behalf of Government


NOTE XX — LIABILITIES ADMINISTERED ON BEHALF OF GOVERNMENT [4]

Interest bearing liabilities

Government securities

Loans

Bank loans

Non-bank loans

Bills of exchange and promissory notes

Total

Maturity schedule must be included for total loans showing amounts payable within:

One year or less

From one to five years

More than five years

Leases

Deposits

Overdrafts

Other

Total

Provisions

Employees

Superannuation

Other

Total

Payables

Suppliers

Trade creditors

Operating lease rentals

Total

Grants

State and Territory Governments

Local governments

Private sector

Overseas

Total

Personal benefits payable

Subsidies payable

Interest payable

Prepayments received

Provision for tax refunds

Australian currency on issue

Other

Total

 

Total liabilities administered on behalf of Government


NOTE XXX — ADMINISTERED CASH FLOWS

for the period ended _________

OPERATING ACTIVITIES

Cash received

Income tax

Indirect tax

Other taxes, fees and fines

Sales of goods and services

Interest

Dividends

Cash from Official Public Account

Other

Total cash received

Cash used

Subsidies

Personal benefits

Suppliers

Grants

Interest

Cash to Official Public Account

Other

Total cash used

Net cash from operating activities

INVESTING ACTIVITIES

Cash received

Proceeds from sales of property, plant and equipment

Proceeds from sales of equity instruments

Repayments of advances

Cash from Official Public Account

Other

Total cash received

Cash used

Purchase of property, plant and equipment

Purchase of equity instruments

Advances made

Cash to Official Public Account

Other

Total cash used

Net cash from investing activities

FINANCING ACTIVITIES

Cash received

Proceeds from borrowing

Cash from Official Public Account

Other

Total cash received

Cash used

Repayments of debt

Dividends

Cash to Official Public Account

Other

Total cash used

Net cash from financing activities

Net increase/decrease in cash held

Cash at beginning of reporting period

Effect of exchange rate movements on cash at beginning of reporting period

Cash at end of reporting period

Appendix B

 

Definition of Terms

administered items

 

Revenues, expenses, assets and liabilities which are:

(a)     controlled by the Government; and

(b)     managed by an agency or authority on behalf of the Government.

Note: Administered revenues, expenses, assets and liabilities include:

·            subsidies, grants and benefit payments;

·            taxes, fees, fines and excise;

·            public debt and related interest; and

·            loans to other governments and related interest.

 

assets received free of charge

 

Include any economic benefits for which ‘peppercorn rentals’ or other charges are made that do not reflect the fair value of those benefits.

 

Authority

 

A Commonwealth authority as defined in section 7 of the Commonwealth Authorities and Companies Act 1997.

 

Budget

 

The Commonwealth Budget.

(For clarification: ‘Budget’ does not include additional estimates, Advance to the Finance Minister, etc).

 

commercial reporting entity

 

A reporting entity whose financial objectives include the overall generation of profit.

 

current cost

 

Cost measured by reference to the lowest cost at which the gross ‘service potential’ of an asset could currently be obtained in the normal course of business.

 

current market selling price

The price that a willing but not anxious seller would accept from a willing but not anxious buyer for an asset in an arms-length transaction at current prices. This does not include transaction costs.

 

departmental

Assets, liabilities, revenues and expenses in relation to an agency or authority are those which are controlled by the agency (or a subsidiary), including:

          (a)     computers, plant and equipment used in providing goods and services;

          (b)     liabilities for employee entitlements;

          (c)     departmental price of outputs appropriations;

          (d)     revenues from user charges and profits on asset sales deemed to be appropriated to agencies in accordance with section 31 of the Financial Management and Accountability Act 1997 and the annual appropriation Acts; and

          (e)     employee expenses and other administrative expenses (including contracting out) incurred in providing goods and services.

 

The annual Appropriation Acts define a number of different departmental item types (for example departmental item – basic appropriation, departmental items-adjustments, departmental items, departmental capital items – basic appropriation,  departmental capital items - adjustments and borrowings) and put specific limitations on their use.

 

deprival model

A conceptual framework for identifying a method for valuing assets at their current value to the entity which controls those assets.

 

financial statements

Include:

                (a)    the statements, schedules and notes required by this Schedule; and

               (b)    any other certificates, reports and notes (other than the auditor’s report and annual report) attached to or intended to be read with the statements and notes required by (a);

prepared in relation to:

                (a)    the agency or authority; and

               (b)    where the agency or authority is a parent entity—the economic entity comprising the agency or authority and its subsidiaries.

 

general government sector

The primary function of this sector is to provide public services which are mainly non-market in nature, are mainly for the collective consumption of the community, involve the transfer or redistribution of income or are financed mainly through taxes and other compulsory levies.

grants

Grants are non-reciprocal transfers of resources for the purpose of financing the operations of the recipient or meeting the cost of capital expenditure of the recipient where the Commonwealth does not directly receive approximately equal value in return.

 

heritage assets

Assets earmarked by the government for preservation because of their unique historical, geographical, cultural or environmental attributes.

 

market buying price

 

The amount for which an asset with similar service potential could be bought by a knowledgeable, willing buyer from a knowledgeable, willing seller in an arms-length transaction at current prices plus the buyer’s transaction costs. This equates to current market value plus the buyer’s transaction costs.

 

non‑commercial reporting entity

A reporting entity whose financial objectives do not include the overall generation of profit.

 

personal benefit payments

 

Unrequited current transfers for the benefit of individuals or households.

 

revalued progressively

 

Revaluation of assets within a class, conducted in a systematic manner over a three-year period.

 

replacement cost

 

A measure of the cost per unit of service potential using the most appropriate modern facility as a reference asset.

 

reproduction cost

 

The cost of replicating an existing asset.

 

reserves

 

Include:

                (a)    amounts set aside out of profits; or

               (b)    other gains or increments not reflected in the profit or loss (or surplus or deficit) (such as gains on revaluation of assets).

 

revenues from independent sources

Include revenues from:

                (a)    the sale of goods or provision of services to other entities (user charges); and

               (b)    profits from the sale of assets.

 

surplus assets

Assets that are held for disposal, being those assets for which:

                (a)    an entity has entered into a binding sale agreement; or

               (b)    an entity’s management or governing body has approved a formal plan to dispose of the assets.

 


Notes to the Financial Management and Accountability (Financial Statements 2001–2002) Orders

Note 1

The Financial Management and Accountability (Financial Statements 2001–2002) Orders (in force under subsection 63 (1) of the Financial Management and Accountability Act 1997) as shown in this compilation is amended as indicated in the Tables below.

Table of Instruments

Title

Date of notification
in Gazette

Date of
commencement

Application, saving or
transitional provisions

Financial Management and Accountability (Financial Statements 2001–2002) Orders

27 June 2001 (see Gazette 2001, No. GN25)

27 June 2001

 

Financial Management and Accountability (Financial Statements 2001–2002) Amendment Orders

15 May 2002
(see Gazette 2002, No. GN19)

15 May 2002

Table of Amendments

ad. = added or inserted      am. = amended      rep. = repealed      rs. = repealed and substituted

Provision affected

How affected

Schedule 1.............................

am. FMAFS 2001-2002

 


 



[1] Where there are material sub-categories within a particular line item, details, including amounts, of each sub-category should be disclosed.

[2] Where there are material sub-categories within a particular line item, details, including amounts, of each sub-category should be disclosed.

[3] Where there are material sub-categories within a particular line item, details, including amounts, of each sub-category should be disclosed.

[4] Where there are material sub-categories within a particular line item, details, including amounts, of each sub-category should be disclosed.