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
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
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
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
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
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
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 |