I, Tim Youngberry, Division Manager, Financial Reporting and Cash Management Division, Department of Finance and Deregulation, make this Determination under subsection 32 (2) of the Financial Management and Accountability Act 1997 (the FMA Act).

This Determination is made due to the transfer of the funding of functions related to the formulation and making of accounting standards, applicable to Australian entities, from the Department of the Treasury to the Office of the Australian Accounting Standards Board.

Dated 1 July 2008

Tim Youngberry

1              Name of Determination

                This Determination is the FMA Act Determination 2008/56 — Section 32 (Transfer of Functions from the Treasury to the Office of the AASB).

Note 1   This Determination has been made by a delegate of the Secretary of the Department of Finance and Deregulation. The Secretary is a delegate of the Minister for Finance and Deregulation: see sections 53 and 62 of the FMA Act.

Note 2   Acronyms and other organisational names used in this Determination are as follows:

(a)         “Office of the AASB” – refers to the Office of the Australian Accounting Standards Board.

(b)         “Treasury” – refers to the Department of the Treasury.

2              Commencement

                This Determination commences on 1 July 2008.

3              Amendment of Appropriation Act (No. 1) 2008–2009

                Schedule 1 amends the Appropriation Act (No. 1) 2008–2009 to transfer an amount of $1,225,000.00 of the departmental item for the Department of the Treasury to the departmental item for the Office of the Australian Accounting Standards Board.

Note   The amount transferred relates to the formulation and making of accounting standards applicable to Australian entities.

Schedule 1        Amendment of Appropriation Act (No. 1) 2008–2009

(section 3)

[1]           Schedule 1, Treasury portfolio, Department of the Treasury table, total for Department of the Treasury, Departmental Outputs

omit

145,368

insert

144,143

 [2]          Schedule 1, Treasury portfolio, after the Department of the Treasury table

omit the notes, insert

Note 1:          The table has been amended by a Determination under section 32 of the FMA Act. That determination has amended only the actual appropriation items:

(a)   for departmental items, the actual appropriation item is the “Total” amount in relation to an entity under the heading “Departmental Outputs”; and

(b)   for administered items, the actual appropriation item is the amount set out opposite an Outcome of an entity under the heading “Administered Expenses”.

No other amounts in the table have been amended.

Note 2:          FMA Act Section 32 Determination 2008/55 amended the amount alongside Total: Department of the Treasury, under the heading Departmental Outputs, to transfer an amount to the Office of the Auditing and Assurance Standards Board.

Note 3:          FMA Act Section 32 Determination 2008/56 amended the amount alongside Total: Department of the Treasury, under the heading Departmental Outputs, to transfer an amount to the Office of the Australian Accounting Standards Board.

[3]       Schedule 1, Treasury portfolio, after the Office of the Auditing and Assurance Standards Board table

insert

Note 1:          The table has been inserted by a Determination under section 32 of the FMA Act. That determination has inserted only the actual appropriation items:

(a)   for departmental items, the actual appropriation item is the “Total” amount in relation to an entity under the heading “Departmental Outputs”; and

(b)   for administered items, the actual appropriation item is the amount set out opposite an Outcome of an entity under the heading “Administered Expenses”.

No other amounts in the table have been inserted.

Note 2:          FMA Act Section 32 Determination 2008/56 inserted the amount alongside Total: Office of the Australian Accounting Standards Board, under the heading Departmental Outputs, to transfer an amount from the Department of the Treasury.