Federal Register of Legislation - Australian Government

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Orders/Other as made
This instrument amends the Finance Minister’s Orders (Financial Statements for reporting periods ending on or after 1 July 2011).
Administered by: Finance
Registered 25 Jul 2012
Tabling HistoryDate
Tabled HR14-Aug-2012
Tabled Senate14-Aug-2012
Date of repeal 17 Oct 2014
Repealed by Spent and Redundant Instruments Repeal Regulation 2014 (No. 2)

I, PENELOPE YING YEN WONG, Minister for Finance and Deregulation, make this instrument under the relevant provisions as set out below. 

Dated 5th July 2012

PENELOPE YING YEN WONG

 

 

The relevant provisions are:

·         subsections 49(2) and 63(1) of the Financial Management and Accountability Act 1997 (FMA Act) in relation to how financial statements must be prepared by FMA Act Agencies;

·         subsection 48(1) and subclause 2(1) of Schedule 1 of the Commonwealth Authorities and Companies Act 1997 in relation to how financial statements must be prepared by Commonwealth authorities;

·         subsection 47(1) of the High Court of Australia Act 1979 in relation to how financial statements must be prepared by the High Court of Australia;

·         section 193H of the Aboriginal and Torres Strait Islander Act 2005 in relation to how the accounts and financial statements must be prepared for the Land Account;

·         subsections 50B(2) and (4) of the Defence Service Homes Act 1918 in relation to how financial statements must be prepared by the Defence Service Homes Corporation; and

·         subsections 43(1) and (3) of the Natural Heritage Trust of Australia Act 1997 in relation to how financial statements must be prepared for the Natural Heritage Trust of Australia Account.


1              Name of Orders

                These Orders are the Finance Minister’s Amendment Orders (Financial Statements for reporting periods ending on or after 1 July 2011).

Note:   These Orders relate to the preparation of financial statements.

2              Commencement

                These Orders are taken to have commenced on 1 July 2011.

3              Amendment to the Finance Minister’s Orders (Financial Statements for reporting period ending on or after 1 July 2011)

                Schedule 1 amends Finance Minister’s Orders (Financial Statements for reporting periods ending on or after 1 July 2011).

 


 




Schedule 1

Amendments to the Finance Minister’s Orders (Financial Statements for reporting periods ending on or after 1 July 2011)

 

 [1] Schedule 1, section 7.1(a)

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agency and authority

 

[1] Schedule 1, section 44.2

 

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The market yield on Government bonds must be referenced when determining a discount rate, in compliance with AASB 119.

 

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The market yield on Australian Government bonds must be referenced when determining a discount rate for employee benefits under AASB 119.