Finance Minister's Orders (Financial Statements for reporting periods ending on or after 1 July 2011)

No longer in force

Administered by

Department of Finance

This item is authorised by the following titles:

Commonwealth Authorities and Companies Act 1997
High Court of Australia Act 1979
Financial Framework (Supplementary Powers) Act 1997
Aboriginal and Torres Strait Islander Act 2005
Natural Heritage Trust of Australia Act 1997
Defence Service Homes Act 1918

Superseded version

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F2013C00395

01 July 2012 - 30 June 2013

Table of contents

Legislative Authority
Content, Philosophy and Structure
Further Information
Definitions
Abbreviations
Commencement
Applicable Entities
- Financial statements must be prepared for the following:
- each agency and authority that it is not the parent entity in an economic entity;
- each economic entity, comprising the agency or authority and its subsidiaries; and
- each business operation.
Authoritative Requirements
- comply with:
Financial Reporting Structure and Form
- notes to the financial statements.
Early Adoption of Accounting Pronouncements
Materiality and Information Disclosure
- The requirements of this schedule apply where information resulting from their application is material, or as specifically stated within the schedule.
Rounding Off
Certificates
- Each authority or, where relevant, each economic entity comprising an authority and its subsidiaries’ as applicable, must present a statement signed by: the chair of the board (or a director) in accordance with a resolution of the board; the chief executive officer; and the CFO, stating:
- whether the financial statements, in their opinion, give a true and fair view of the matters required by this schedule;
- whether the financial statements, in their opinion, have been prepared based on properly maintained financial records;
- for entities other than the Reserve Bank of Australia, whether, in their opinion, there are, when the statement is made, reasonable grounds to believe that the entity will be able to pay its debts as and when they fall due;
- that the statement has been made in accordance with a resolution of the directors; and
- when additional information is included in the notes to give a true and fair view and/or to satisfy section 16.3 as applicable, then the reasons for forming this view and the location of the additional notes in the financial statements; and
Departmental and Administered: Classification and Reporting
Exemptions from this Schedule
- The Finance Minister may grant a written exemption to the Chief Executive Officer of an agency, or directors of an authority, from any specified requirements of this schedule.
- An exemption may be granted subject to conditions, including a requirement for alternative forms of disclosure.
Approved Exemptions
Statement of Comprehensive Income
Income (Excluding Appropriations)
Expenses – General Information
Borrowing Costs
Operating Leases
Director/Senior Executive Remuneration
Remuneration of Auditors
Operating Expenditure for Heritage and Cultural Assets
Financial Assets – General Information
Receivables for Statutory Charges
Investment of Surplus Money by Authorities
Valuation of Non-Financial Assets
Impairment of Non-Financial Assets
Analysis of Non-Financial Assets
Heritage and Cultural Assets
Assets Held in Trust
Joint Ventures
Liabilities – General Information
Liabilities Relating to Dividends
Employee Benefits
Measurement and Disclosure of Post Employment Plans
Financial Instruments
Cash Flow Statement
Contingencies
Commitments
Administered Reporting – General Information
Administered Investments
Administered Investments Held for Sale
Restructures of Administrative Arrangements
Appropriations – General Requirements
Departmental Appropriations
Administered Appropriations
Disclosure of Appropriations
Special Accounts and FMA Act Section 39 Investments
Reporting of Outcomes
Compensation and Debt Relief in Special Circumstances
Competitive Neutrality and Cost Recovery
PRIMA Forms

Finance Minister's Orders (Financial Statements for reporting periods ending on or after 1 July 2011)

Legislation text