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) to mandate financial reporting obligations for Commonwealth entities’ annual financial statements.
Administered by: Finance
Registered 18 Mar 2014
Tabling HistoryDate
Tabled HR24-Mar-2014
Tabled Senate24-Mar-2014
Date of repeal 19 Mar 2014
Repealed by Division 1 of Part 5A of the Legislative Instruments Act 2003

I, MATHIAS PAUL HUBERT CORMANN, Minister for Finance, make this instrument under the relevant provisions as set out below. 

Dated 4 MARCH 2014

MATHIAS PAUL HUBERT CORMANN

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 Secretary of the Department of Veterans’ Affairs; 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 2013).

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

2              Commencement

                These Orders are taken to have commenced on 1 July 2013.

3              Amendment to the Finance Minister’s Orders (Financial Statements for reporting period ending on or after 1 July 2013)

                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 2013)

 

[1]       Schedule 1, Division 4 (note)

            Repeal the note

[2]       Schedule 1, Division 4

            Omit the definition of Cost Recovery, substitute

Cost Recovery

As defined in the Australian Government Cost Recovery Guidelines.

[3]       Schedule 1, Division 4

            Omit the definition of Finance Chief Executive, substitute

Finance Chief Executive

Secretary of the Department of Finance.

[4]       Schedule 1, Division 4

            Omit the definition of Finance Minister, substitute

Finance Minister

Minister for Finance.

[5]       Schedule 1, Division 4

            Omit the definition of Primary Financial Statements, substitute

Primary Financial Statements

The statement of comprehensive income, statement of financial position, statement of changes in equity and cash flow statement.

 

 

[6]       Schedule 1, Division 5

            Omit the abbreviation of Finance, substitute

Finance

Department of Finance

[7]       Schedule 1, Division 8 (note)

            Repeal the note

[8]       Schedule 1, Section 9.2(f)(ii)

            Omit section 9.2(f)(ii), substitute

9.2(f)

(ii) departmental primary financial statements (statement of             comprehensive income, statement of financial position, statement   of changes in equity and cash flow statement) and schedules;

[9]       Schedule 1, Division 11 (heading)

            Omit heading ‘Early Adoption of Accounting Pronouncements’, substitute

            Early Adoption of Accounting Pronouncements and Application       of Tiers of Australian Accounting Standards

[10]     Schedule 1, at the end of Division 11

            Add

11.3     For the purposes of AASB 1053, entities must apply Tier 1 reporting requirements.

[11]     Schedule 1, Division 17 (note)

            Repeal the note

[12]     Schedule 1, Section 17.1

            Repeal section 17.1

 

[13]     Schedule 1, Section 17.13

            Omit section 17.13, substitute

17.13   The Australian National University (ANU) is exempt from the         requirements of Division 18 and the format of the statement of      comprehensive income in Part K, on the condition that the ANU     presents that statement in accordance with the Financial    Statement Guidelines for Australian Higher Education Providers             required by the Department of Education.

[14]     Schedule 1, Division 23 (note)

            Repeal the note

[15]     Schedule 1, Section 23.1

            Omit the definition of Reportable salary, substitute

Reportable salary

Used for the ‘reportable salary’ column in Table B and Table C, and comprises the sum of:

(a)      gross payments (excluding bonuses);

(b)      reportable fringe benefits (net amount);

(c)      reportable employer superannuation contributions; and

(d)     exempt foreign employment income;

as reported in an individual’s payment summary.

[16]     Schedule 1, Part E (heading)

            Omit heading ‘BALANCE SHEET’, substitute

            STATEMENT OF FINANCIAL POSITION

 

 

 

[17]     Schedule 1, Section 35.2

            Omit section 35.2, substitute

35.2     Entities may combine tables required by this division where it is      considered appropriate to simplify disclosure. Sufficient information and sub-total columns must be disclosed to enable        reconciliation of amounts to the corresponding line items           disclosed on the statement of financial position.

[18]     Schedule 1, Section 104.18

            Omit section 104.18, substitute

104.18 Entities must disclose all public money invested in authorised          investments under FMA Act section 39 in Table D.

[19]     Schedule 1, Section 120.6(a)

            Omit section 120.6(a), substitute

120.6(a)           the title of the special account;

[20]     Schedule 1, at the end of Division 120

            Add

120.11 Table B must be prepared on a ‘recoverable GST exclusive’ basis.    That is, the following are excluded:

(a)        GST on payments that is recoverable from the ATO;

(b)        GST received on taxable supplies that is payable to the ATO; and

(c)         payments to/receipts from the ATO of GST amounts.

 

 

 

 

[21]     Schedule 1, Section 121.4(b)

            Omit section 121.4(b), substitute

121.4

(b)       amounts in the total column in Tables A, B and C must agree to the corresponding totals in the entity’s statement of comprehensive income, statement of financial position and administered schedules where relevant;

[22]     Schedule 1, Section 123.2

            Omit section 123.2, substitute

123.2   Entities must disclose their cost recovered activities in accordance with Part K.