Financial Management and Accountability Amendment Regulations 1998 (No. 6)
Statutory Rules 1998    No. 333
I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations under the Financial Management and Accountability Act 1997.
Dated 9 December 1998.
WILLIAM DEANE
Governor-General
By His Excellency’s Command,
John Fahey
Minister for Finance and Administration

Financial Management and Accountability Amendment Regulations 1998 (No. 6)1
Statutory Rules 1998    No. 3332
made under the
Financial Management and Accountability Act 1997

Contents
	Page
	1	Name of regulations	
	2	Commencement	
	3	Amendment of Financial Management and Accountability Regulations 1997	
Schedule 1	Amendments of Financial Management and Accountability Regulations 1997	

1	Name of regulations
		These regulations are the Financial Management and Accountability Amendment Regulations 1998 (No. 6)
2	Commencement
		These regulations commence on gazettal. 
3	Amendment of Financial Management and Accountability Regulations 1997
		Schedule 1 amends the Financial Management and Accountability Regulations 1997.

Schedule 1	Amendments of Financial Management and Accountability Regulations 1997
[1]	After regulation 22
	insert
Part 7A	 Reporting and audit
22A	Preparation of annual financial statements by Finance Minister (Act, s 55)
	(1)	For subsection 55 (1) of the Act, the Finance Minister must prepare annual financial statements in relation to the Commonwealth that include the following:
	(a)	an operating statement;
	(b)	a statement of financial position;
	(c)	a statement of cash flows;
	(d)	notes to the financial statements.
	(2)	The annual financial statements mentioned in subregulation (1) must give a true and fair view of:
	(a)	the Commonwealth’s financial position at the end of the financial year for which the statements are prepared; and
	(b)	the results of the Commonwealth’s operations and cash flows for that financial year.
	(3)	If the annual financial statements would not otherwise give a true and fair view of the matters mentioned in subregulation (2), the Finance Minister must add to the financial statements such information and explanations as will give a true and fair view of those matters.
	(4)	The Finance Minister must state in the annual financial statements whether, in the Finance Minister’s opinion, the financial statements give a true and fair view of the matters mentioned in subregulation (2).
22B	Audit of Finance Minister’s annual financial statements (Act, s 56)
	(1)	For subsection 56 (1) of the Act, the Auditor‑General must state in each audit report whether, in the Auditor‑General’s opinion, the financial statements mentioned in subregulation 22A (1):
	(a)	have been prepared in accordance with regulation 22A; and
	(b)	give a true and fair view of the matters mentioned in subregulation 22A (2).
	(2)	If the Auditor-General is not of that opinion, the Auditor‑General must state the reasons.
Notes
1.	These regulations amend Statutory Rules 1997 No. 328, as amended by 1998 Nos. 65, 112, 122, 261 and 289.
2.	Made by the Governor-General on 9 December 1998, and notified in the Commonwealth of Australia Gazette on 16 December 1998.  Administered by the Minister of Finance and Administration.