Financial Management and Accountability Orders (Financial Statements for reporting periods ending on or after 1 July 2008)

No longer in force

Administered by

Department of Finance

This item is authorised by the following title:

Financial Framework (Supplementary Powers) Act 1997

Superseded version

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F2009L00252

01 July 2008 - 06 July 2009

Table of contents

Legislative Authority
Structure
Further Information
Definitions
Abbreviations
Commencement
- For entities that cease to exist on or after 1 July 2008, the financial reporting requirements set out in this schedule shall apply.
Applicable Entities
- Financial statements must be prepared for the following entities:
- each agency and authority;
- the economic entity, comprising the agency or authority and its subsidiaries; and
- each activity or activities of an agency that is/are determined to be a business operation.
Authoritative Requirements
- comply with:
- all applicable requirements of this schedule including Annexure A and other policies issued by Finance;
Financial Reporting Structure and Form
- primary financial statements (income statement, balance sheet, statement of changes in equity or statement of recognised income and expense, and cash flow statement); and
- schedules and notes to the financial statements.
Simplified Reporting
- Where an entity’s net surplus/deficit is solely attributable to the Australian Government in both the current and immediately preceding reporting periods, the income statement line items titled surplus (deficit) attributable to the Australian Government and surplus (deficit) attributable to minority interest may be omitted.
- Where an amount is disclosed on the face of a primary statement, it is not necessary to repeat this information in the notes to the financial statements, unless this is required in conjunction with the presentation of other information.
- Where the fair value of each class of an entity’s financial assets and financial liabilities equals its carrying amount in both the current and immediately preceding reporting periods, entities may state this fact rather than disclosing these amounts.
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.
- Information is material if its omission, misstatement or non-disclosure has the potential, individually or collectively, to:
- influence the economic decisions of users taken on the basis of the financial statements; or
- Entities must prepare financial statements and notes to reflect materiality of information pursuant to this schedule at the individual entity level.
Rounding Off
- where a reporting entity has assets, liabilities, expenses, income, commitments or contingencies in excess of $10 million — it may round an amount to the nearest $1,000, unless that amount is less than $500, in which case the amount should be rounded to zero; and
- where a reporting entity has assets, liabilities, expenses, income, commitments or contingencies in excess of $1 billion — it may round an amount to the nearest $1 million, unless that amount is less than $500,000, in which case the amount should be rounded to zero.
Certificates
- Each authority or, where relevant, each economic entity comprising an authority and its subsidiaries’ financial statements as applicable, must present a statement signed by the chair of the board (or a director) in accordance with a resolution of the board, and the chief executive officer, stating:
- whether the financial statements and notes, in their opinion, give a true and fair view of the matters required by this schedule;
- whether the financial statements and notes, 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
Departmental and Administered Items: 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
Income – General Information (Excluding Appropriations)
Expenses – General Information
Borrowing Costs
Operating Leases
Director/Executive Remuneration
Remuneration of Auditors
Competitive Neutrality
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 Relating to Dividends
Provisions
Employee Benefits
Measurement and Disclosure of Post Employment Plans
Financial Instruments
Statement of Changes in Equity
Cash Flow Statement
Schedule of Administered Items
Contingencies
Commitments
Administered Reporting – General Information
Income and Expenses Administered On Behalf of Government
Administered Investments
Administered Investments Held for Sale
Impairment of Administered Assets
Liabilities Administered on Behalf of the Government
Transfer Payments
Restructures
Recognition of Appropriations – General Information
Recognition of Appropriations - Departmental
Recognition of Appropriations - Administered
Recognition of Appropriations – CAC Entities
Disclosure of Appropriations
Special Accounts
Reporting of Outcomes and Outputs
Compensation and Debt Relief in Special Circumstances

Financial Management and Accountability Orders (Financial Statements for reporting periods ending on or after 1 July 2008)

Legislation text