Finance Minister’s Amendment Orders (Financial Statements for reporting periods ending on or after 1 July 2013)

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

Minister for Finance

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).

[1] Schedule 1, Division 4 (note)

 Repeal the note

[2] Schedule 1, Division 4

 Omit the definition of Cost Recovery, substitute

[3] Schedule 1, Division 4

 Omit the definition of Finance Chief Executive, substitute

[4] Schedule 1, Division 4

 Omit the definition of Finance Minister, substitute

[5] Schedule 1, Division 4

 Omit the definition of Primary Financial Statements, substitute

[6] Schedule 1, Division 5

 Omit the abbreviation of Finance, substitute

[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

[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.