{"id":"C2004L06599","name":"Commonwealth Authorities and Companies (Financial Statements 2001-2002) Orders","slug":"commonwealth-authorities-and-companies-financial-statements-2001-2002-orders","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":28250,"registerId":"commonwealth-C2004L06599-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Name of Orders \\[see Note 1\\]","content":"1 Name of Orders \\[see Note 1\\]\n\nThese Orders are the Commonwealth Authorities and Companies (Financial Statements 2001–2002) Orders.\n\n> Note Other matters relating to Commonwealth Authorities are dealt with in other Orders made by the Minister under subsection 48 (1) of the Commonwealth Authorities and Companies Act 1997.\n\n","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"2 Commencement\n\nThese Orders commence on gazettal.\n\n","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Financial statements for financial years ending on or after 30 June 2002 but before 30 June 2003","content":"3 Financial statements for financial years ending on or after 30 June 2002 but before 30 June 2003\n\nFor subitem 2 (1) of Schedule 1 to the Commonwealth Authorities and Companies Act 1997, Schedule 1 sets out the requirements for the preparation of financial statements the financial year ending on 30 June 2002, or a financial year ending after that date but before 30 June 2003.\n\n> Note Schedule 1 is identical to Schedule 1 to the Financial Management and Accountability (Financial Statements 2001–2002) Orders. The purpose of having identical requirements is to achieve uniformity in financial reporting across the Commonwealth public sector which will assist in the preparation of annual financial statements in relation to the Commonwealth by the Finance Minister under section 55 of the Financial Management and Accountability Act 1997. Accordingly, certain terms, requirements and references contained in Schedule 1 to these Orders apply to Commonwealth Authorities and not to Agencies while other terms, requirements and references apply to Agencies and not to Commonwealth Authorities.\n\n","sortOrder":2},{"sectionNumber":"Sch 1","sectionType":"schedule","heading":"Annual financial statements","content":"Schedule 1 Annual financial statements\n\n(section 3)\n\n![](image.002.png) \n\nREQUIREMENTS AND GUIDANCE FOR THE PREPARATION OF FINANCIAL STATEMENTS OF COMMONWEALTH AGENCIES AND AUTHORITIES\n\nFinancial years ending on or after 30 June 2002\n\nCOMMONWEALTH OF AUSTRALIA\n\nDepartment of Finance and Administration\n\nI Introduction\n\nThis document is issued as a set of accounting and budgeting policies to be applied across the Commonwealth public sector. As such, it is intended that the same policies will apply to all reporting entities covered by section 49 of the Financial Management and Accountability Act 1997 (FMA) and by clause 1, Schedule 1, to the Commonwealth Authorities and Companies Act 1997 (CAC). The guidance set out in this document is to apply for the financial year 2001-02 and for subsequent financial years until it is amended.\n\nThe “black letter” (ie. text in bold) sets out the Finance Minister’s Orders under the respective FMA and CAC.\n\nThe “grey letter” (ie. text that is not in bold) comprises “explanatory notes and guidance” which does not form part of the formal Schedule but is intended to assist in its interpretation. The “grey letter” also provides, where necessary, additional guidance on the particular requirements of Budget preparation or monthly reporting. This guidance may be modified from time to time by the Department of Finance and Administration (Finance) as the need arises (for example, in response to requests by agencies or authorities for further clarification of particular policies).\n\nThis document aims to facilitate the integrated budgeting, management and reporting framework for the Commonwealth. This framework involves:\n\n- preparing annual consolidated financial statements on an accrual basis for the whole of the Commonwealth Government (including statements for the General Government, Public Trading Enterprise and Public Finance Enterprise sectors), audited by the Auditor-General (commenced in 1996–97);\n- presenting the Budget on a full accrual basis;\n- consistent with the Charter of Budget Honesty Act 1998, extending the coverage of the Budget to include all agencies and authorities in the ‘general government sector’ (that is, those entities predominantly funded from taxation);\n- funding general government sector entities on a basis that more closely reflects that of private sector businesses, in accordance with the price, quantity and quality of outputs produced by the entity (termed an ‘outputs–outcomes framework’);\n- appropriating money on an accrual basis without unspent amounts automatically lapsing;\n- presenting monthly financial information;\n- accrual accounting systems of agencies and authorities, co-ordinated by a central accrual accounting system (AIMS), including a Cash and Appropriation Management Module (CAMM); and\n- devolved financial exchange and banking arrangements for agencies.\n\nThe policies and guidance in the manual provide a consistent basis for preparing financial reports and budgets by all agencies and authorities. This assists:\n\n- users in assessing and comparing financial performance of individual agencies and authorities;\n- the Government in presenting the Budget on a full accrual basis; and\n- the Finance Minister in preparing reliable consolidated financial statements.\n\nAn important aim of the framework is to provide comparability between ex post and ex ante (budgeted) financial reports. This document will assist in achieving that aim.\n\nThe framework for the requirements in this document incorporate:\n\n- Australian Accounting Standards and other authoritative pronouncements of the Standard Setting Boards (including guidance releases);\n- Urgent Issues Group consensus views;\n- Australian Statements of Accounting Concepts;\n- financial reporting policy; and\n- guidance on financial reporting.\n\nThis document addresses the legislative requirements for financial reporting, and includes financial reporting policies and guidance.\n\nThe financial reporting policies are the mandatory principles, bases or rules adopted in preparing and presenting general-purpose financial reports, including budgets. The policies:\n\n- cover issues not dealt with in Australian Accounting Standards or legislation;\n- specify the preferred alternative(s) when the standards or legislation permit choice; and\n- clarify any ambiguity in the standards or legislation.\n\nThe document mandates Australian Accounting Standards and is concerned with providing relevant and reliable information for users of financial reports and enabling the discharge of accountability by chief executives and directors.\n\nThe guidance to the financial reporting policies provide the rationale and concepts underlying the financial reporting policies and are intended to assist in their interpretation and consistent application.\n\nII Preliminary\n\nThe policy and guidance included in this section relates to:\n\n1 Commencement\n\n2 Application\n\n3 Certification\n\n4 Exemptions\n\n5 Comparatives\n\n6 Rounding Off\n\n1 Commencement\n\n1.1 The requirements set out in these Orders shall apply for the financial year ending on or after 30 June 2002, unless amended.\n\n2 Application\n\n2.1 The financial statements of agencies and authorities must:\n\n(a) include the primary statements, schedules and notes in the form prescribed in appendix A of this Schedule;\n\n(b) include all note disclosures specified in the policies of this Schedule;\n\n(c) comply with accounting standards and accounting interpretations issued by:\n\nthe Australian Accounting Standards Board (established under section 226 of the Australian Securities and Investment Commission Act 1989); and\n\nthe former Public Sector Accounting Standards Board, not yet reissued by the present Board;\n\n(d) have regard to the Explanatory Notes to Commonwealth Accounting Policies as issued by the Department of Finance and Administration; and\n\n(e) have regard to Finance Briefs issued by the Department of Finance and Administration.\n\n2.2 The financial statements must be presented in the following order:\n\n(a) primary statements;\n\n(b) schedules of contingencies and commitments;\n\n(c) notes to the financial statements\n\n2.3 Requirements in this Schedule should only be included in the financial statements of the entity if they are relevant or applicable to a reporting period or comparative reporting period.\n\n3 Certification\n\n3.1 There must be attached to the front of the financial statements:\n\n(a) a copy of the auditor’s report on the statements;\n\n(b) a statement by the chief executive or directors, as the case may be, as to whether, in their opinion, the financial statements give a true and fair view of the matters required by this Schedule; and\n\n(c) If the Commonwealth agency or authority is a Public Trading Enterprise or a Statutory Marketing Authority the directors must state whether or not, in their opinion, there are, when the statement is made, reasonable grounds to believe that the agency or authority will be able to pay its debts as and when they fall due.\n\n","sortOrder":3},{"sectionNumber":"4","sectionType":"section","heading":"Exemptions","content":"4 Exemptions\n\n4.1 In special circumstances the Minister for Finance and Administration may grant a written exemption to the Chief Executive or directors, as the case may be, from any specified requirements of this schedule.\n\n4.2 An exemption may be granted subject to conditions, including alternative forms of disclosure.\n\n4.3 The Chief Executive or directors must include particulars of any exemption under this clause in the summary of accounting policy given in the notes.\n\n","sortOrder":4},{"sectionNumber":"5","sectionType":"section","heading":"Comparatives","content":"5 Comparatives\n\n5.1 Subject to Policy 5.2, paragraph 6 of Australian Accounting Standard 37 (AAS 37) applies to disclosures required by these Orders as if ‘FMO’ were substituted for ‘Standard’ in that paragraph.\n\n5.2 Comparative figures are not required, in accordance with Policy 5.1, for Policies 10, 11 – Table A, 16, 18, 22 and 24.3.\n\n","sortOrder":5},{"sectionNumber":"6","sectionType":"section","heading":"Rounding Off","content":"6 Rounding Off\n\n6.1 Amounts in the financial statements may be rounded-off as follows:\n\n(a) where a reporting entity has assets, liabilities, expenses or revenues in excess of $10 million — it may disclose in substitution for an amount required or permitted to be disclosed, that amount rounded off to the nearest $1,000 or, where that amount is $500 or less, to zero;\n\n(b) where a reporting entity has assets, liabilities, expenses or revenues in excess of $1 billion — it may disclose in substitution for an amount required or permitted to be disclosed, that amount rounded off to the nearest $1 million or, where that amount is $500,000 or less, to zero;\n\n(c) provided that:\n\n- rounding-off is applied consistently throughout the financial statements; and\n- the level of rounding-off is clearly indicated where it is applied; but\n- where an amount, as a result of the rounding off, is reduced to zero in the primary statements, that amount, must be shown to the nearest dollar by way of a note to the financial statements.\n\n(d) Rounding-off is not permitted in notes relating to:\n\n- act of grace payments and waivers;\n- remuneration of auditors; and\n- remuneration of executives/officers.\n\nIII Assets, Liabilities, Equity, Revenues and Expenses\n\nThe policies and guidance included in this section are:\n\n7 Restructuring\n\n8 Departmental Capital Appropriations\n\n9 Departmental Price of Outputs Appropriations\n\n1. Appropriations Disclosures\n2. Reporting of Outcomes and Outputs\n\n12 Receivables\n\n13 Software\n\n14 Land, Buildings, Infrastructure, Plant and Equipment\n\n15 Recoverable Amount\n\n16 Analysis of Property, Plant and Equipment, and Intangibles\n\n17 Administered Investments in Controlled Entities\n\n18 Analysis of Equity\n\n19 Director/Manager Remuneration\n\n20 Act of Grace Payments, Waivers and Defective Administration Scheme\n\n21 Restricted Assets\n\n22 Assets Held in Trust\n\n23 Remuneration of Auditors\n\n24 Sales of Assets by the Office of Asset Sales and Information Technology Outsourcing\n\n7 Restructuring\n\n7.1 This policy applies in relation to the transfer of assets and/or the assumption of liabilities for no consideration (or for token consideration) as a result of a transfer of a function or functions:\n\n(a) between Commonwealth entities; or\n\n(b) between departmental and administered classifications;\n\nconsequent to:\n\n(c) a Cabinet decision; or\n\n(d) an Administrative Arrangements Order (AAO) change; or\n\n(e) an Act of Parliament or regulation under an Act; or\n\n(f) a written agreement between the Finance Minister and relevant portfolio Minister.\n\n7.2 The net book values (less any token consideration) of assets and liabilities transferred in accordance with clause 7.1 must be treated as contributions by, or distributions to, owners and recognised as direct adjustments to equity for the transferor and transferee entities, in accordance with UIG 38.\n\n7.3 Paragraphs 10.6 – 10.12 of AAS 29 apply to authorities subject to the Commonwealth Authorities and Companies Act 1997, as if ‘agency’ were substituted for ‘department’.\n\n7.4 A transfer between two administered entities does not result in any revenues, expenses, assets, liabilities or contributions by owners because administered entities are branches of the same entity (the Government). A transfer of an administered asset or liability should therefore be adjusted to equity (retained surpluses or accumulated deficits) at existing book value.\n\n","sortOrder":6},{"sectionNumber":"8","sectionType":"section","heading":"Departmental Capital Appropriations","content":"8 Departmental Capital Appropriations\n\n8.1 Where the amount of a departmental equity injection appropriation is not dependant on specified future events (eg. for initial working capital) it must be recognised as a direct increase in ‘Contributed equity’, when the appropriation becomes effective (generally 1 July).\n\n8.2 Where the amount of a departmental equity injection appropriation is dependant upon specified future events that require future performance (eg. construction of capital works) it must be recognised as a direct increase in ‘Contributed equity’, as the appropriation is drawn down.\n\n8.3 Departmental loan appropriations must be recognised as increases in borrowings, as the appropriation is drawn down.\n\n","sortOrder":7},{"sectionNumber":"9","sectionType":"section","heading":"Departmental Price of Outputs Appropriations","content":"9 Departmental Price of Outputs Appropriations\n\n9.1 There is a rebuttable presumption that the full amount of the appropriation for outputs should be recognised as revenue in the year of appropriation. In the instance that any variation between appropriation and revenue ‘earned’ for the respective period arises, providing that the variation is measurable, either accrued or unearned revenue should be recognised.\n\n","sortOrder":8},{"sectionNumber":"10","sectionType":"section","heading":"Appropriations Disclosures","content":"10 Appropriations Disclosures\n\n10.1 Agencies and authorities must disclose the following tables in the notes to the financial statements:\n\nAppropriation Bills 1/3\n\n

Particulars

Administered Expenses

Departmental Outputs

Total

Outcome 1

Outcome … ‘n’

Balance carried from previous period

Appropriation for reporting period (Bill 1)

Appropriation for reporting period (Bill 3)

Adjustments determined by the Finance Minister

Amounts from Advance to the Finance Minister

Refunds credited (FMA s 30)

GST credits (FMA s 30A)

Annotations to ‘net appropriations’ (FMA s 31)

Other annotations

Transfers to/from other agencies (FMA s 32)

Administered expenses lapsed under determination

Available for payments

Payments made

Balance carried to next period

\n```\n\nAppropriation Bills 2/4\n\n

Particulars

Administered

Equity injections and loans

Total

Outcome 1

Outcome … ‘n’

SPPs*

Other

SPPs*

Other

Equity

Loans

Carry-overs

Admin capital

Balance carried from previous period

Current appropriation (Bill 2)

Current appropriation (Bill 4)

Adjustments determined by the Finance Minister

Amounts from Advance to the Finance Minister

Refunds credited (FMA s 30)

GST credits (FMA s 30A)

Annotations to ‘net appropriations’ (FMA s 31)

Other annotations

Transfers to/from other agencies (FMA s 32)

Administered expenses lapsed under determination

Available for payments

Payments made

Balance carried to next period

\n```\n\n\\* Special Purpose Payments (refer to Budget Paper 4)\n\nSpecial Appropriations (Unlimited Amount)\n\n

Particulars of legislation providing appropriation (including purpose)

Administered

Departmental

Total

Outcome 1

Outcome …'n'

Budget estimate

Payments made

Refunds credited (section 30)

\n```\n\nSpecial Appropriations (Limited Amount)\n\n

Particulars

Administered

Departmental

Total

Account 1

Account … ‘n’

Outputs

Capital

Balance carried from previous period

Appropriation for reporting period

GST credits (FMA s 30A)

Other annotations

Available for payments

Payments made

Balance carried to next period

\n```\n\n\\*Prepare a separate table for each special appropriation\n\nSpecial Accounts\n\n

Particulars

Administered

Departmental

Total

Account 1

Account …'n'

Outputs

Capital

Balance carried from previous period

Appropriation for reporting period

Receipts from other sources

Refunds credited (FMA s 30)

GST credits (FMA s 30A)

Available for payments

Payments made

Balance carried to next period

\n```\n\n","sortOrder":9},{"sectionNumber":"11","sectionType":"section","heading":"Reporting of Outcomes and Outputs","content":"11 Reporting of Outcomes and Outputs\n\n11.1 Agencies and authorities in the General Government Sector must disclose, in the notes, the following tables relating to outcomes (as specified in the Appropriation Acts relevant to the entity) and outputs:\n\nTable A: Total Cost/Contribution of Outcomes (Whole of Government)\n\n

Outcome 1

Outcome…n

Total

Budget

Actual

Budget

Actual

Budget

Actual

Net taxation, fees and fines revenues

Other administered revenues

Net subsidies, benefits and grants expenses

Other administered revenues/expenses

Net cost of departmental outputs

Cost/Contribution of outcome before extraordinary items

Extraordinary items

Administered

Departmental

Net cost/contribution to Budget outcome

\n```\n\nTable B: Major Departmental Revenues and Expenses by Output (Output Group)\\*\n\n

Output (Output Group) 1

Output (Output Group) … ‘n’

2001-02

2000-01

2001-02

2000-01

Operating Revenues

Show each major class

Operating expenses

Show each major class

\n```\n\n\\*Choose the appropriate level of reporting (‘Outputs’ or ‘Output Groups’).\n\nTable C: Major Classes of Departmental Assets and Liabilities by Output (or Output Group)\n\n

Output (Output Group) 1

Output (Output Group) … ‘n’

2001-02

2000-01

2001-02

2000-01

Output specific departmental assets

Show each major class

Other departmental assets

Show each major class

Output specific departmental liabilities

Show each major class

Other departmental liabilities

Show each major class

\n```\n\nTable D: Major Classes of Administered Revenues and Expenses by Outcome\n\n

Outcome 1

Outcome … ‘n’

2001-02

2000-01

2001-02

2000-01

Revenues

Show each major class

Expenses

Show each major class

\n```\n\nTable E: Major Classes of Administered Assets and Liabilities by Outcome\n\n

Outcome 1

Outcome … ‘n’

2001-02

2000-01

2001-02

2000-01

Outcome specific administered assets

Show each major class

Other administered assets

Show each major class

Outcome specific administered liabilities

Show each major class

Other administered liabilities

Show each major class

\n```\n\n","sortOrder":10},{"sectionNumber":"12","sectionType":"section","heading":"Receivables","content":"12 Receivables\n\n12.1 At the end of the reporting period there must be shown, in a note, an age analysis of receivables showing receivables that are:\n\n(a) current;\n\n(b) overdue less than 30 days;\n\n(c) overdue 30 to 60 days;\n\n(d) overdue 60 to 90 days; and\n\n(e) overdue more than 90 days.\n\n","sortOrder":11},{"sectionNumber":"13","sectionType":"section","heading":"Software","content":"13 Software\n\n13.1 Internally developed and externally acquired computer software for internal use must initially be recognised and, where applicable, capitalised at the cost of development or acquisition.\n\n13.2 After initial recognition internally developed software should be carried at its cost less any accumulated amortisation and any accumulated impairment losses. The capitalised costs (or revalued amounts) of development or acquisition must be amortised over the useful life of the software.\n\n","sortOrder":12},{"sectionNumber":"14","sectionType":"section","heading":"Land, buildings, infrastructure, plant and equipment","content":"14 Land, buildings, infrastructure, plant and equipment\n\n14.1 Subject to clause 14.3, agencies and authorities must continue to progressively revalue land, buildings, infrastructure, plant and equipment using the deprival basis of valuation for the financial year ending 30 June 2002 (AASB 1041 Revaluation of Non-Current Assets paragraph 8.10 (b)).\n\n14.2 For financial periods beginning on or after 1 July 2002, the fair value basis must be applied to revaluations of the following asset classes in accordance with Australian Accounting Standard AASB 1041:\n\n(a) Land;\n\n(b) Buildings;\n\n(c) Subject to clause 14.3, infrastructure, plant and equipment; and\n\n(d) Heritage and cultural assets.\n\n14.3 For financial periods beginning on or after 1 July 2001, the cost basis must be applied to specialist military equipment assets.\n\n","sortOrder":13},{"sectionNumber":"15","sectionType":"section","heading":"Recoverable Amount","content":"15 Recoverable Amount\n\n15.1 All agencies and authorities must apply the recoverable amount test, in accordance with Australian Accounting Standard 10 (AAS 10) Recoverable Amount of Non-Current Assets, to their departmental non-current assets.\n\n15.2 The recoverable amount test does not apply to administered non-current assets which agencies or authorities oversight or manage on behalf of the Government.\n\n","sortOrder":14},{"sectionNumber":"16","sectionType":"section","heading":"Analysis of Property, Plant and Equipment, and Intangibles","content":"16 Analysis of Property, Plant and Equipment, and Intangibles\n\n16.1 The notes to the financial statements must include the table beginning on the next page, reconciling the opening and closing balances of property, plant and equipment and intangibles.\n\nTable: Reconciliation of the Opening and Closing Balances of Property, Plant and Equipment and Intangibles.\n\n

Item

Land

($’000)

Buildings

($’000)

Total land and buildings

($’000)

Specialist military equipment

($’000)

Other infra-structure,

plant and equipment

($’000)

Total infra-structure, plant and equipment

($’000)

Computer software

($’000)

Other intangibles

($’000)

Total intangibles

($’000)

Total

($’000)

Gross value

As at 1 July

Additions:

Purchase of assets

Acquisition by finance lease

Revaluations: write-ups/(write-downs)

Assets transferred in/(out)

Reclassifications

Write-offs

Change in accounting policy

Other movements (give details below)

Disposals

As at 30 June

Accumulated

Depreciation/Amortisation

As at 1 July

Disposals

Depreciation/Amortisation

charge for the year

Revaluations: write-ups/(write-downs)

Assets transferred in/(out)

Reclassifications

Write-offs

Change in accounting policy

Other (give details below)

As at 30 June

Net book value asat 30 June

Net book value as at 1 July

\n```\n\n16.2 The following separate tables must be included for assets held at valuation and for assets held under finance leases.\n\nTable: Assets at Valuation.\n\n

Item

Land

($’000)

Buildings

($’000)

Total land and buildings

($’000)

Specialist military equipment

($’000)

Other infra-structure, plant and equipment ($’000)

Total infra-structure, plant and equipment ($’000)

Computer software

($’000)

Other intangibles

($’000)

Total intangibles

($’000)

Total

($’000)

As at 30 June (current year)

Gross value

Accumulated depreciation/amortisation

Net book value

As at 30 June (previous year)

Gross value

Accumulated depreciation/amortisation

Net book value

\n```\n\nTable: Assets Held under Finance Lease.\n\n

Item

Land

($’000)

Buildings

($’000)

Total land and buildings ($’000)

Specialist military equipment ($’000)

Other infra-structure, plant and equipment ($’000)

Total infra-structure, plant and equipment ($’000)

Computer software

($’000)

Other intangibles

($’000)

Total intangibles

($’000)

Total

($’000)

As at 30 June (current year)

Gross value

Accumulated deprecation/amortisation

Net book value

As at 30 June (previous year)

Gross value

Accumulated deprecation/amortisation

Net book value

\n```\n\n16.3 The following table must be included to allow compliance with the requirements of AAS 34 Borrowing costs\n\nTable: Assets under Construction.\n\n

Item

Buildings

($’000)

Total land and buildings

($’000)

Specialist military equipment

($’000)

Other infra-structure, plant and equipment ($’000)

Total infra-structure, plant and equipment ($’000)

Computer software

($’000)

Other intangibles

($’000)

Total intangibles

($’000)

Total

($’000)

As at 30 June (current year)

Gross value

Accumulated deprecation/amortisation

Net book value

As at 30 June (previous year)

Gross value

Accumulated deprecation/amortisation

Net book value

\n```\n\n16.4 Where practicable, assets revalued at their current replacement cost should be shown at their gross value \nas permitted by paragraph 7.2 of AAS 38.\n\n","sortOrder":15},{"sectionNumber":"17","sectionType":"section","heading":"Administered Investments in Controlled Entities","content":"17 Administered Investments in Controlled Entities\n\n17.1 The disclosure of administered assets and liabilities of a Department of State must show the total amount of the Commonwealth’s investment in each separate legal entity for which the Portfolio Minister is responsible.\n\n17.2 Changes in the Commonwealth’s ownership interest must be reflected in the carrying amount of such investments;\n\n(a) Contributions by, or distributions to, owners; and\n\n(b) Where the Finance Minister issues a direction to revalue the investment.\n\n17.3 Unless clause 17.2 applies and/or where otherwise required by another accounting policy or accounting standard the amount initially recorded:\n\n(a) in accordance with Australian Accounting Standard 21 (AAS 21): or\n\n(b) in relation to any investments held at 30 June 1997 that were revalued before that date, the amount shown as the carrying amount at 30 June 1997.\n\nmust remained fixed as the carrying amount of the investment.\n\n","sortOrder":16},{"sectionNumber":"18","sectionType":"section","heading":"Analysis of Equity","content":"18 Analysis of Equity\n\n18.1 The notes for Agencies and Authorities in the General Government Sector must include the following table reconciling the opening and closing balances of equity.\n\nAnalysis of Equity\n\n| | A | B | C | D | E = B + C + D | F | G = A +E+ F |\n| --------------------------------------------------- | -------------------------- | -------------------------------- | ------------------------------------------- | --------------------- | --------------------- | --------------------------------------- | ------------------ |\n| Item | Accumulated results($’000) | Asset revaluation reserve($’000) | Foreign currency translation reserve($’000) | Other reserves($’000) | Total reserves($’000) | Total Contributed equity/capital($’000) | TotalEquity($’000) |\n| Opening balance as at 1 July | | | | | | | |\n| Operating results and extraordinary items after tax | | | | | | | |\n| Dividends provided for or paid | | | | | | | |\n| Net revaluation increment/(decrement) | | | | | | | |\n| Transfers to/(from)/between reserves | | | | | | | |\n| Changes in accounting policies | | | | | | | |\n| Currency translation gain/(loss) | | | | | | | |\n| Capital Use Charge (CUC) payments | | | | | | | |\n| Contribution/Distribution of equity | | | | | | | |\n| Injection for capital works | | | | | | | |\n| Other (give details below) | | | | | | | |\n| | | | | | | | |\n| Closing balance as at 30 June | | | | | | | |\n| Less: Outside Equity Interests | | | | | | | |\n| Total equity attributable to the Commonwealth | | | | | | | |\n\n","sortOrder":17},{"sectionNumber":"19","sectionType":"section","heading":"Director/Manager Remuneration","content":"19 Director/Manager Remuneration\n\n19.1 The disclosures required by this policy are material by nature.\n\n19.2 The following information must be disclosed in the notes to the financial statements in regard to the remuneration of directors of an authority:\n\n(a) the number of directors of the Commonwealth authority whose total remuneration for the financial year derived from the authority, whether as a director or otherwise, falls within each band of $10,000;\n\n(b) the total of the remuneration referred to in paragraph (a) of all directors referred to in that paragraph.\n\n19.3 The consolidated financial statements must include in a note the total of the remuneration of all directors of each entity in the economic entity, comprising the Commonwealth authority and its subsidiaries, for the financial year.\n\n19.4 The following information must be disclosed in the notes to the financial statements in regard to the remuneration of managers:\n\n(a) the aggregate remuneration of all managers of the entity whose remuneration for the financial year is $100,000 or more;\n\n(b) the number of managers of the entity whose total remuneration for the financial year falls within each successive $10,000 band, commencing at $100,000;\n\nbeing remuneration received or due and receivable, directly or indirectly, from the entity or any related party in connection with the management of the affairs of the agency or authority or any of its subsidiaries, whether as a manager otherwise.\n\n19.5 The following information must be disclosed in the notes to the financial statements of an economic entity where an agency or authority is the parent entity in the economic entity:\n\n(a) the aggregate remuneration of all managers of the economic entity whose remuneration for the financial year is $100,000 or more;\n\n(b) the number of managers of the economic entity whose total remuneration for the financial year falls within each successive $10,000 band, commencing at $100,000;\n\nbeing remuneration received or due and receivable, directly or indirectly, from the entities in the economic entity or a related party in connection with the management of the affairs of the entities in the economic entity, whether as a manager or otherwise.\n\n19.6 In addition to all other requirements of this policy, the aggregate amount of separation and redundancy payments for managers should be disclosed separately.\n\n","sortOrder":18},{"sectionNumber":"20","sectionType":"section","heading":"Act of Grace Payments, Waivers and Defective Administration Scheme","content":"20 Act of Grace Payments, Waivers and Defective Administration Scheme\n\n20.1 The disclosures required by this policy are material by nature.\n\n20.2 The financial statements must include a note showing:\n\n(a) the number and aggregate amount of any act of grace payments made during the reporting period pursuant to subsection 33 (1) of the Financial Management and Accountability Act 1997;\n\n(b) the number of waivers, and the aggregate amount owing to the Commonwealth, the recovery of which was waived during the reporting period (being amounts that the entity would, but for the waiver, have been entitled to receive on behalf of the Commonwealth);\n\n- pursuant to subsection 34 (1) of the Financial Management and Accountability Act 1997; and\n- pursuant to other legislation, which should be specified; and\n\n(c) the number and aggregate amount of payments during the reporting period under the Scheme for Compensation for Detriment caused by Defective Administration (CDDA).\n\n","sortOrder":19},{"sectionNumber":"21","sectionType":"section","heading":"Restricted Assets","content":"21 Restricted Assets\n\n21.1 Paragraph 12.3 of Australian Accounting Standard AAS 29, Financial Reporting by Government Departments, applies to these Orders as if ‘Commonwealth authorities’ were substituted for ‘government department’ in that paragraph.\n\n","sortOrder":20},{"sectionNumber":"22","sectionType":"section","heading":"Assets Held in Trust","content":"22 Assets Held in Trust\n\n22.1 The financial statements of agencies and authorities must include a note giving particulars of assets held in trust.\n\n22.2 In relation to assets, the particulars required by clause 22.1 must be provided as a summary of the categories of assets held at the end of the reporting period and the purpose for which they are being held.\n\n22.3 In relation to cash, the particulars required by clause 22.1 must include, for each significant category of trust, the:\n\n(a) total amount held at the beginning of the reporting period;\n\n(b) total receipts during the reporting period;\n\n(c) total payments during the reporting period; and\n\n(d) total amount held at the end of the reporting period.\n\n","sortOrder":21},{"sectionNumber":"23","sectionType":"section","heading":"Remuneration of Auditors","content":"23 Remuneration of Auditors\n\n23.1 The disclosures required by this policy are material by nature.\n\n23.2 The financial statements of an agency or authority must include a note giving particulars of the remuneration of auditors for:\n\n(a) auditing the financial statements for that reporting period; and\n\n(b) any other services provided during that reporting period.\n\n23.3 The fair value of any of the services provided free of charge by the Auditor-General must also be shown.\n\n23.4 For the purpose of this Policy, performance audits are not taken to be services provided to an agency or authority.\n\n23.5 Authorities must disclose the extent to which auditors’ remuneration is paid to an auditor other than the Auditor-General.\n\n","sortOrder":22},{"sectionNumber":"24","sectionType":"section","heading":"Sale of Assets by the Office of Asset Sales and Information Technology Outsourcing","content":"24 Sale of Assets by the Office of Asset Sales and Information Technology Outsourcing\n\n24.1 At the time of sale, the asset must be written out of the relevant Agency’s records by crediting the asset with any related depreciation, then writing-off the balance (carrying amount);\n\n(a) For administered assets, against equity (accumulated results);\n\n(b) For departmental assets, recognised as an expense.\n\n24.2 OASITO must;\n\n(a) Recognise the transfer of the asset to it as an administered asset pending sale and crediting equity (accumulated results);\n\n(b) Transfer the direct costs of sale from its departmental records to its administered records by debiting proceeds of sale of asset and crediting services received free of charge (thereby providing the ‘net proceeds of sale of asset’ figure);\n\n(c) Credit the ‘net proceeds of sale of asset’ to the administered asset; and\n\n(d) Transfer the balance (gain or loss on disposal) to the administered revenue item ‘Asset sales program (OASITO)’\n\n24.3 In relation to each major asset sale, the following particulars must be shown in the administered notes of OASITO;\n\n(a) Gross proceeds from sale;\n\n(b) Written down value of assets sold (its carrying amount before sale);\n\n(c) Direct selling costs (including point of sale costs); and\n\n(d) The net gain or loss from sale (see clause 5.6 of AAS 1).\n\nIV Contingencies and Commitments\n\nFrom time to time Commonwealth entities enter into agreements and other arrangements that do not lead to the reporting of assets, liabilities, revenues or expenses but may result in the sacrifice of future economic benefits. This information is important to users of financial statements in assessing an entity’s financial position, having regard to such future risks and events. As a result of entering into these agreements and arrangements, the policies that follow require an entity to disclose potential assets, liabilities, revenues or expenses that are dependent on an event or events occurring in the future prior to recognition.\n\nThe policies and guidance included in this section are:\n\n25 Contingencies\n\n26 Commitments\n\n25 Contingencies\n\n25.1 Contingencies are conditions that exist at the reporting date that may give rise to an asset (or revenue/gain) or a liability (or loss/expense) on the occurrence or non-occurrence of one or more uncertain future events that are outside the control of the agency or authority.\n\n25.2 Contingencies must be disclosed in the Schedule of Contingencies, in accordance with Appendix A, unless the possibility of loss or gain is remote.\n\n25.3 The Schedule of Contingencies must disclose sufficient information to:\n\n(a) enable assessments of both the nature of, and the uncertainties which affect, the contingencies; and\n\n(b) show separately the contingencies (or groups of contingencies) according to different levels of uncertainty of possible gain or loss.\n\n25.4 Particulars of material contingencies excluded from the Schedule of Contingencies because they are remote must be disclosed in a note to the financial statements.\n\n","sortOrder":23},{"sectionNumber":"26","sectionType":"section","heading":"Commitments","content":"26 Commitments\n\n26.1 Commitments are;\n\n(a) intentions to create liabilities, as evidenced by undertakings, to make future payments to other entities; and\n\n(b) unrecognised liabilities that are Agreements Equally Proportionately Unperformed (AEPU’s).\n\n26.2 The nature and ‘where quantifiable’ the amount of each category of commitments must be disclosed in a schedule of commitments in accordance with Appendix A.\n\nAppendix A\n\nFORMS OF FINANCIAL STATEMENTS\n\nSCHEDULES AND NOTES\n\nSECTION 1: COMMERCIAL REPORTING ENTITIES\n\nSTATEMENT OF FINANCIAL PERFORMANCE\n\nfor the period ended \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nRevenues from ordinary activities\n\nInterest (note x)\n\nDividends (note x)\n\nNet gains from sales of assets (note x)\n\nReversals of previous asset write-downs\n\nNet foreign exchange gains (note x)\n\nTotal revenues from ordinary activities\n\nOperating expenses from ordinary activities (excluding borrowing\n\ncosts expense)\n\nDepreciation and amortisation (note x)\n\nWrite-down of assets (note x)\n\nNet losses from sales of assets (note x)\n\nNet foreign exchange losses (note x)\n\nTotal operating expenses from ordinary activities (excluding borrowing\n\ncosts expense)\n\nBorrowing costs expense (note x)\n\nShare of net profits/losses of associates and joint ventures accounted for\n\nusing the equity method\n\nProfit or loss from ordinary activities before income tax\n\nIncome tax expense/revenue relating to ordinary activities\n\nProfit or loss from ordinary activities after income tax\n\nProfit or loss on extraordinary items after income tax expense/revenue (note x)\n\nNet profit or loss\n\nOutside equity interests in net profit or loss\n\nNet profit or loss attributable to the Commonwealth\n\nNet credit (debit) to asset revaluation reserve\n\nNet exchange difference recognised as a direct debit (credit) to equity\n\nAdjustments arising from Standards recognised as direct debit (credit) to equity\n\nInitial adjustments from transitional UIG Consensus View recognised as a direct debit (credit) to equity\n\nOther direct debits (credits) to equity\n\nTotal changes in equity other than those resulting from transactions with owners as owners\n\nSTATEMENT OF FINANCIAL POSITION\n\nas at \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nCurrent assets\n\nCash\n\nReceivables (see note x)\n\nTax assets\n\nTotal current assets\n\nNon‑current assets\n\nReceivables (note x)\n\nLand and buildings (note x)\n\nTax assets\n\nIntangibles (note x)\n\nTotal non‑current assets\n\nTotal assets\n\nCurrent liabilities\n\nInterest bearing liabilities (note x)\n\nProvisions (note x)\n\nPayables (note x)\n\nTax liabilities (note x)\n\nTotal current liabilities\n\nNon‑current liabilities\n\nInterest bearing liabilities (note x)\n\nPayables (note x)\n\nTax liabilities\n\nTotal non‑current liabilities\n\nTotal liabilities\n\nEquity \\*\n\nParent entity interest\n\nContributed Equity\n\nStatutory funds\n\nRetained profits or losses\n\nOutside equity interest\n\nContributed Equity\n\nRetained profits or losses\n\nTotal equity\n\n\\* Note: ‘Equity’ is the residual interest in assets after deduction of liabilities\n\nSTATEMENT OF CASH FLOWS\n\nOPERATING ACTIVITIES CONSOLIDATED PARENT\n\nNon-Government\n\nAppropriations (other than goods and services)\n\nBorrowing Costs\n\nProceeds from sales of financial instruments\n\nRepayments of loans made\n\nPurchase of financial instruments\n\nLoans made\n\nFinancing Activities\n\nAppropriations—Contributed equity\n\nProceeds from issuing financial instruments\n\nProceeds from loans\n\nDividends paid\n\nNet increase in cash held\n\nCash at the beginning of the reporting period\n\nEffect of exchange rate movements on cash at the beginning of the reporting period\n\nCash at the end of the reporting period\n\nSCHEDULE OF COMMITMENTS\n\nas at \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nBy type\n\nCapital commitments\n\nOther capital commitments\n\nTotal capital commitments\n\nOperating leases\n\nProject commitments\n\nResearch and development\n\nTotal other commitments\n\nCommitments receivable\n\nBy maturity\n\nOver five years\n\nSCHEDULE OF CONTINGENCIES\n\nas at\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nContingent losses\n\nGuarantees to controlled entities\n\nOther guarantees\n\nIndemnities\n\nUncalled shares/capital subscriptions\n\nClaims for damages/costs\n\nOther \\[for each type\\]\n\nTotal contingent losses\n\nContingent gains\n\n\\[Specify each class\\]\n\nNet contingencies\n\nSchedule of unquantifiable contingent losses/gains\n\n\\[Summarise material contingencies or classes of contingencies\\]\n\nNote: ‘contingencies’ are conditions, situations, or circumstances that:\n\na. exist at the end of the reporting period;\n\nb. create uncertainty as to possible gain or loss to an entity; and\n\nc. will be confirmed only on the occurrence or non-occurrence of one or more uncertain future events.\n\nCLASSES OF ITEMS INCLUDED IN THE PRIMARY STATEMENTS FOR COMMERCIAL REPORTING ENTITIES\n\n(a) There must be shown, in a note, the amounts and particulars of the classes of revenues, expenses, assets and liabilities specified in this section where they have been included under an item in the statement of financial performance/profit and loss statement or in the statement of financial position/balance sheet.\n\n(b) Any material classes of revenues, expenses, assets and liabilities not specified in this section must be disclosed in the notes separately under the heading to which they relate.\n\n(c) Any immaterial classes of revenues and expenses not specified in this section may be included in a class described as ‘other’ under the heading to which they relate.\n\nResources received free of charge\n\nRemuneration (for services provided)\n\nSeparation and redundancy payments\n\nNote: Separation and redundancy payments must exclude any benefits that would have been accrued and payable if redundancy had not occurred (e.g. accrued leave entitlements and lump sum superannuation payments).\n\nNote: Where supplier’s expenses relate to the provision of employee benefits included in a remuneration package, they should be included in employee expenses.\n\nImpairment of non-current assets\n\nBad and doubtful debts expense\n\nAssets\n\nAppropriations\n\nGold\n\nLand\n\nPatents, trade marks, brand names, licences\n\nPurchased (include any modification cost)\n\nInternally developed\n\nResearch and development expenditure capitalised\n\nGoodwill\n\nLiabilities\n\nDebentures and unsecured notes\n\nBonds\n\nSalaries and wages\n\nLeave\n\nWorkers’ compensation\n\nBorrowing costs\n\nTax liabilities\n\nCurrent income tax\n\nDeferred income tax\n\nSECTION 2: NON-COMMERCIAL REPORTING ENTITIES\n\nSTATEMENT OF FINANCIAL PERFORMANCE\n\nRevenues from ordinary activities\n\nRevenues from government (note x)\n\nInterest (note x)\n\nDividends (note x)\n\nNet gains from sales of assets (note x)\n\nReversals of previous asset write-downs\n\nNet foreign exchange gains (note x)\n\nCorrection of a fundamental error\n\nTotal revenues from ordinary activities\n\nExpenses from ordinary activities (excluding borrowing costs expense)\n\nDepreciation and amortisation (note x)\n\nWrite-down of assets (note x)\n\nNet losses from sales of assets (note x)\n\nNet foreign exchange losses (note x)\n\nTotal expenses from ordinary activities (excluding borrowing costs expense)\n\nShare of net profits/losses of associates and joint ventures accounted for using the equity method\n\nNet operating surplus or deficit from ordinary activities\n\nGain or loss on extraordinary items (note x)\n\nNet surplus or deficit\n\nOutside equity interests in net surplus or deficit\n\nNet surplus or deficit attributable to the Commonwealth\n\nNet credit (debit) to asset revaluation reserve\n\nNet exchange difference recognised as a direct debit (credit) to equity\n\nAdjustments arising from Standards recognised as direct debit (credit) to equity\n\nInitial adjustments from transitional UIG Consensus View recognised as a direct debit (credit) to equity\n\nOther direct debits (credits) to equity\n\nTotal changes in equity other than those resulting from transactions with owners as owners\n\nSTATEMENT OF FINANCIAL POSITION\n\nas at \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nASSETS\n\nCash\n\nReceivables (note x)\n\nAccrued revenues (note x)\n\nTotal financial assets\n\nLand and buildings (note x)\n\nIntangibles (note x)\n\nTotal non-financial assets\n\nTotal assets\n\nLIABILITIES\n\nLoans (note x)\n\nTotal interest bearing liabilities\n\nCapital use charge\n\nTotal provisions and payables\n\nTotal liabilities\n\nEQUITY\\*\n\nParent entity interest\n\nContributed equity\n\nStatutory funds\n\nRetained surpluses or accumulated deficits\n\nTotal parent entity interest\n\nOutside equity interest\n\nContributed equity\n\nRetained surpluses or accumulated deficits\n\nTotal outside equity interest\n\nTotal equity\n\n\\*Note: ‘equity’ is the residual interest in assets after deduction of liabilities.\n\nSTATEMENT OF CASH FLOWS\n\nOPERATING ACTIVITIES\n\nAppropriations (other than goods and services)\n\nBorrowing cost\n\nProceeds from sales of financial instruments\n\nRepayments of loans made\n\nPurchase of financial instruments\n\nLoans made\n\nFINANCING ACTIVITIES\n\nAppropriations - Contributed equity\n\nProceeds from issuing financial instruments\n\nProceeds from loans\n\nCapital use charge paid\n\nDividends paid\n\nNet increase in cash held\n\nCash at the beginning of the reporting period\n\nEffect of exchange rate movements on cash at the beginning of the reporting period\n\nCash at the end of the reporting period\n\nSCHEDULE OF COMMITMENTS\n\nas at \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nBy type\n\nCapital commitments\n\nOther capital commitments\n\nTotal capital commitments\n\nOperating leases\n\nProject commitments\n\nResearch and development\n\nTotal other commitments\n\nCommitments receivable\n\nBy maturity\n\nOver five years\n\nSCHEDULE OF CONTINGENCIES\n\nas at\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nContingent losses\n\nGuarantees to controlled entities\n\nOther guarantees\n\nIndemnities\n\nUncalled shares/capital subscriptions\n\nClaims for damages/costs\n\nOther \\[for each type\\]\n\nTotal contingent losses\n\nContingent gains\n\n\\[Specify each class\\]\n\nNet contingencies\n\nSchedule of unquantifiable contingent losses/gains\n\n\\[Summarise material contingencies or classes of contingencies\\]\n\nNote: ‘contingencies’ are conditions, situations, or circumstances that:\n\na. exist at the end of the reporting period;\n\nb. create uncertainty as to possible gain or loss to an entity; and\n\nc. will be confirmed only on the occurrence or non-occurrence of one or more uncertain future events.\n\nCLASSES OF ITEMS INCLUDED IN THE PRIMARY STATEMENTS FOR NON-COMMERCIAL REPORTING ENTITIES\n\n(d) There must be shown, in a note, the amounts and particulars of the classes of revenues, expenses, assets and liabilities specified in this section where they have been included under an item in the statement of financial performance or in the statement of financial position.\n\n(e) Any material classes of revenues, expenses, assets and liabilities not specified in this section must be disclosed in the notes separately under the heading to which they relate.\n\n(f) Any immaterial classes of revenues and expenses not specified in this section may be included in a class described as ‘other’ under the heading to which they relate.\n\nSale of goods and services\n\nResources received free of charge\n\nRemuneration (for services provided)\n\nSeparation and redundancy payments\n\nNote: Separation and redundancy payments must exclude any benefits that would have been accrued and payable if redundancy had not occurred (e.g. accrued leave entitlements and lump sum superannuation payments).\n\nNote: Where a supplier’s expenses relate to the provision of employee benefits included in a remuneration package, they should be included in employee expenses.\n\nImpairment of non-current assets\n\nBad and doubtful debts expense\n\nAssets\n\nAppropriations\n\nLand\n\nInfrastructure plant and equipment\n\nSpecialist military equipment\n\nPatents, trade marks, brand names and licences\n\nPurchased (include any modification cost)\n\nInternally developed\n\nResearch and development expenditure capatilised\n\nGoodwill\n\nLiabilities\n\nMaturity schedule must be included for total leases showing amounts payable within:\n\nSalaries and wages\n\nLeave\n\nWorkers’ compensation\n\nNon-profit entities\n\nCommercial entities\n\nInterest payable\n\nSECTION 3: ADMINISTERED NOTES\n\nADMINISTERED NOTES\n\n(a) There must be shown, in a note, the amounts and particulars of the classes of revenues, expenses, assets, liabilities and cash flows specified in this section.\n\n(b) Any material classes of revenues, expenses, assets, liabilities and cash flows not specified in this section must be disclosed in the notes separately under the heading to which they relate.\n\n(c) Any immaterial classes of revenues, expenses, assets, liabilities and cash flows not specified in this section may be included in a class described as ‘other’ under the heading to which they relate.\n\nNOTE XX — REVENUES ADMINISTERED ON BEHALF OF GOVERNMENT [\\[1\\]](#_ftn1)\n\nGross PAYG\n\nGross other individuals\n\nMedicare levy\n\nCapital gains tax\n\nIncome tax refunds\n\nExternal companies (including tax on realised capital gains)\n\nSuperannuation (including tax on realised capital gains and the superannuation contribution \nsurcharge)\n\nWithholding tax\n\nPetroleum resource rent tax\n\nRelated entities\n\nIndirect tax\n\nGST\n\nSales tax\n\nExcise duty (includes petroleum products and crude oil, excludes Revenue Replacement Payments, \nand the estimates of petroleum products excise are net of the Diesel Fuel Rebate Scheme)\n\nCustoms duty (excluding Revenue Replacement Payments, and custom duty imposed on imported \npetroleum products, tobacco, beer and spirits, which are akin to excise duty on these items)\n\nFringe benefits tax\n\nWool tax\n\nOther tax\n\nNon-taxation\n\nLocal government\n\nCommonwealth entities\n\nOther loans\n\nBills receivable\n\nInternational financial institutions\n\nCommonwealth entities\n\n \n\nAsset sales program (OASITO)\n\nSales of Goods and Services\n\nProvision of goods – related entities\n\nProvision of goods – external entities\n\nOperating lease rental\n\nOther revenue\n\nIndustry contributions\n\nAgricultural production taxes\n\nLicence fees\n\nCorporations Law fees\n\nImmigration fees\n\nIndexation of HECS loans\n\nTotal Revenues Administered on behalf of Government\n\n \nNOTE XX — EXPENSES ADMINISTERED ON BEHALF OF GOVERNMENT [\\[2\\]](#_ftn2)\n\nPrivate sector\n\nRelated entities\n\nSubsidies\n\nPayable to related entities\n\nPersonal Benefits\n\nDirect\n\nIndirect\n\nWages and salaries\n\nLeave and other entitlements\n\nWorkers compensation\n\nNote: Where supplier’s expenses relate to the provision of employee benefits included in a remuneration package, they should be included in employee expenses.\n\nDepreciation and Amortisation\n\nAsset Sales Program (OASITO)\n\nCommonwealth securities\n\nTaxation overpayments\n\nTotal expenses administered on behalf of Government\n\n \nNOTE XX — ASSETS ADMINISTERED ON BEHALF OF GOVERNMENT [\\[3\\]](#_ftn3)\n\nCash\n\nOPA\n\nAgency\n\nSales tax\n\nExcise duty\n\nCustoms duty\n\nGoods and Services Tax\n\nRecoveries of benefit payments\n\nAdvances\n\nHECS\n\nGold\n\nCommonwealth companies\n\nLand\n\nInfrastructure, Plant and Equipment\n\nFuture income tax benefit\n\nTotal Assets administered on behalf of Government\n\n \nNOTE XX — LIABILITIES ADMINISTERED ON BEHALF OF GOVERNMENT [\\[4\\]](#_ftn4)\n\nPrivate sector\n\nPersonal benefits payable\n\nSubsidies payable\n\nInterest payable\n\nProvision for tax refunds\n\nAustralian currency on issue\n\nTotal liabilities administered on behalf of Government\n\n \nNOTE XXX — ADMINISTERED CASH FLOWS\n\nfor the period ended \\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nOPERATING ACTIVITIES\n\nIndirect tax\n\nSubsidies\n\nPersonal benefits\n\nProceeds from sales of equity instruments\n\nRepayments of advances\n\nPurchase of equity instruments\n\nAdvances made\n\nFINANCING ACTIVITIES\n\nProceeds from borrowing\n\nNet increase/decrease in cash held\n\nCash at beginning of reporting period\n\nEffect of exchange rate movements on cash at beginning of reporting period\n\nCash at end of reporting period\n\nAppendix B\n\nDefinition of Terms\n\nadministered items\n\nRevenues, expenses, assets and liabilities which are:\n\n(a) controlled by the Government; and\n\n(b) managed by an agency or authority on behalf of the Government.\n\nNote: Administered revenues, expenses, assets and liabilities include:\n\n- subsidies, grants and benefit payments;\n- taxes, fees, fines and excise;\n- public debt and related interest; and\n- loans to other governments and related interest.\n\nassets received free of charge\n\nInclude any economic benefits for which ‘peppercorn rentals’ or other charges are made that do not reflect the fair value of those benefits.\n\nAuthority\n\nA Commonwealth authority as defined in section 7 of the Commonwealth Authorities and Companies Act 1997.\n\nBudget\n\nThe Commonwealth Budget.\n\n(For clarification: ‘Budget’ does not include additional estimates, Advance to the Finance Minister, etc).\n\ncommercial reporting entity\n\nA reporting entity whose financial objectives include the overall generation of profit.\n\ncurrent cost\n\nCost measured by reference to the lowest cost at which the gross ‘service potential’ of an asset could currently be obtained in the normal course of business.\n\ncurrent market selling price\n\nThe price that a willing but not anxious seller would accept from a willing but not anxious buyer for an asset in an arms-length transaction at current prices. This does not include transaction costs.\n\ndepartmental\n\nAssets, liabilities, revenues and expenses in relation to an agency or authority are those which are controlled by the agency (or a subsidiary), including:\n\n(a) computers, plant and equipment used in providing goods and services;\n\n(b) liabilities for employee entitlements;\n\n(c) departmental price of outputs appropriations;\n\n(d) revenues from user charges and profits on asset sales deemed to be appropriated to agencies in accordance with section 31 of the Financial Management and Accountability Act 1997 and the annual appropriation Acts; and\n\n(e) employee expenses and other administrative expenses (including contracting out) incurred in providing goods and services.\n\nThe annual Appropriation Acts define a number of different departmental item types (for example departmental item – basic appropriation, departmental items-adjustments, departmental items, departmental capital items – basic appropriation, departmental capital items - adjustments and borrowings) and put specific limitations on their use.\n\ndeprival model\n\nA conceptual framework for identifying a method for valuing assets at their current value to the entity which controls those assets.\n\nfinancial statements\n\nInclude:\n\n(a) the statements, schedules and notes required by this Schedule; and\n\n(b) any other certificates, reports and notes (other than the auditor’s report and annual report) attached to or intended to be read with the statements and notes required by (a);\n\nprepared in relation to:\n\n(a) the agency or authority; and\n\n(b) where the agency or authority is a parent entity—the economic entity comprising the agency or authority and its subsidiaries.\n\ngeneral government sector\n\nThe primary function of this sector is to provide public services which are mainly non-market in nature, are mainly for the collective consumption of the community, involve the transfer or redistribution of income or are financed mainly through taxes and other compulsory levies.\n\ngrants\n\nGrants are non-reciprocal transfers of resources for the purpose of financing the operations of the recipient or meeting the cost of capital expenditure of the recipient where the Commonwealth does not directly receive approximately equal value in return.\n\nheritage assets\n\nAssets earmarked by the government for preservation because of their unique historical, geographical, cultural or environmental attributes.\n\nmarket buying price\n\nThe amount for which an asset with similar service potential could be bought by a knowledgeable, willing buyer from a knowledgeable, willing seller in an arms-length transaction at current prices plus the buyer’s transaction costs. This equates to current market value plus the buyer’s transaction costs.\n\nnon‑commercial reporting entity\n\nA reporting entity whose financial objectives do not include the overall generation of profit.\n\npersonal benefit payments\n\nUnrequited current transfers for the benefit of individuals or households.\n\nrevalued progressively\n\nRevaluation of assets within a class, conducted in a systematic manner over a three-year period.\n\nreplacement cost\n\nA measure of the cost per unit of service potential using the most appropriate modern facility as a reference asset.\n\nreproduction cost\n\nThe cost of replicating an existing asset.\n\nreserves\n\nInclude:\n\n(a) amounts set aside out of profits; or\n\n(b) other gains or increments not reflected in the profit or loss (or surplus or deficit) (such as gains on revaluation of assets).\n\nrevenues from independent sources\n\nInclude revenues from:\n\n(a) the sale of goods or provision of services to other entities (user charges); and\n\n(b) profits from the sale of assets.\n\nsurplus assets\n\nAssets that are held for disposal, being those assets for which:\n\n(a) an entity has entered into a binding sale agreement; or\n\n(b) an entity’s management or governing body has approved a formal plan to dispose of the assets.\n\n> Notes to the Commonwealth Authorities and Companies (Financial Statements 2001–2002) Orders\n\n> Note 1\n\n> Note: The Commonwealth Authorities and Companies (Financial Statements 2001–2002) Orders (in force under subsection 48 (1) of the Commonwealth Authorities and Companies Act 1997) as shown in this compilation is amended as indicated in the Tables below.\n\n> Note: Table of Instruments\n\n| Title | Date of notificationin Gazette | Date ofcommencement | Application, saving ortransitional provisions |\n| ---------------------------------------------------------------------------------------- | ----------------------------------------- | ------------------- | --------------------------------------------- |\n| Commonwealth Authorities and Companies (Financial Statements 2001–2002) Orders | 27 June 2001 (see Gazette 2001, No. GN25) | 27 June 2001 | |\n| Commonwealth Authorities and Companies (Financial Statements 2001–2002) Amendment Orders | 15 May 2002(see Gazette 2002, No. GN19) | 15 May 2002 | — |\n\n> Note: Table of Amendments\n\n

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted

Provision affected

How affected

Schedule 1............

am. CACFS 2001-2002

\n```\n\n---\n\n[\\[1\\]](#_ftnref1) Where there are material sub-categories within a particular line item, details, including amounts, of each sub-category should be disclosed.\n\n[\\[2\\]](#_ftnref2) Where there are material sub-categories within a particular line item, details, including amounts, of each sub-category should be disclosed.\n\n[\\[3\\]](#_ftnref3) Where there are material sub-categories within a particular line item, details, including amounts, of each sub-category should be disclosed.\n\n[\\[4\\]](#_ftnref4) Where there are material sub-categories within a particular line item, details, including amounts, of each sub-category should be disclosed.","sortOrder":24}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":2259},"content_quality":"ok","complexity_score":8,"scope_assessment":{"changed":false,"description":"The Orders maintain their original scope of prescribing specific financial statement requirements for Commonwealth authorities and companies for the 2001-2002 financial year, including detailed accounting policies and disclosure tables. The instrument has not expanded beyond its intended purpose of governing annual financial reporting for that specific period."},"complexity_factors":["Extensive cross-referencing to multiple legislative frameworks including the Financial Management and Accountability Act 1997 and Australian Accounting Standards","Mandatory detailed tabular schedules with specific formatting requirements for appropriations, asset reconciliations, and equity analysis","Dual reporting frameworks distinguishing between commercial and non-commercial reporting entities with different primary statement formats","Technical accounting policies including deprival basis valuation, restructuring treatments, and impairment testing","Complex defined terms requiring precise classification (e.g., departmental vs administered, general government sector)","Nested conditional logic for exemptions, rounding rules, and applicability of specific disclosure requirements"],"plain_english_summary":"These Orders set the accounting rules Commonwealth authorities and government-owned companies must follow when preparing annual financial statements from the year ending 30 June 2002 onward. They require accrual accounting, separation of departmental and administered activities, prescribed reporting formats, compliance with Australian Accounting Standards and public‑sector valuation rules, and specified disclosures, with different templates for commercial versus non‑commercial entities. The aim is consistent, transparent, and auditable financial reporting so the Government can produce reliable consolidated Commonwealth accounts and hold entities to account."}},"importantCases":[],"_links":{"self":"/api/acts/commonwealth-authorities-and-companies-financial-statements-2001-2002-orders","history":"/api/acts/commonwealth-authorities-and-companies-financial-statements-2001-2002-orders/history","analysis":"/api/acts/commonwealth-authorities-and-companies-financial-statements-2001-2002-orders/analysis","conflicts":"/api/acts/commonwealth-authorities-and-companies-financial-statements-2001-2002-orders/conflicts","importantCases":"/api/acts/commonwealth-authorities-and-companies-financial-statements-2001-2002-orders/important-cases","documents":"/api/acts/commonwealth-authorities-and-companies-financial-statements-2001-2002-orders/documents"}}