(a) intentions to create liabilities, as evidenced by undertakings, to make future payments to other entities; and
(b) unrecognised liabilities that are Agreements Equally Proportionately Unperformed (AEPU’s).
26.2 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.
Appendix A
FORMS OF FINANCIAL STATEMENTS
SCHEDULES AND NOTES
SECTION 1: COMMERCIAL REPORTING ENTITIES
STATEMENT OF FINANCIAL PERFORMANCE
for the period ended ___________
Revenues from ordinary activities
Interest (note x)
Dividends (note x)
Net gains from sales of assets (note x)
Reversals of previous asset write-downs
Net foreign exchange gains (note x)
Total revenues from ordinary activities
Operating expenses from ordinary activities (excluding borrowing
costs expense)
Depreciation and amortisation (note x)
Write-down of assets (note x)
Net losses from sales of assets (note x)
Net foreign exchange losses (note x)
Total operating expenses from ordinary activities (excluding borrowing
costs expense)
Borrowing costs expense (note x)
Share of net profits/losses of associates and joint ventures accounted for
using the equity method
Profit or loss from ordinary activities before income tax
Income tax expense/revenue relating to ordinary activities
Profit or loss from ordinary activities after income tax
Profit or loss on extraordinary items after income tax expense/revenue (note x)
Net profit or loss
Outside equity interests in net profit or loss
Net profit or loss attributable to the Commonwealth
Net credit (debit) to asset revaluation reserve
Net exchange difference recognised as a direct debit (credit) to equity
Adjustments arising from Standards recognised as direct debit (credit) to equity
Initial adjustments from transitional UIG Consensus View recognised as a direct debit (credit) to equity
Other direct debits (credits) to equity
Total changes in equity other than those resulting from transactions with owners as owners
* Note: ‘Equity’ is the residual interest in assets after deduction of liabilities
STATEMENT OF CASH FLOWS
OPERATING ACTIVITIES CONSOLIDATED PARENT
Non-Government
Appropriations (other than goods and services)
Borrowing Costs
Proceeds from sales of financial instruments
Repayments of loans made
Purchase of financial instruments
Loans made
Financing Activities
Appropriations—Contributed equity
Proceeds from issuing financial instruments
Proceeds from loans
Dividends paid
Net increase in cash held
Cash at the beginning of the reporting period
Effect of exchange rate movements on cash at the beginning of the reporting period
Cash at the end of the reporting period
SCHEDULE OF COMMITMENTS
as at ______________
By type
Capital commitments
Other capital commitments
Total capital commitments
Operating leases
Project commitments
Research and development
Total other commitments
Commitments receivable
By maturity
Over five years
SCHEDULE OF CONTINGENCIES
as at______________
Contingent losses
Guarantees to controlled entities
Other guarantees
Indemnities
Uncalled shares/capital subscriptions
Claims for damages/costs
Other [for each type]
Total contingent losses
Contingent gains
[Specify each class]
Net contingencies
Schedule of unquantifiable contingent losses/gains
[Summarise material contingencies or classes of contingencies]
Note: ‘contingencies’ are conditions, situations, or circumstances that:
a. exist at the end of the reporting period;
b. create uncertainty as to possible gain or loss to an entity; and
c. will be confirmed only on the occurrence or non-occurrence of one or more uncertain future events.
CLASSES OF ITEMS INCLUDED IN THE PRIMARY STATEMENTS FOR COMMERCIAL REPORTING ENTITIES
(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.
(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.
(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.
Resources received free of charge
Remuneration (for services provided)
Separation and redundancy payments
Note: 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).
Note: Where supplier’s expenses relate to the provision of employee benefits included in a remuneration package, they should be included in employee expenses.
Impairment of non-current assets
Bad and doubtful debts expense
Assets
Appropriations
Gold
Land
Patents, trade marks, brand names, licences
Purchased (include any modification cost)
Internally developed
Research and development expenditure capitalised
Goodwill
Liabilities
Debentures and unsecured notes
Bonds
Salaries and wages
Leave
Workers’ compensation
Borrowing costs
Tax liabilities
Current income tax
Deferred income tax
SECTION 2: NON-COMMERCIAL REPORTING ENTITIES
STATEMENT OF FINANCIAL PERFORMANCE
Revenues from ordinary activities
Revenues from government (note x)
Interest (note x)
Dividends (note x)
Net gains from sales of assets (note x)
Reversals of previous asset write-downs
Net foreign exchange gains (note x)
Correction of a fundamental error
Total revenues from ordinary activities
Expenses from ordinary activities (excluding borrowing costs expense)
Depreciation and amortisation (note x)
Write-down of assets (note x)
Net losses from sales of assets (note x)
Net foreign exchange losses (note x)
Total expenses from ordinary activities (excluding borrowing costs expense)
Share of net profits/losses of associates and joint ventures accounted for using the equity method
Net operating surplus or deficit from ordinary activities
Gain or loss on extraordinary items (note x)
Net surplus or deficit
Outside equity interests in net surplus or deficit
Net surplus or deficit attributable to the Commonwealth
Net credit (debit) to asset revaluation reserve
Net exchange difference recognised as a direct debit (credit) to equity
Adjustments arising from Standards recognised as direct debit (credit) to equity
Initial adjustments from transitional UIG Consensus View recognised as a direct debit (credit) to equity
Other direct debits (credits) to equity
Total changes in equity other than those resulting from transactions with owners as owners
STATEMENT OF FINANCIAL POSITION
as at ____________
ASSETS
Cash
Receivables (note x)
Accrued revenues (note x)
Total financial assets
Land and buildings (note x)
Intangibles (note x)
Total non-financial assets
Total assets
LIABILITIES
Loans (note x)
Total interest bearing liabilities
Capital use charge
Total provisions and payables
Total liabilities
EQUITY*
Parent entity interest
Contributed equity
Statutory funds
Retained surpluses or accumulated deficits
Total parent entity interest
Outside equity interest
Contributed equity
Retained surpluses or accumulated deficits
Total outside equity interest
Total equity
*Note: ‘equity’ is the residual interest in assets after deduction of liabilities.
STATEMENT OF CASH FLOWS
OPERATING ACTIVITIES
Appropriations (other than goods and services)
Borrowing cost
Proceeds from sales of financial instruments
Repayments of loans made
Purchase of financial instruments
Loans made
FINANCING ACTIVITIES
Appropriations - Contributed equity
Proceeds from issuing financial instruments
Proceeds from loans
Capital use charge paid
Dividends paid
Net increase in cash held
Cash at the beginning of the reporting period
Effect of exchange rate movements on cash at the beginning of the reporting period
Cash at the end of the reporting period
SCHEDULE OF COMMITMENTS
as at ______________
By type
Capital commitments
Other capital commitments
Total capital commitments
Operating leases
Project commitments
Research and development
Total other commitments
Commitments receivable
By maturity
Over five years
SCHEDULE OF CONTINGENCIES
as at______________
Contingent losses
Guarantees to controlled entities
Other guarantees
Indemnities
Uncalled shares/capital subscriptions
Claims for damages/costs
Other [for each type]
Total contingent losses
Contingent gains
[Specify each class]
Net contingencies
Schedule of unquantifiable contingent losses/gains
[Summarise material contingencies or classes of contingencies]
Note: ‘contingencies’ are conditions, situations, or circumstances that:
a. exist at the end of the reporting period;
b. create uncertainty as to possible gain or loss to an entity; and
c. will be confirmed only on the occurrence or non-occurrence of one or more uncertain future events.
CLASSES OF ITEMS INCLUDED IN THE PRIMARY STATEMENTS FOR NON-COMMERCIAL REPORTING ENTITIES
(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.
(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.
(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.
Sale of goods and services
Resources received free of charge
Remuneration (for services provided)
Separation and redundancy payments
Note: 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).
Note: Where a supplier’s expenses relate to the provision of employee benefits included in a remuneration package, they should be included in employee expenses.
Impairment of non-current assets
Bad and doubtful debts expense
Assets
Appropriations
Land
Infrastructure plant and equipment
Specialist military equipment
Patents, trade marks, brand names and licences
Purchased (include any modification cost)
Internally developed
Research and development expenditure capatilised
Goodwill
Liabilities
Maturity schedule must be included for total leases showing amounts payable within:
Salaries and wages
Leave
Workers’ compensation
Non-profit entities
Commercial entities
Interest payable
SECTION 3: ADMINISTERED NOTES
ADMINISTERED NOTES
(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.
(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.
(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.
NOTE XX — REVENUES ADMINISTERED ON BEHALF OF GOVERNMENT [1]
Gross PAYG
Gross other individuals
Medicare levy
Capital gains tax
Income tax refunds
External companies (including tax on realised capital gains)
Superannuation (including tax on realised capital gains and the superannuation contribution
surcharge)
Withholding tax
Petroleum resource rent tax
Related entities
Indirect tax
GST
Sales tax
Excise duty (includes petroleum products and crude oil, excludes Revenue Replacement Payments,
and the estimates of petroleum products excise are net of the Diesel Fuel Rebate Scheme)
Customs duty (excluding Revenue Replacement Payments, and custom duty imposed on imported
petroleum products, tobacco, beer and spirits, which are akin to excise duty on these items)
Fringe benefits tax
Wool tax
Other tax
Non-taxation
Local government
Commonwealth entities
Other loans
Bills receivable
International financial institutions
Commonwealth entities
Asset sales program (OASITO)
Sales of Goods and Services
Provision of goods – related entities
Provision of goods – external entities
Operating lease rental
Other revenue
Industry contributions
Agricultural production taxes
Licence fees
Corporations Law fees
Immigration fees
Indexation of HECS loans
Total Revenues Administered on behalf of Government
NOTE XX — EXPENSES ADMINISTERED ON BEHALF OF GOVERNMENT [2]
Private sector
Related entities
Subsidies
Payable to related entities
Personal Benefits
Direct
Indirect
Wages and salaries
Leave and other entitlements
Workers compensation
Note: Where supplier’s expenses relate to the provision of employee benefits included in a remuneration package, they should be included in employee expenses.
Depreciation and Amortisation
Asset Sales Program (OASITO)
Commonwealth securities
Taxation overpayments
Total expenses administered on behalf of Government
NOTE XX — ASSETS ADMINISTERED ON BEHALF OF GOVERNMENT [3]
Cash
OPA
Agency
Sales tax
Excise duty
Customs duty
Goods and Services Tax
Recoveries of benefit payments
Advances
HECS
Gold
Commonwealth companies
Land
Infrastructure, Plant and Equipment
Future income tax benefit
Total Assets administered on behalf of Government
NOTE XX — LIABILITIES ADMINISTERED ON BEHALF OF GOVERNMENT [4]
Private sector
Personal benefits payable
Subsidies payable
Interest payable
Provision for tax refunds
Australian currency on issue
Total liabilities administered on behalf of Government
NOTE XXX — ADMINISTERED CASH FLOWS
for the period ended _________
OPERATING ACTIVITIES
Indirect tax
Subsidies
Personal benefits
Proceeds from sales of equity instruments
Repayments of advances
Purchase of equity instruments
Advances made
FINANCING ACTIVITIES
Proceeds from borrowing
Net increase/decrease in cash held
Cash at beginning of reporting period
Effect of exchange rate movements on cash at beginning of reporting period
Cash at end of reporting period
Appendix B
Definition of Terms
administered items
Revenues, expenses, assets and liabilities which are:
(a) controlled by the Government; and
(b) managed by an agency or authority on behalf of the Government.
Note: Administered revenues, expenses, assets and liabilities include:
subsidies, grants and benefit payments;
taxes, fees, fines and excise;
public debt and related interest; and
loans to other governments and related interest.
assets received free of charge
Include any economic benefits for which ‘peppercorn rentals’ or other charges are made that do not reflect the fair value of those benefits.
Authority
A Commonwealth authority as defined in section 7 of the Commonwealth Authorities and Companies Act 1997.
Budget
The Commonwealth Budget.
(For clarification: ‘Budget’ does not include additional estimates, Advance to the Finance Minister, etc).
commercial reporting entity
A reporting entity whose financial objectives include the overall generation of profit.
current cost
Cost 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.
current market selling price
The 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.
departmental
Assets, liabilities, revenues and expenses in relation to an agency or authority are those which are controlled by the agency (or a subsidiary), including:
(a) computers, plant and equipment used in providing goods and services;
(b) liabilities for employee entitlements;
(c) departmental price of outputs appropriations;
(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
(e) employee expenses and other administrative expenses (including contracting out) incurred in providing goods and services.
The 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.
deprival model
A conceptual framework for identifying a method for valuing assets at their current value to the entity which controls those assets.
financial statements
Include:
(a) the statements, schedules and notes required by this Schedule; and
(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);
prepared in relation to:
(a) the agency or authority; and
(b) where the agency or authority is a parent entity—the economic entity comprising the agency or authority and its subsidiaries.
general government sector
The 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.
grants
Grants 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.
heritage assets
Assets earmarked by the government for preservation because of their unique historical, geographical, cultural or environmental attributes.
market buying price
The 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.
non‑commercial reporting entity
A reporting entity whose financial objectives do not include the overall generation of profit.
personal benefit payments
Unrequited current transfers for the benefit of individuals or households.
revalued progressively
Revaluation of assets within a class, conducted in a systematic manner over a three-year period.
replacement cost
A measure of the cost per unit of service potential using the most appropriate modern facility as a reference asset.
reproduction cost
The cost of replicating an existing asset.
reserves
Include:
(a) amounts set aside out of profits; or
(b) other gains or increments not reflected in the profit or loss (or surplus or deficit) (such as gains on revaluation of assets).
revenues from independent sources
Include revenues from:
(a) the sale of goods or provision of services to other entities (user charges); and
(b) profits from the sale of assets.
surplus assets
Assets that are held for disposal, being those assets for which:
(a) an entity has entered into a binding sale agreement; or
(b) an entity’s management or governing body has approved a formal plan to dispose of the assets.
Notes to the Commonwealth Authorities and Companies (Financial Statements 2001–2002) Orders
Note 1
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.
Note: Table of Instruments
Title
Date of notificationin Gazette
Date ofcommencement
Application, saving ortransitional provisions
Commonwealth Authorities and Companies (Financial Statements 2001–2002) Orders
27 June 2001 (see Gazette 2001, No. GN25)
27 June 2001
Commonwealth Authorities and Companies (Financial Statements 2001–2002) Amendment Orders
15 May 2002(see Gazette 2002, No. GN19)
15 May 2002
—
Note: Table of Amendments
[1] Where there are material sub-categories within a particular line item, details, including amounts, of each sub-category should be disclosed.
[2] Where there are material sub-categories within a particular line item, details, including amounts, of each sub-category should be disclosed.
[3] Where there are material sub-categories within a particular line item, details, including amounts, of each sub-category should be disclosed.
[4] Where there are material sub-categories within a particular line item, details, including amounts, of each sub-category should be disclosed.