Commonwealth Authorities and Companies (Financial Statements 2001-2002) Orders
6Rounding Off
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6 Rounding Off
6.1 Amounts in the financial statements may be rounded-off as follows:
(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;
(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;
(c) provided that:
- rounding-off is applied consistently throughout the financial statements; and
- the level of rounding-off is clearly indicated where it is applied; but
- 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.
(d) Rounding-off is not permitted in notes relating to:
- act of grace payments and waivers;
- remuneration of auditors; and
- remuneration of executives/officers.
III Assets, Liabilities, Equity, Revenues and Expenses
The policies and guidance included in this section are:
7 Restructuring
8 Departmental Capital Appropriations
9 Departmental Price of Outputs Appropriations
- Appropriations Disclosures
- Reporting of Outcomes and Outputs
12 Receivables
13 Software
14 Land, Buildings, Infrastructure, Plant and Equipment
15 Recoverable Amount
16 Analysis of Property, Plant and Equipment, and Intangibles
17 Administered Investments in Controlled Entities
18 Analysis of Equity
19 Director/Manager Remuneration
20 Act of Grace Payments, Waivers and Defective Administration Scheme
21 Restricted Assets
22 Assets Held in Trust
23 Remuneration of Auditors
24 Sales of Assets by the Office of Asset Sales and Information Technology Outsourcing
7 Restructuring
7.1 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:
(a) between Commonwealth entities; or