Schedule 1: Requirements for the preparation of Financial Statements for reporting periods ending on or after 1 July 2005 (Black Letter Policy and Appendix A Only)

 

 

 

 

Definition of Terms

CHAPTER 1 APPLICATION AND PRESENTATION

1A Commencement

1B Application

1C Certification

1D Exemptions

1E Rounding Off

1F Simplified Reporting

CHAPTER 2 APPROPRIATIONS AND OUTCOMES REPORTING

2A Recognition of Appropriations

2B Departmental and Administered Items

2C Disclosures of Appropriations

2D Reporting of Outcomes and Outputs

2E Special Accounts

CHAPTER 3 ASSETS

3A Non-Financial Assets (previously Internal Use Software/Non-Current Assets/Impairment of Non-Financial Assets/Analysis of Property, Plant and Equipment and Intangibles)

3B Restricted Assets

3C Assets Held in Trust

3D Heritage And Cultural Assets

CHAPTER 4 LIABILITIES

4A Contingent Liabilities and Contingent Assets

4B Commitments

4C Employee Entitlements (New Policy)

CHAPTER 5 EQUITY

5A Restructure

5B Return of Funds (previously Analysis of Equity)

CHAPTER 6 ADMINISTERED ITEMS

6A Administered Reporting

6B Administered Investments

CHAPTER 7 SPECIFIC NOTE DISCLOSURES

7A Compensation and Debt Relief in Special Circumstances

7B Director/Executive Remuneration

7C Remuneration of Auditors

7D Investment of Surplus Money by Authorities (New Policy)

CHAPTER 8

8A Financial Instruments (New Policy)

APPENDIX A - Forms of Financial Statements, Schedules and Notes:

Section 1: For-Profit Reporting Entities

Section 2: Not-For-Profit Reporting Entities

Section 3: Administered Reporting

 

 

 

Definition of Terms

 

CHAPTER 1 APPLICATION AND PRESENTATION

1A Commencement

Policy

1A.1 Subject to Clause 1A.2 of this Policy, the requirements of this Schedule apply to financial statements prepared for reporting periods ending on or after 1 July 2005.

1A.2 For entities that cease to exist on or after 1 July 2005, the financial reporting requirements set out in this Schedule shall apply.

1B Application

Policy

1B.1 Financial statements must be prepared for the following entities:

(a)              each Agency and Authority;

(b)              the economic entity, comprising the Agency or Authority and its subsidiaries; and

(c)              each activity or activities of an Agency which is/are determined to be a Business Operation.

1B.2 The financial statements of each entity must be presented in the following order:

(a)    statement required by Clause 1C.2 or 1C.3 of this Schedule;

(b)   primary statements (Income Statement, Balance Sheet, Cash Flow Statement and Statement of Changes in Equity or Statement of Recognised Income and Expenditure); and

(c)    Schedules and Notes to the Financial Statements.

1B.3 The financial statements of each entity must:

(a)                include

(i)                  the primary statements, schedules and notes in the form prescribed in Appendix A of this Schedule; and

(ii)               all note disclosures specified by Policies in this Schedule; and

(b)                comply with:

(i) all applicable requirements of this Schedule;

(ii)               applicable accounting standards and accounting interpretations issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period; and

(iii)             interpretations issued by the Urgent Issues Group (UIG) that apply for the reporting period; and

(c)                have regard to:

(i) the Explanatory Notes to this Schedule;

 (ii) the Statements of Accounting Concepts (SACs);

(iii) the AASB Framework for the Preparation and Presentation of Financial Statements; and

(iv)                  Estimates Memorandums, FinanceBriefs, Finance Circulars, Financial Management Guidances and other guidance/policies issued by the Department of Finance and Administration; and

(d)                     be presented in the English language and Australian dollars.

1B.4              Where competitive neutrality (CN) payments are required under the Commonwealth Competitive Neutrality Policy Statement - June 1996, entities must explain and disclose the amount of each of the following:

CN - Regulatory Neutrality Expense

CN - Debt Neutrality Expense

CN - State Tax Equivalent Expense

CN - Commonwealth Tax Equivalent Expense

CN - Other Expense

1B.5 Unless specifically otherwise stated in this Schedule or an accounting standard, comparatives must be disclosed in the financial statements and notes.

1B.6 If an entity wishes to early adopt a new accounting standard other than permitted or required by this schedule, it must seek approval from the Chief Executive of the Department of Finance and Administration due to the potential effect on the preparation of the Consolidated Financial Statements.

1B.7 The requirements of this Schedule apply where information resulting from their application is material. Information is material if its omission, misstatement or non-disclosure has the potential, individually or collectively, to:

(a)              influence the economic decisions of users taken on the basis of the financial report; or

(b)                affect the discharge of accountability by management or governing body of  the entity.

1C              Certification

Policy

1C.1 The signed auditor’s report on the financial statements must be attached to the financial statements.

1C.2 Each economic entity, comprising an Authority’s and its subsidiaries’ financial statements, must present a statement signed by the Chair of the Board (or equivalent) and Chief Executive Officer stating:

(a) whether the financial statements, in their opinion, give a true and fair view of the matters required by this Schedule;

(b) whether the financial statements, in their opinion, have been prepared based on properly maintained financial records;

(c) for entities other than financial institutions which apply AASB 130 Disclosures in the Financial Statements of Banks and Similar Financial               Institutions whether, in their opinion, there are, when the statement is               made, reasonable grounds to believe that the entity will be able to pay its debts as and when they fall due;

(d)              when additional information is included in the notes to give a true and fair view, then the reasons for forming this view and the location of the additional notes in the financial statements.

(e)              that the statement has been made in accordance with a resolution of the Directors; and

(f)              the date on which the statement is made.

1C.3 Each other entity required to prepare financial statements, must include a statement signed by the Chief Executive stating:

(a)              whether the financial statements, in their opinion, give a true and fair view of the matters required by this Schedule;

(b)              whether the financial statements, in their opinion, have been prepared based on properly maintained               financial records;

(c)              when additional information is included in the notes to give a true and fair view, then the reasons for forming this view and the location of the additional notes in the financial statements; and

(d)              the date on which the statement is made.

1D              Exemptions

Policy

1D.1 The Finance Minister may grant a written exemption to the Chief Executive of an Agency or Directors of an Authority, as the case may be, from any specified requirements of this Schedule.

1D.2 An exemption granted under Clause 1D.1 of this Policy may be granted subject to conditions, including a requirement for alternative forms of disclosure.

1D.3 The Chief Executive or Directors must disclose the particulars of any exemption granted under this Policy in the notes to the financial statements.

1E Rounding Off

Policy

1E.1 Unless otherwise provided in this schedule, amounts in the financial statements may be rounded off as follows:

(a)              where a reporting entity has assets, liabilities, expenses, income, commitments or contingencies in excess of $10 million — it may round an amount to the nearest $1,000, unless that amount is $500 or less, in which case the amount should be rounded to zero; and

(b)               where a reporting entity has assets, liabilities, expenses, income, commitments or contingencies in excess of $1 billion — it may round an amount to the nearest $1 million, unless that amount is $500,000 or less, in which case the amount should be rounded to zero.

1E.2 Rounding off must be applied consistently throughout the financial statements.

1E.3 This Policy applies to both entity and administered items.

1F Simplified Reporting

Policy

1F.1 Entities may adopt the simplified reporting provisions set out in this Policy.

Presentation of primary financial statements

1F.2 Where an entity’s net surplus/deficit is solely attributable to the Australian Government in both the current and immediately preceding reporting periods, the Income Statement line items  ‘Net Surplus or Deficit attributable to the Australian Government’ or ‘Net Surplus or Deficit attributable to minority interest’ may be omitted.

1F.3 Where an amount is disclosed on the face of a primary statement, it is not necessary to repeat this information in the notes to the financial statements, unless this is required in conjunction with the presentation of other information.

Schedules

1F.4 Where there are no commitments or contingencies in either the current or the immediately preceding reporting periods, it is not necessary to include a Schedule for such items. Instead, the fact that there are no such items should be disclosed in the notes to the financial statements.

Notes to the financial statements

1F.5 Where the fair value of each class of an entity’s financial assets and financial liabilities equals its carrying amount in both the current and immediately preceding reporting periods entities may state this fact, instead of disclosing these amounts in accordance with paragraph 86 of AASB 132 Financial Instruments: Presentation and Disclosure.

1F.6 In relation to Policy 7A of this Schedule, an entity that has no transactions in either the current reporting or any comparative period, should disclose by way of note that there were no such transactions or balances.

1F.7 This Policy applies to both entity and administered items.

 

CHAPTER 2 APPROPRIATIONS AND OUTCOMES REPORTING

2A              Recognition of Appropriations

Policy

Appropriations

2A.1 The earliest point of recognition and/or disclosure for appropriations is as follows:

(a)              for Appropriation Acts (No. 1) and (No. 2) and Appropriation (Parliamentary Departments) Act (No. 1) — the commencement of the financial period (e.g. 1 July);

(b)               for departmental special appropriations — when the obligation for which the special appropriation exists is incurred;

(c)                for administered special appropriations – when appropriation funds are transferred into an agency’s administered bank account.

(d)               for all other Appropriation Acts (except loan appropriations)— the date of royal assent;

(e)                for the increased appropriation provided by amounts received that are eligible section 31 receipts — as the revenue is earned; and

(f)                 for other amounts determined by the Finance Minister (or delegate) or an Agency Minister or Presiding Officer under Part 3 Additions to basic appropriations of Appropriation Acts — the date of the determination or the date applicable as stated in the determination.

2A.2 For Authorities, all moneys received from the Commonwealth, excluding grants and non-operating annual appropriations are to be recognised as revenue. Additional disclosure in accordance with this Policy and Policy 2C of this Schedule is required as if they drew the funds from the Consolidated Revenue Fund.

Departmental annual appropriations

• Departmental outputs

2A.3 For departmental output appropriations, recognise the full amount appropriated for departmental outputs as revenue of the year of appropriation, adjusted by all applicable current year formal additions and reductions listed at Clause 2A.13 of this Policy.

• Non-operating appropriations

2A.4 Subject to Clause 2A.8, departmental non-operating appropriations must be recognised and disclosed at the amounts in the Appropriation Acts, adjusted, where applicable, in accordance with Clause 2A.13 of this Policy.

 

• Equity injections and returns

2A.5 Departmental equity injection appropriations must be recognised as a contribution by owners, increasing ‘Contributed Equity’ from the commencement of the period to which the appropriation applies, irrespective of when drawn down.  Equity injections for appropriations in Acts passed after the commencement of the period for which the appropriation applies will be recognised from the date of royal assent.

2A.6 Departmental equity returns must be recognised as a return of capital in accordance with Clause 5B.5 of this Schedule, and not as a reduction in, or refund of, revenue. This will directly reduce ‘contributed equity’ from the time the return of capital is paid.

2A.7 Departmental equity injections or returns can include restructuring agreements resulting from a transfer of function (refer to Clause 5A.2 of this Schedule) and determinations of reductions in accordance with the Appropriations Acts (refer to Clause 5B.6 of this Schedule).

• Loan appropriations

2A.8 Departmental loan appropriations must be recognised as increases in borrowings, when the appropriation is drawn down.  They are not revenue.

 - Undrawn appropriations - purchasing/workload agreements

2A.9 Where an entity has undrawn appropriation which is required to be returned to Government under a purchasing, workload or other agreement, the entity must recognise the undrawn amount as a liability and not as a reduction in appropriation revenue.

-Previous years’ outputs

2A.10 Where additional work is requested by government with funding to follow in the subsequent period, as ‘previous years outputs’, the agency may book a revenue and an appropriation receivable so long as the transaction is appropriately evidenced. Evidence will include at a minimum, written ministerial agreement. The subsequent appropriation for prior years’ outputs will reduce the appropriation receivable.

Appropriations – adjustments to current year appropriation

2A.11 Formal additions or reductions to recognition of departmental appropriations occur when an entity has gained or lost the capacity to control the appropriation. Formal additions or reductions necessitate adjustments to recognition and/or disclosure of appropriations to the extent they have not already resulted in adjustments in previous years.

2A.12 To be a formal addition or reduction, the gain or loss of control must be evidenced in writing from the appropriate authority as outlined in Clause 2A.13 of this Policy.

2A.13 Departmental appropriations may only be adjusted, by formal additions or  reductions, in the current year, for the current year, which are as follows:

(a)                   appropriations under section 31 of the FMA Act;

(b)                   transfers of appropriation under section 32 of the FMA Act;

(c)                    other amounts (excluding section 31) determined by the Finance Minister (or delegate) or an Agency Minister or Presiding Officer under Part 3 Additions to basic appropriations of Appropriation Acts;

(d)                   determination of reductions in accordance with the Appropriation Acts;

(e)                    adjustments as stipulated by any agreement that provides for additional revenue for over delivery, such as purchasing, workload or other agreements;

(f)                     adjustments made as a result of a decision by the Government, for an entity to provide additional outputs during the current financial period that will be provided for in the subsequent financial period; and/or

(g)                   all other reductions (including savings approved during the year), made as a consequence of a policy of the Government, evidenced by a decision of the Cabinet or the Prime Minister.

2A.14 The agreements referred to in Sub-clause 2A.13(e) of this Policy must:

(a)              set out one or more quantifiable deliverable(s) and/or a specific amount of appropriation relating to each; and

(b)              be approved by, or arise from, Ministerial or cabinet decisions prior to the funding being given.

Administered Annual Appropriations

2A.15 Administered appropriations must be disclosed when drawn down in the ‘Administered Reconciliation Table’ (in accordance with Clause 6A.3 of this Schedule), and not as revenue.

-State Payment Items

2A.16 The funding for State payment items (Specific Purpose Payments to the States and Territories) shall be reported as administered appropriations.

Special Appropriations – limited and unlimited

2A.17 Agencies must report the amounts appropriated in the current year, under limited and unlimited special appropriations for which they are responsible as follows:

(a)              for departmental special appropriations, recognise and disclose the amount appropriated as revenue when the obligation for which the special appropriation exists is incurred; and

(b)              for administered special appropriations, disclose in the ‘Administered Reconciliation Table’ the amount appropriated when it is transferred into an agency’s administered bank account.

2A.18 Where an Agency has paid money out of the CRF from a special appropriation               that is not the ‘responsible entity’:

(a)              the ‘responsible entity’ must disclose the name of the entity to which it has given authority to act as its agent and apply the reporting requirements outlined at Clause 2A.19 of this Policy; and

(b)              the entity that has paid money out of the CRF against a special appropriation must disclose the name of the ‘responsible entity’ and apply the reporting requirements outlined at Clause 2A.20 of this Policy.

2A.19 The ‘responsible entity’ is to include the relevant details of its special appropriations in the following elements of its financial statements:

(a)                For administered special appropriations:

(i)                       administered expenses as part of the Schedule of Administered Items in accordance with Appendix A of this Schedule;

(ii)                       administered assets and liabilities as part of the Schedule of Administered Items in accordance with Appendix A of this Schedule;

(iii)                       administered cash flows as part of the Schedule of Administered Items in accordance with Appendix A of this Schedule;

(iv)                       administered reconciliation table in accordance with Clause 6A.3 of this Schedule;

(v)                       appropriation Tables C, D, E and F of Policy 2C of this Schedule (as appropriate); and

(vi)                       where applicable, full disclosure of the relationship between the ‘responsible entity’ and the entity paying moneys from the CRF.

(b) For departmental special appropriations:

(i)                   departmental revenues and expenses as part of the Income Statement in accordance with Appendix A of this Schedule;

(ii)                   departmental assets and liabilities as part of the Balance Sheet in accordance with Appendix A of this Schedule;

(iii)                   departmental cash flows as part of the Cash Flow Statement in accordance with Appendix A of this Schedule;

(iv)                   appropriation Tables C, D, E and F of Policy 2C of this Schedule (as appropriate); and

(v)                   where applicable, full disclosure of the relationship between the ‘responsible entity’ and the entity paying moneys from the CRF.

2A.20 An Agency paying moneys out of the CRF on behalf of a ‘responsible entity’ against a special appropriation must include relevant details of the special appropriation as a separate note in its financial statements as follows:

(a) full disclosure of the relationship between the entity paying from the CRF and each ‘responsible entity’; and

(b)               for each special appropriation, the amount of receipts, subsequent payments from the CRF and the resulting balance of any moneys held using Table G of Policy 2C of this Schedule.

2A.21 Where an agent pays money out of the CRF on behalf of the ‘responsible  agency’, the ‘responsible agency’ must ensure that systems and processes are in place to enable appropriate reporting of the special appropriation.

2B Departmental and Administered Items

Policy

2B.1 This Policy applies when determining the classification of an item as ‘departmental’ or ‘administered’ for the purpose of preparing accrual-based financial statements (i.e. for all reporting other than in the appropriation and Special Account disclosures notes required by Policies 2C and 2E of this Schedule).

2B.2 Subject to a reclassification by the Finance Minister of an item under Clause 2B.6 of this Policy, an amount explicitly described in an Act (including an annual Appropriation Act) as being ‘departmental’ or ‘administered’, is classified, for the purposes of accrual reporting in the financial statements as described in the Act.

2B.3 All amounts appropriated as State payment items (Specific Payments to the States and Territories) in the annual Appropriation Acts are to be classified as administered items for accrual reporting purposes in the financial statements.

 

2B.4 Other than as provided in Clauses 2B.2 and 2B.3 of this Policy, all other assets, liabilities, income, expenses, cash flows, contingencies and commitments will be classified as ‘departmental’ or ‘administered’ according to the following rules:

(a)                     ‘Departmental items’ are those which the entity controls that are applied to the production of the entity’s own outputs; [1] and

(b)                    ‘Administered items’ are those that the entity does not control and which are subject to highly prescriptive rules or conditions established by legislation, or Australian Government Policy, in order to achieve Australian Government outcomes.

2B.5 Specific reporting requirements apply in relation to trust moneys (refer to Policy 3C of this Schedule).

2B.6 Approval for classifications of new items and reclassifications of existing items is to be obtained from the Finance Minister or a person authorised by the Finance Minister.

2C Disclosures of Appropriations

Policy

2C.1 Entities must make the disclosures in tabular form in the notes to the financial statements required by this Policy for all appropriations.

Table A: Acquittal of Authority to Draw Cash from the Consolidated Revenue Fund for Ordinary Annual Services Appropriations1, 14

• Particulars Administered Expenses Departmental Outputs Total
• Outcome 1 Outcome …'n'
• 2006 2005 2006 2005 2006 2005 2006 2005
• $ $ $ $ $ $ $ $
• Balance carried from previous period
• Reductions of appropriations (prior years) 2
• Adjusted balance carried from previous period [A]
• Appropriation Act (No.1) 3
• Appropriation Act (No.3) 4
• Departmental adjustments by the Finance Minister (Appropriation Acts) 5
• Comcover receipts (Appropriation Act s13)
• Advance to the Finance Minister 6
• Adjustment of appropriations on change of entity function (FMA s 32)
• Refunds credited (FMA s 30)
• Appropriation reduced by section 9 determinations (current year) 7
• Sub-total Annual Appropriation [B]
• Appropriations to take account of recoverable GST (FMA s 30A) 8 [C]
• Annotations to ‘net appropriations’ (FMA s 31) [D]
• Total appropriation available for payments [A+B+C+D]
• Cash payments made during the year (GST inclusive) [E]
• Appropriations credited to Special Accounts (excluding GST) [F]
• Balance of Authority to Draw Cash from the Consolidated Revenue Fund for Ordinary Annual Services Appropriations13 [A+B+C+D+E+F]
• Represented by:
• Cash at bank and on hand
• Departmental appropriations receivable*1, 9
• GST receivable from the ATO*1
• Departmental appropriations receivable – drawing rights withheld by the Finance Minister (FMA s27(4))*1, 9
• Formal reductions of appropriation*1, 10
• Departmental appropriation receivable (appropriation for additional outputs)*1, 11
• Undrawn, unlapsed administered appropriations
• Total

 

 

1         The amounts recorded in this table are primarily on a cash basis. However where indicated by an asterisk (*) the amount recorded should be an accrual amount.

2         Entities must distinguish between “reductions for prior years” through section 8 and 9 determinations relating to previous years, and “appropriation that was reduced by a section 9 determination for the current year”, and disclose the former here. In determining the amount to be disclosed for section 8 determinations, entities must disclose the amount the appropriation was reduced by (e.g. annual appropriation, less all adjustments such as section 32, less section 8 determination amount equals the amount of appropriation reduced by the section 8 determination).

3         As per Appropriation Act (No.1) 2005-2006, and where appropriate, Appropriation (Parliamentary Departments) Act (No.1) 2005-2006.

4         This item must be as per Appropriation Act (No.3) 2005-2006, and where appropriate, Appropriation (Parliamentary Departments) Act (No.2) 2005-2006.

5         Section 11 Appropriation Acts (No.1) and (No.3) 2005-2006 or section 13 of Appropriation (Parliamentary Departments) Acts (No.1) and (No.2) 2005-2006.

6         Section 12 Appropriation Acts (No.1) and (No.3) 2005-2006 or section 14 of Appropriation (Parliamentary Departments) Acts (No.1) and (No.2) 2005-2006.

7         This amount will be the current year amount of appropriation for departmental and/or administered items that was reduced by a section 9 for Act 1 and equivalent for Act 3 determinations by the Finance Minister before 30 June.

8         The amount recorded will be the amounts of GST appropriated during the reporting period (i.e. cash paid basis), but will need to exclude GST appropriated for payments to Special Accounts. This will allow for comparability between appropriation disclosure under this Policy and the disclosure of special accounts under Policy 2E of this Schedule.

9         Entities must disclose the appropriation receivable net of that amount for which the Finance Minister “withheld the drawing right” and separately disclose the amount of appropriation receivable whose drawing rights have been withheld.

10      Where an adjustment meets the recognition criteria of a formal reduction to an appropriation, in accordance with Clause 2A.15 of this Schedule, but at law the appropriation has not been reduced, the entity must disclose those amounts as an aggregate.

11      This item must equal the amount of appropriation promised to an entity to provide additional outputs in the current year with appropriation to be provided in the following year.

12      If an entity prefers, the comparative year information may be shown to the right of the current year columns. If this approach is taken, the more extensive current year disclosure requirements must be used for both years.

13      This table refers to the long title of Appropriation Acts 1 and 3, which is “An Act to appropriate money out of the Consolidated Revenue Fund for the ordinary annual services of the Government, and for related purposes”. This table includes Appropriation (Parliamentary Departments) (No. 1) Act.

14      The “Represented by” lines in Table A and related footnotes 9-11 are intended to report a reconciliation between the balance of each appropriation legally available as at 30 June each year and the balances of cash and appropriations receivables for departmental items and the balance of cash in an agency’s administered bank accounts for administered items.  Entities should report any other reconciling items if applicable.

 

Table B:  Acquittal of Authority to Draw Cash from the Consolidated Revenue Fund for Other than Ordinary Annual Services Appropriations1, 15

 

• Particulars Operating Non – operating Total
• Outcome 1 Outcome…'n'
• SPPs2 NAE3 SPPs2 NAE3 Equity Loans Previous Years’ Outputs Admin assets and liabilities
• 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005
• $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
• Balance carried from previous period
• Reduction of appropriations (prior years) 4
• Adjusted balance carried from previous period [A]
• Appropriation Act (No.2) 5
• Appropriation Act (No.4) 6
• Departmental Adjustments and Borrowings7
• Advance to the Finance Minister 8
• Adjustment of appropriations on change of entity function (FMA s32)
• Refunds credited (FMA s30)
• Appropriation reduced by a section 11 determination (current year) 11
• Sub-total Annual Appropriation [B]
• Appropriations to take account of recoverable GST (FMA s30A) 9[C]
• Total appropriations available for payments[A+B+C]
• Cash payments made during the year (GST inclusive) [D]
• Appropriations credited to Special Accounts (GST exclusive) [E]
• Balance of Authority to Draw Cash from the Consolidated Revenue Fund for Other Than Ordinary Annual Services Appropriations15 [A+B+C+D+E]
• Represented by:
• Cash at bank and on hand
• Appropriation receivable*1, 11
• GST receivable from the ATO*1
• Departmental appropriation receivable – Drawing rights withheld by the Finance Minister (FMA s27(4)) *1, 11
• Formal reductions of appropriation revenue*12
• Departmental appropriation receivable (appropriation for additional outputs)* 13
• Undrawn, unlapsed administered appropriations
• Total

1         The amounts recorded in this table are primarily on a cash basis. However, where indicated by an asterisk (*) the amount recorded should be an accrual amount.

2         State payment items (Specific Payments to the States and Territories) (refer Budget Papers).

3         New Administered Expenses.

4         For this item, entities must distinguish between “reductions for prior years” through section 7, 8 and 11 determinations made during the current year that relate to previous years, and “appropriation that was reduced by a section 11 determination for the current year”, and disclose the former. In determining the amount to be disclosed for section 8 determinations, entities must disclose the amount the appropriation was reduced by (i.e. annual appropriation, less all adjustments such as section 32, less section 8 determination amount equals the amount of appropriation reduced by the section 8 determination).

5         As per Appropriation Act (No.2) 2005-2006, and where appropriate, Appropriation (Parliamentary Departments) Act (No.1) 2005-2006.

6         This item must be as per Appropriation Act (No.4) 2005-2006, and where appropriate, Appropriation (Parliamentary Departments) Act (No.1) and (No. 2) 2005-2006.

7         Section 12 Appropriation Act (No.2) and (No.4) 2005-2006 and section 13 of Appropriation (Parliamentary Departments) Acts (No.1) and (No.2) 2005-2006.

8         Section 13 Appropriation Act (No.2) and (No.4) 2005-2006 and section 14 of Appropriation (Parliamentary Departments) Acts (No.1) and (No.2) 2005-2006.

9         The amount recorded will be the amounts of GST appropriated immediately before payments are made (i.e. cash paid basis), but will need to exclude GST appropriated for payments from Special Accounts. This will allow for comparability between appropriation disclosure under this Policy and the disclosure of special accounts under Policy 2E of this Schedule.

10      This amount will be the current year amount of appropriation for departmental and/or administered items that was reduced by a section 9 for Act 1 and equivalent for Act 4 determinations by the Finance Minister before 30 June.

11      Entities must disclose the appropriation receivable net of that amount for which the Finance Minister “withheld the drawing right” and separately disclose the amount of appropriation receivable whose drawing rights have been withheld.

12      Where an adjustment meets the recognition criteria of a formal reduction to an appropriation, in accordance with Clause 2A.13 of this Schedule, but at law the appropriation has not been reduced, the entity must disclose those amounts as an aggregate.

13      This item must equal the amount of appropriation promised to an entity to provide additional outputs in the current year with appropriation to be provided in the following year.

14      If an entity prefers, the comparative year information may be shown to the right of the current year columns. If this approach is taken, the more extensive current year disclosure requirements must be used for both years.

15      To distinguish between appropriations in Table A, for Appropriation Act 1, 3 and Parliamentary Departments 1, this Table B refers to “Other than Ordinary Annual Services Appropriations”. (Refer to note 13, Table A of this Policy.)

Table C: Acquittal of Authority to Draw Cash from the Consolidated Revenue Fund - Special Appropriations (Unlimited Amount) 1, 2, 3

 

 

1 Prepare a separate table for each Act, current as at reporting date. In the heading to the table:

(a)  identify whether the special appropriation is administered or departmental; and

(b)  disclose the outcome it is associated with.

2 Entities must disclose all unlimited special appropriations in this format, excluding those unlimited special appropriations required to be disclosed under Tables D and E of this Policy.

3 For cross-referencing purposes, where an entity makes disclosures under this Table, and at least one other entity has drawn from the same special appropriation, the entity making disclosures under this Table must name those other entities by making the following statement: “(Other entity/entities) also drew from (special appropriation provision/s).”

4 This item must reflect total cash payments made under the special appropriation by the entity during the year.

5 Entities must disclose their Portfolio Budget Statement estimated actual as reported in their 2006-07 budget papers. Cash payments are not legally limited to Budget estimates.

 

Table D: Acquittal of Authority to Draw Cash from the Consolidated Revenue Fund - Special Appropriations (Refund Provisions)1, 2

 

1 Where an Agency has not used section 28 of the FMA Act or any other legislative provision allowing for refunds to be paid, that entity may make the following statement in the notes to their financial statements, in place of disclosing this table: “For the periods 2004-05 and 2005-06, (Entity) has not used section 28 of the FMA Act or any other legislative provision allowing for refunds to be paid.”

2 If the Agency has made repayments using section 28 of the FMA Act or any other legislative provision for repayments required or permitted under law, the entity must disclose the aggregate of all those transactions in this table.

3 Prepare a separate table for each Act, current as at reporting date. In the heading to the table:

(a)  identify whether the special appropriation is administered or departmental; and

(b)  disclose the outcome it is associated with.

4 This item must reflect the total refunds made by the Agency during the year  (including s28 refunds if applicable).

5 Agencies must disclose their Portfolio Budget Statement estimate, and where relevant, adjust this estimate by their Portfolio Additional Estimates Statement estimate, for this item. Cash payments are not legally limited to Budget estimates.

 

Table E: Acquittal of Authority to Draw Cash from the Consolidated Revenue Fund - Special Appropriations  (section 39 of the FMA Act)1

 

1 Where an Agency has a delegation but has not used section 39 of the FMA Act, that Agency may make the following statement in place of disclosing this table: “For the periods 2004-05 and 2005-06, (Entity) has not used section 39 of the FMA Act.”

2 In the heading to the table:

(a)  identify whether the special appropriation is administered or departmental; and

(b)  disclose the outcome it is associated with.

3 Where a section 39 investment has earnt interest, and that interest is redeemed and reinvested, Agencies must include the amount of interest in this item, and state that this amount includes interest and the amount of interest that is included.

4 This is the gross amount.

5 Agencies must disclose their Portfolio Budget Statement estimate, and where relevant, adjust this estimate by their Portfolio Additional Estimates Statement estimate, for this item. Payments are not legally limited to Budget estimates.

 

Table F: Acquittal of Authority to Draw Cash from the Consolidated Revenue Fund - Special Appropriation (Limited Amount)1, 2, 3

 

• Particulars of legislation providing appropriation (including purpose) 2006 2005
• Appropriation by type Appropriation by type
• Amount available carried from previous period
• Appropriation for reporting period
• Appropriations to take account of recoverable GST (FMA s30A) 4
• Available for payments
• Cash payments made during the year (GST inclusive)
• Appropriations credited to Special Accounts
• Appropriations lapsed7
• Amount available carried to the next period
• Represented by:
• Cash
• Departmental appropriation receivable* 5,6,
• Undrawn, unlapsed administered appropriations
• Departmental appropriation receivable – drawing rights withheld by the Finance Minister (FMA s27(4))*5,6
• Total

 

1 Prepare a separate table for each Act, as current at reporting date. In the heading to the table:

(a) identify whether the special appropriation is administered or departmental; and

(b) disclose the outcomes it is associated with.

If a departmental special appropriation includes both outputs and capital funding, please provide separate columns for each type.

2 For cross-referencing purposes, where an entity makes disclosures under this Table, and at least one other entity has drawn from the same special appropriation, the entity making disclosures under this Table must name those other entities by making the following statement: “(Other entity/entities) also drew from (special appropriation provision/s).”

3 Agencies must disclose the amount of limited special appropriations that under the terms of the appropriation lapse due to the passage of time.

4 The amount recorded for this item will be the amounts of GST appropriated immediately before payments are made (i.e. cash paid basis), but will need to exclude GST appropriated for payments from Special Accounts. This will allow for comparability between appropriation disclosure under this Policy and the disclosure of special accounts under Policy 2E of this Schedule.

5 The amounts recorded in this table are primarily on a cash basis. However, where indicated by an asterisk (*) the amount recorded should be an accrual amount.

6 Entities must disclose the appropriation receivable net of that amount for which the Finance Minister “withheld the drawing right” and separately disclose the amount of appropriation receivable whose drawing rights have been withheld.

7 Lapsed for time, or any other, constraints contained within the provisions of the special appropriations enabling legislation.  In this instance, there remains an unspent appropriation that is no longer available. This amount should reduce the ‘Amount available carried to the next period’.

 

 

 

 

 

 

Table G:   Disclosure by agent in relation to special appropriations

 

• Name of legislation providing the appropriation Responsible Agency 1 Responsible Agency 2…‘n’ Total
• Departmental Administered Departmental Administered Departmental Administered
• Total receipts
• Total payments
• Balance

 

 

2C.2 The disclosures required by this Policy for appropriations, including special appropriations, are to be included, in the form specified, regardless of whether the relevant amounts are considered to be material.

2C.3 For special appropriations, a table must be prepared for each Act.

2C.4 For special appropriations, where an appropriation has not been drawn on in the current and the previous year, in place of completing the tables above, an entity may elect to make an abbreviated disclosure that includes all of the following:

(a)               whether the special appropriation is administered or departmental;

(b) the legislative provision that provides the authority for the special appropriation;

(c) the outcomes it is associated with;

(d) the fact that the special appropriation was not drawn on in the current or previous year; and

(e) for limited special appropriations, the balance available.

2C.5 Where there are material variances between the cash payments for the reporting period and the amount appropriated, otherwise authorised or estimated through Budget Estimates, entities should provide an explanation of those variances below the relevant Table.

2C.6 This Policy applies to both departmental and administered items.

 Appropriation for refunds required or permitted by law

2C.7 Each Agency must ensure they have a valid appropriation for all amounts drawn from the Consolidated Revenue Fund for refunds (including repayments) required or permitted by law. These refunds, which include repayments made under section 28 of the FMA Act, should be recognised and/or disclosed under their valid appropriation, and as required by Table D of this Policy.

 

Investment of public money

2C.8 Each entity must recognise and/or disclose all public money invested in authorised investments under section 39 of the FMA Act or surplus funds under sections 18 and 19 of the CAC Act in Table E of this Policy. All money invested under a special account must also be disclosed in accordance with Policy 2E of this Schedule.

2D Reporting of Outcomes and Outputs

Policy

2D.1 Entities in the General Government Sector must disclose in the notes the following tables relating to outcomes and outputs:

Table A: Net Cost of Outcome Delivery

• Outcome 11 Outcome …n1 Total2
• 2006 2005 2006 2005 2006 2005
• Expenses
• Administered
• Departmental
• Total expenses
• Costs recovered 3
• Administered
• Departmental
• Total costs recovered
• Other external income4
• Administered
• Departmental
• Total other external income
• Net cost/(contribution) of outcome

1)          Outcomes are to be as specified in the Appropriation Acts relevant to the entity.

2)          The amounts in the total column for departmental items must agree to the entity’s Statement of Financial Performance and the amounts in the total column for administered items must agree to the entity’s totals in the Schedule of Administered Items.

3) Cost recoveries are defined in the Commonwealth Cost Recovery Guidelines for Information and Regulatory Agencies, Department of Finance and Administration, and in Definition of Terms of this Schedule.

4) Entities should disclose the nature of these external revenues by major class. Where these include intra- or inter- government charges, such charges should be shown separately.

 

Table B: Major Departmental Income and Expenses by Output Groups and Outputs

• Outcome 1#1 Output Group 1.1n Outcome
• Output 1…n Group Total Total
• 2006 2005 2006 2005 2006 2005
• Departmental expenses
• Show each relevant major class
• Total departmental expenses
• Funded by:
• Show each relevant major class of income
• Total departmental income

#1 Entities should prepare a separate Table B for each Outcome, with outcomes as specified in the Appropriation Acts relevant to the entity.

Paragraph 12.7 of AAS 29 Financial Reporting by Government Departments requires disclosure of revenues and expenses by ‘major activity’, which includes outputs.

Table C: Major Classes of Administered Income and Expenses by Outcome1

• Outcome 12 Outcome…’n’2 Total3
• 2006 2005 2006 2005 2006 2005
• Income
• Show each relevant major class
• Expenses
• Show each relevant major class

 

1) Paragraph 12.9 of AAS 29 Financial Reporting by Government Departments requires disclosure of administered revenues and expenses by ‘major activity’.

2) Outcomes are to be as specified in the Appropriation Acts relevant to the entity.

3) The amounts in the total column for administered items must agree to the entity’s totals in the Schedule of Administered Items.

2D.2 Entities must state, in footnotes to these Tables, whether the net costs shown include intra-government costs (e.g. rent paid on Australian Government owned premises or fees for service) that would be eliminated in calculating the actual Budget outcome.

2D.3 Entities preparing these tables must attribute shared items using a basis that most accurately allocates the total cost or income to each output or outcome. If this basis differs from that used in preparing the Budget, additional disclosure must be included to explain the variation.

2D.4 Where an output or outcome changes during the year, entities must:

(a) match the changed output or outcome to accord with the adjusted output or outcome arrangements approved through the portfolio additional estimates process and published in an Appropriation Act; and

(b) apportion the amounts disclosed between the new and former outputs or outcomes, based on the date that the Appropriation Act notifying the change received Royal Assent, so that entities report against the original outputs or outcomes up to the date of the change and against the revised outputs or outcomes after that date.

 

2D.5 The attribution method used to apportion shared items must be reliable and  must be disclosed in the text accompanying the tables (see AAS 29 paragraph 12.7).

2D.6 This Policy applies to both departmental and administered items.

2D.7 The amounts disclosed must be net of refunds and adjustments.

2E Special Accounts

Policy

2E.1 Agencies must:

(a)              prepare a separate table for each Special Account used during the current year or comparative year; or

(b)              apply Clause 2E.3 of this Policy where the Special Accounts have not been used during the current year and comparative year; and

(c)              disclose the table/s or disclosure as required by Clause 2E.3 of this Policy, in the notes to the financial statements.

Table A:              Special Accounts

 * Special Accounts may not have a debit balance at any point.

1) In the heading information, entities should also indicate:

(a)               whether the account is administered, departmental or Special Public Money in nature;

(b)               the purpose of the Special Account; and

(c)               the authority under which the Special Account was established.

[Note: Where a Special Account was established by other Acts, the enabling legislation should also be disclosed.]

2) Where a Special Account’s status has changed during the year (e.g. established, varied, revoked or abolished), the nature and date of effect of each change should be included in the heading information. Where the nature of these changes are significant, consideration should be given as to whether two disclosure tables should be prepared for the “before” and “after” periods.

3) Each current year Appropriation Act should be reported on a separate line in the table and the total amount transferred and reported should agree with the Special Accounts disclosures as required by Policy 2C of this Schedule.

4) Major classes are as per the primary statements in Appendix A of this Schedule. Where legislation directly credits a Special Account with amounts, this table should include a line ‘Amounts credited under the (full name of) Act’. Where interest is credited to a Special Account, this table should include a line ‘Interest amounts credited’.

Table B:              Special Accounts Investment of Public Money 1, 2, 3

 

1 If a delegation has been made under section 39 of the FMA Act to the CEO of the Agency in respect of the Special Account, and that delegation has been used, the Agency must disclose the aggregate of all those transactions in this table.

2 Where an Agency has not used section 39 of the FMA Act in respect of the Special Account, that Agency may make the following statement in place of disclosing this table: “For the periods 2004-05 and 2005-06, (Agency) has not used section 39 of the FMA Act in respect of this Special Account.”

3 This Table must reflect investments made under section 39 of the FMA Act by the Agency in respect of this Special Account.

2E.2 Agencies that invest amounts standing to the credit of a special account, using a valid delegation of FMA Act section 39 investment powers, should disclose the net amount invested during the year in the text accompanying the Special Account table(s).

2E.3 Special Accounts which have not been used during the current year and comparative year, regardless of whether they have a nil or positive balance, may make the following disclosure instead of preparing the table at Clause 2E.1 of this Policy:

(a)              the Special Account’s title;

(b)              whether the account is administered, departmental or Special Public Money in nature;

(c)              the purpose of the Special Account;

(d)              the authority under which the Special Account was established;

(e)              a statement noting the Special Account has not been used during the current year and comparative year; and

(f)              the Special Account’s balance.

2E.4              Disclosures required by this Policy are to be included, in the form specified, regardless of whether the relevant amounts are considered to be material.

2E.5              This Policy applies to both departmental and administered items.

CHAPTER 3 ASSETS

3A Non-Financial Assets (previously Internal Use Software/Non-Current Assets/Impairment of Non-Financial Assets/Analysis of Property, Plant and Equipment and Intangibles)

Policy

Non-Financial Assets

3A.1 Subject to 3A.7, entities must revalue every class of assets that include assets of the types listed below, on the fair value basis ie the revaluation method under AASB 116 Property, Plant and Equipment, or the fair value model under AASB 140 Investment Property, as appropriate:

(a)               land;

(b)               land and buildings;

(c)                infrastructure, plant and equipment;

(d)               heritage and cultural assets; and

(e)                investment properties.

3A.2 In the absence of an active market the cost basis must be applied to intangible assets. Intangibles shall be carried at fair value where an active market exists.

3A.3 The cost basis must be applied to Specialist Military Equipment, subject to satisfactory compliance with the transitional provisions of AASB 1.

3A.4 Revaluations must be made with sufficient regularity to ensure that the carrying amount of assets does not differ materially from fair value as at reporting date.  The frequency of valuations will depend on the significance and volatility in changes to the fair value of the relevant assets. 

3A.5 Non-financial assets may be revalued progressively.

3A.6 This Policy applies to both entity and administered assets.

3A.7 A for-profit entity or an Authority that is a university may elect not to apply the requirements at Policies 3A.1 to 3A.5.

Impairment of Non Financial Assets

3A.8 Entities, or parts of entities, other than those whose predominant purpose is to generate net cash inflows, are not cash-generating units for the purpose of AASB 136 Impairment of Assets.

Analysis of Property, Plant and Equipment, and Intangibles

3A.9 Notes to the financial statements must include the following listed tables, where applicable, in accordance with Appendix A:

Table A: Reconciliation of the Opening and Closing Balances of Property, Plant and Equipment;

Table B: Property, Plant and Equipment Held under Finance Lease;

 Table C: Property, Plant and Equipment under Construction;

 Table D: Reconciliation of the Opening and Closing Balances of  Investment Property;

Table E: Reconciliation of the Opening and Closing Balances of Intangibles; and

Table F: Intangibles under Construction.

 

Borrowing Costs

3A.10              Borrowing costs are to be expensed as incurred. The Alternative Treatment allowed under AASB 123 is not to be adopted.

 

3B Restricted Assets

Policy

3B.1 Where the use of an asset that is recognised in the Balance Sheet and/or Schedule of Administered Items is restricted, wholly or in part of, by regulations or other externally-imposed requirements, and information about those restrictions is relevant to assessing the performance or financial position of the entity, the following must be disclosed:

(a)                   the identity and carrying amount of the assets; and

(b)                  the nature of the restrictions.

3B.2 Where the use or holding of an asset is subject to restrictions, the fair value ascribed to that asset should reflect those restrictions.

3B.3 This Policy applies to both entity and administered assets.

3C Assets Held in Trust

Policy

3C.1 The financial statements of entities must include a note giving particulars of assets, cash and non-cash, held in trust but not controlled by the entity nor managed on behalf of the Australian Government.

3C.2 A summary of the categories of assets held at the end of the reporting period and the purpose for which they are being held must be disclosed for assets referred to in Clause 3C.1.

3C.3 In relation to cash assets, there must be disclosed, for each significant category, the:

(a)            total amount held at the beginning of the reporting period;

(b)            total receipts during the reporting period;

(c)             total payments during the reporting period; and

(d)            total amount held at the end of the reporting period:

 (i) by the entity; and

(ii) in the Official Public Account.

3C.4 In relation to non-cash assets, there must be disclosed, for each significant category:

(a)                a short description of each category;

(b)               the value of assets acquired or disposed of during the reporting period; and

(c)                the value of assets at the end of the reporting period.

3D Heritage And Cultural Assets

Policy

3D.1 Heritage and cultural items should only be recognised as assets where they meet the asset definition and recognition criteria set out in the AASB Framework for Preparation and Presentation of Financial Statements (Framework).

3D.2 Heritage and cultural assets should be depreciated over the period they will be held and used. Heritage and cultural assets should not be depreciated if there is no foreseeable limit to the period over which they are held and used.

3D.3 When an entity controls or administers heritage and cultural items that are not recognised as assets, the notes to the financial statements must disclose:

(a)                a description of those items;

(b)               the reason for non-recognition of those items;

(c)                the amount expended to acquire such items during the financial year; and

(d)               the amount of proceeds from the disposal of such items during the financial year.

3D.4 This Policy also applies to those components of assets that have heritage or cultural value, where these can be separately identified from, and are material in relation to, the asset as a whole.

3D.5 This Policy applies to both entity and administered items where applicable.

CHAPTER 4 LIABILITIES

4A              Contingent Liabilities and Contingent Assets

Policy

4A.1 Contingent liabilities and contingent assets that can be reliably measured must be included in the Schedule of Contingencies, in accordance with Appendix A of this Schedule, except where the probability of a liability or asset being recognised in the future is remote. Equivalent disclosure for administered contingent liabilities and contingent assets must be included in the Schedule of Administered Items.

4A.2 Contingent liabilities and contingent assets must be classified in accordance with the categories in the Schedule of Contingencies. Material remote contingent liabilities and contingent assets must be explained in a note to the financial statements that includes the information referred to in paragraphs 86 and 89 of AASB 137 Provisions, Contingent Liabilities and Contingent Assets.

4A.3 The reference in paragraph 92 of AASB 137 to ‘entity’ must be read as ‘the entity, another Australian Government entity or the Australian Government as a whole’.

4B Commitments

Policy

4B.1 Commitments are:

(a) intentions to create liabilities, as evidenced by undertakings or agreements to make future payments to other entities; and

(b) unrecognised liabilities that are obligations contained in a contract, agreement or undertaking that are equally proportionately unperformed, except where the obligation is an onerous contract as defined in AASB 137 Provisions, Contingent Liabilities and Contingent Assets.

4B.2 The nature, and where quantifiable the amount, of each category of commitments must be disclosed in a Schedule of Commitments in accordance with the tables in Appendix A. Equivalent disclosure for administered commitments must be included in the Schedule of Administered Items.

4B.3 Commitments may be capital, non-capital, payable or receivable.

4B.4 The provisions of this Policy apply to both entity and administered items.

 

4C              Employee Entitlements (New Policy)

Policy

4C.1 This Policy is based on the requirements of AASB 119 Employee Benefits as issued in December 2004. All entities are required to early adopt this version of AASB 119 Employee Benefits.

 

4C.2 Entities must identify any annual leave that is not expected to be consumed within twelve months after the end of the period in which the employees render the related service and ensure it is discounted in accordance with AASB 119.

4C.3 Entities with less than 1,000 full-time equivalent employees (FTE) may continue to use the shorthand method when calculating long-service leave liability.

4C.4 Entities with more than 1,000 FTE are to undertake their own assessments to estimate the liability for long service leave. The method of doing this would be one of the following:

(a)                    if the entities employee profile is, demonstrably, not materially different than the Australian Government’s standard profile use the shorthand method;

(b)                    undertake an actuarial assessment ; or

(c)                     use a detailed calculation basis (eg. employee by employee).

4C.5 Public Finance Corporations (PFCs), Government Business Enterprises (GBEs) and Air Services Australia can apply any of the three recognition options for actuarial gains and losses for defined benefit plans. All other entities are to apply the “direct to retained profit” option of recognising actuarial gains and losses  for defined benefit plans. This is applicable to entity and administered items.

4C.6 Defined benefit post employment plans where the actuarial and investment risk falls to other parties are considered defined contribution plans. Whilst the CSS, PSS Defined Benefit Plans and MSBS are defined benefit plans at the whole-of-government level, agencies contributing to these schemes are to account for these contributions under AASB 119 as if they were defined contribution plans.

4C.7 Entities that have been advised by Finance that they will have an additional employer lump sum contribution should show a liability for this amount at balance date.

4C.8 The new PSS Accumulation Plan is considered a Defined Contribution Plan from the point of view of both agencies and at the whole-of-government level.

4C.9 Plans where the actuarial risk falls on the agency must be accounted for as defined benefit plans.

4C.10 The market yield on long-term government bonds must be referenced when determining a discount rate for discounting purposes.

 

 

CHAPTER 5 EQUITY

5A              Restructure

Policy

5A.1 Where restructures have occurred during the reporting period, the financial statements of entities must include a note giving particulars of the restructure.

5A.2 Non-reciprocal transfers of assets and liabilities resulting from a restructure between:

(a) wholly owned Australian Government entities; or

(b) departmental and administered classifications

due to:

(i)              an Australian Government decision;

(ii)              an Administrative Arrangements Order (AAO);

(iii)              an Act of Parliament or a Regulation under an Act; or

(v)                a Written Agreement between the relevant Portfolio Minister(s) and the Finance Minister or the Prime Minister, as appropriate;

 

 are to be treated as contributions by, or distributions to, owners and must be recognised as direct adjustments to ‘Equity’ (Restructuring) at their net book value (less any token consideration) immediately prior to transfer. For the purposes of UIG Interpretation 1038 Contributions by Owners Made to Wholly-Owned Public Sector Entities, Clauses 5A.2(b)(i) to (iv) of this Policy are formal designations of transfers as contributions by or distributions to owners.

5A.3 Paragraphs 7.4, 10.6 – 10. 9 of AAS 29 Financial Reporting by Government Departments apply to all Australian Government agencies.

5A.4 Transfers of administered assets or liabilities between two wholly owned Australian Government entities do not result in any income or expenses. Transfers of administered items must always be adjusted to Administered transfers to or from Government (Restructuring) at their net book value immediately prior to transfer.

5A.5 All other transfers of assets and liabilities from one entity to another must be treated as giving rise to income or expenses in the financial period the transfer occurs.

5A.6 This Policy applies to entity and administered items.

5B Return of Funds (previously Analysis of Equity)

Policy

Returns on Capital - Dividends

5B.1 Where legislation provides that a Minister(s) may determine the amount to be paid as a dividend or similar distribution from a wholly-owned Australian Government entity, with or without recommendation or proposal from the               entity, the entity must recognise a liability for that dividend or distribution at               the date of the Ministerial determination.

5B.2 Where the entity is required to pay its full profit for the year to the Australian Government, a liability must be recognised for an amount equal to profit for the current year as at the entity’s reporting date.

5B.3 Where any entity is required to pay its profit for the year to the Australian Government after the deduction of certain amounts, a liability for dividend must be recognised if those amounts are known before the date of completion of the financial statements. If these amounts are not known before this date, the entity should instead disclose a contingent liability.

Repayments of Appropriations

5B.4 Where an Agency makes payments to the Official Public Account (OPA) in the nature of repayments of amounts drawn down but does not relinquish the right to redraw those amounts, the entity should account for this by increasing ‘Appropriations Receivable’. Such payments are neither returns on capital nor returns of capital.

Returns of Capital

5B.5 Where an entity relinquishes control of funds which had been recognised as appropriation revenue in a previous year, by making a non-reciprocal payment to the Official Public Account, other than as a dividend (as provided in Clauses 5B.1 to 5B.3 of this Policy, or otherwise), the entity shall account for the payment by debiting ‘Equity’.

5B.6 An entity shall recognise a debit to ‘Equity’, as required by Clause 5B.5 of this Policy, when a departmental appropriation is reduced pursuant to a determination of reduction in accordance with Appropriation Acts, to the extent the entity has not previously recognised a debit entry evidencing control of the appropriation has been relinquished.

Timing of recognition

5B.7 Reductions in ‘Equity’ under Clauses 5B.5 and 5B.6 of this Policy are recognised in the financial statements of the entity:

(a)              if they are required by Ministerial direction, at the date of that direction;

(b)              if they are reductions to departmental appropriations pursuant to a determination of reduction in accordance with Appropriation Acts, at the date of that direction; or

(c) in all other cases, at the date that payment is made.

CHAPTER 6 ADMINISTERED ITEMS

6A Administered Reporting

Policy

6A.1 The financial statements of an entity which administers activities for the Australian Government must include a Schedule of Administered Items and associated Administered Notes:

(a)              is in the form prescribed in Appendix A Section 3 of this Schedule;

(b)              includes the Administered Reconciliation Table in accordance with Clause 6A.3 of this Policy;

(c)              includes disclosures in relation to accounting policies and financial instruments in accordance with the relevant accounting standards, and

(d)              uses background shading for the Schedule of Administered items and Administered Notes.

The Australian Office of Financial Management (AOFM) is excluded from the requirement to present a ‘Schedule of Income Administered on Behalf of Government’ and a ‘Schedule of Expenses Administered on Behalf of Government’ and associated disclosures as presented in Appendix A, Section 3.  AOFM should instead adhere to the income statement reporting requirements contained in AASB 101 Presentation of Financial Statements.  

6A.2 The Schedule of Administered Items and Administered Notes must:

(a)              to the extent that it is applicable, comply with Policy 1B of this Schedule;

(b)              comply with all applicable requirements of this Schedule; and

(c)              state in the heading of or as a footnote to the Schedule of Administered Items a brief description of the activities being administered on behalf of the Australian Government.

6A.3 Administered Reconciliation Table

 

6B Administered Investments

Policy

6B.1 “Administered investment” is defined for the purpose of this Policy as an investment by the Australian Government in a subsidiary, associate or joint venture that is managed by an entity on behalf of the Australian Government.

6B.2 Administered investments, other than those held for sale in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations, should be measured at fair value.  If it is necessary to use cost or deemed cost, in accordance with paragraph 19 of AASB 1, the fair value approximation of cost to be used is fair value at 30 June 2005 as adjusted for known changes, such as changes in equity, during the year ended 30 June 2006. For the purposes of paragraph 19 of AASB 1, the transition to AEIFRS and the changes in valuation requirements are considered to be a significant event.

Impairment

6B.3 Administered investments, other than those held for sale or carried at fair value, are subject to impairment under AASB 136 Impairment of Assets.

6B.4 For the purposes of AASB 136, the depreciated replacement cost of an administered investment is equal to the Commonwealth’s share of the net assets of the investee measured in accordance with the Australian Accounting Standards applicable to the investee.

Administered Investments Held for Sale

6B.5 Administered investments are subject to the measurement provisions of AASB 5 when they become held for sale as defined in that Standard.

6B.6 The costs of sale of an administered investment are expensed as incurred, regardless of whether the investment meets the criteria to be ‘held for sale’ in AASB 5. Costs of sale are not added to the carrying amount of administered investments.

6B.7 The following particulars must be disclosed in the administered notes for each sale of an administered investment:

(a)                 proceeds from sale;

(b)                written down value of the asset sold;

(c)                 recognised gain or loss on sale;

(d)                selling costs incurred; and

(e)                 the net gain or loss after deducting selling costs incurred.

 

CHAPTER 7 SPECIFIC NOTE DISCLOSURES

7A Compensation and Debt Relief in Special Circumstances

Policy

7A.1 Disclosures under this Policy must be made regardless of whether the relevant amounts are considered to be material.

7A.2 The financial statements must include a note showing any expenses and/or liabilities in relation to each of the following:

(a)              act of grace payments made under subsection 33(1) of the Financial Management and Accountability Act 1997 (FMA Act);

(b)              waivers of debt owing to the Australian Government, (being amounts that the entity would, but for the waiver, have been entitled to receive on behalf of the Australian Government);

(i) pursuant to subsection 34(1) of the FMA Act; and

(ii) pursuant to other legislation, which must be specified;

(c) payments under the Compensation for Detriment caused by Defective Administration (CDDA) Scheme;

(d) payments under approved ex-gratia programmes, the nature of which must be identified; and

(e) payments in special circumstances relating to APS employment pursuant to section 73 of the Public Service Act 1999 (PS Act).

7A.3 The note must disclose the number of cases and total amount expensed during the reporting period under each of the mechanisms specified at Clause 7A.2. In addition, where any of the act of grace cases expensed during the reporting period include periodical payments for specified periods (paragraph 33(1)(b) of the FMA Act refers), the note must separately identify the number of such cases and the total amount expensed in relation to those cases.

7A.4 The note must disclose the number and aggregate present value amount of those cases relating to any provisions at the end of the reporting period under each of the mechanisms specified at Clause 7A.2. This requirement is particularly relevant where cases under the act of grace mechanism include periodical payments for specified periods past the reporting date, but may also apply to any of the other mechanisms in particular circumstances.

7A.5 Each disclosure required by this Policy must be cross-referenced with other relevant notes, and/or schedules, as applicable.

7A.6 This Policy applies to departmental and administered items, which must be distinguished in the relevant note.

 

7B Director/Executive Remuneration

Policy

7B.1 Disclosures under this Policy must be made by Australian Government entities. For-profit entities are exempt from this Policy, as they are already required to disclose information in accordance with AASB 124 Related Party Disclosures.

7B.2 The following must be disclosed in the notes to the financial statements of an Authority:

(a)               the number of Directors of the Authority whose total remuneration for the financial year derived from the Authority in connection with the management of the affairs of the entity or its subsidiaries, whether as a Director or otherwise, falls within each band of $15,000;

(b)              the total of the remuneration referred to in paragraph (a) of all Directors referred to in that paragraph; and

(c)               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 Authority and its subsidiaries, for the financial year.

7B.3 The following information must be disclosed in the notes to the financial statements in regard to the remuneration of senior executives:

(a)              the aggregate remuneration of all senior executives of the entity whose remuneration for the financial year is $130,000 or more; and

(b)              the number of managers of the entity whose total remuneration for the financial year falls within each successive $15,000 band, commencing at $130,000;

 being 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 entity or any of its subsidiaries, whether as a senior executive or otherwise.

7B.4 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:

(a)              the aggregate remuneration of all senior executives of the economic entity whose remuneration for the financial year is $130,000 or more; and

(b)              the number of managers of the economic entity whose total remuneration for the financial year falls within each successive $15,000 band, commencing at $130,000;

being 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 senior executive or otherwise.

7B.5 In addition to all other requirements of this Policy, the aggregate amount of separation and redundancy expenses for senior executives should be disclosed separately.

7C Remuneration of Auditors

Policy

7C.1 Disclosures under this Policy must be made regardless of whether the relevant amounts are considered to be material.

7C.2 The financial statements of an entity must include a note giving particulars of the remuneration of auditors for:

(a)              auditing the financial statements for that reporting period; and

(b)              any other services provided during that reporting period.

7C.3 The fair value of any of the services provided free of charge by the Auditor-General must be shown in the notes to the financial statements. For the purpose of this Policy, performance audits are not taken to be services provided to an entity.

7C.4 Authorities must disclose the extent to which auditors’ remuneration is paid to an auditor other than the Auditor-General.

7D Investment of Surplus Money by Authorities (New Policy)

Policy

7D.1 The financial statements of an Authority must include a note giving particulars of any investments held that are not covered by paragraphs 18(3)(a)-(c) of the Commonwealth Authorities and Companies Act 1997 (CAC Act).

7D.2 Details should include the statutory basis for holding additional investment(s) outside those allowed under paragraphs 18 (3)(a)-(c) of the CAC Act, including whether an approval has been received by the authority under paragraph 18(3)(d) of the CAC Act.

CHAPTER 8

8A Financial Instruments (New Policy)

Policy

8A.1 AEIFRS give entities a choice over whether to restate comparative (i.e. 2004-05) information on financial instruments in the first financial report prepared under AEIFRS. For consistency across government, this Policy prohibits restatement. Instead, entities should make the additional disclosures required by paragraph 36A of AASB 1 First Time Adoption of International Financial Reporting Standards viz:

(a)               the fact that comparatives have not been restated;

(b)              the recognition and measurement basis for the comparative information; and

(c)               the nature of the main adjustments that would be necessary to conform the comparative information to AEIFRS.

Public Finance Corporations (PFCs) may choose not to apply this policy, if by its non-application, more useful financial information results.

8A.2 On initial adoption of AEIFRS, an entity must classify all financial instruments that are traded in markets as either:

(a)            available-for-sale financial instruments; or

(b)           held at fair value through profit and loss,

where these classifications are permitted by AASB 139 Financial Instruments: Recognition and Measurement, unless it is a financial liability resulting from the issue or reissue of Australian currency notes, in which case it should be classified in accordance with AASB 139. Where an accounting standard or other financial framework document requires an entity to make a designation to adopt a particular accounting treatment, a designation made during the 2005-06 financial year is deemed to be effective on 1 July 2005 unless stated otherwise or could not be effective on that date in the particular circumstances. The designation of financial instruments by agencies will have the affect of designating those instruments in the consolidated whole of government accounts.

8A.3 Where an entity first recognises, after the beginning of the first AEIFRS reporting period, a financial instrument that is traded in a market, the entity must classify it as set out in clause 8A.2 of this Policy.

8A.4              All impairment losses on financial instruments under AASB 139 should be debited to a separate account, rather than being debited directly against the carrying amount of assets. A separate account must be maintained for each class of financial asset.

8A.5              Where AASB 139 allows entities to choose between:

(a)               capitalising gains and losses on hedges into the carrying amount of the underlying assets; and

(b)              progressively transferring such gains and losses from equity to income or expense,

 entities should adopt the former treatment in all cases.

8A.6 Where an entity has held derivative financial instruments at any time during the period, it shall disclose:

(a)               its objectives for holding or issuing those derivatives;

(b)               the context needed to understand those objectives; and

(c)                the strategies for achieving those objectives.

Note: Entities’ ability to enter into hedging or derivative arrangements is bound by their legislative framework and relevant government policies.

 

APPENDIX A - Forms of Financial Statements, Schedules and Notes:

Section 1: For-Profit Reporting Entities

Section 2: Not-For-Profit Reporting Entities

Section 3: Administered Reporting

 

 

Section 1: For-Profit Reporting Entities

Income Statement for For-Profit Reporting Entities

• for the period ended __________
• 2006 2005
• INCOME
• Revenue
• Goods and services (note x)
• Interest (note x)
• Dividends (note x)
• Rents (note x)
• Royalties (note x)
• Other revenue (note x)
• Total Revenue
• Gains
• Net gains from sale of assets (note x)
• Net foreign exchange gains (note x)
• Reversals of previous asset write-downs (note x)
• Other gains (note x)
• Total Gains
• Total Income
• EXPENSE
• Employees (note x)
• Suppliers (note x)
• Grants (note x)
• Depreciation and amortisation (note x)
• Finance costs (note x)
• Write-down and impairment of assets (note x)
• Net foreign exchange losses (note x)
• Net losses from sale of assets (note x)
• Other expenses (note x)
• Total Expenses
• Share of operating result of associates and joint ventures accounted for using the equity method Profit or (Loss) Before Income Tax
• Income tax expense or (revenue)Net Profit or (Loss)
• Profit or (Loss) from continuing operations
• Profit or (Loss) from discontinued operations
• Gain (loss) on remeasuring discontinued operations
• Profit or (Loss)
• Minority interests in net surplus or (deficit)
• Net Profit or (Loss) Attributable to the Australian Government

Balance Sheet for For-Profit Reporting Entities

as at ____________

 2006 2005

Balance Sheet for For-Profit Reporting Entities (continued)

 2006 2005

• Non-Current Liabilities
• Payables (note x)
• Interest bearing liabilities (note x)
• Provisions (note x)
• Deferred Tax liabilities (note x)
• Other non-current liabilities
• Total Non-current Liabilities
• Total Liabilities
• EQUITY
• Parent Entity Interest
• Contributed equity
• Reserves
• Statutory funds
• Retained surpluses or accumulated deficits
• Total Parent Entity Interest
• Minority Interest
• Contributed Equity
• Reserves
• Statutory Funds
• Retained surpluses or accumulated deficits
• Total Minority Interest
• Total Equity

 

Statement of Cash Flows for For-Profit Reporting Entities

for the period ended __________

Operating Activities  2006 2005

Cash Received

Goods and services

Interest

Dividends

Net GST received

Other cash received

Total Cash Received

Cash Used

Employees

Suppliers

Borrowing costs

Income tax

Net GST paid

Other cash used

Total Cash Used

Net Cash From or (Used by) Operating Activities

Investing Activities

Cash Received

Proceeds from sales of property, plant and equipment

Proceeds from sales of financial instruments

Bills of exchange and promissory notes

Repayments of loans made

Investments (section 18  & section 19 CAC Act)

Other cash received

Total Cash Received

Cash Used

Purchase of property, plant and equipment

Purchase of financial instruments

Bills of exchange and promissory notes

Loans made

Investments (section 18 & section 19 CAC Act)

Other cash used

Total Cash Used

Net Cash From or (Used by) Investing Activities

Financing Activities

Cash Received

Proceeds from issuing financial instruments

Proceeds from loans

Other cash received

Total Cash Received

Cash Used

Repayments of debt

Dividends paid

Other cash used

Total Cash Used

Net Cash From or (Used by) Financing Activities

Net Increase or (Decrease) 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

 

STATEMENT of CHANGES in EQUITY for For-Profit Reporting Entities

• Accumulated Results Asset Revaluation Reserve Other Reserves Contributed equity/capital Total Equity
• 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005
• Opening Balance
• Balance carried forward from previous period
• Adjustment for errors
• Adjustment for changes in accounting policies
• Adjusted Opening Balance
• Income and Expense
• Income and Expenses recognised Directly in Equity (each item)Subtotal income and expenses recognised directly in equityNet Operating Result
• Total income and expenses recognised directly in equity
• Sub-total Income and Expenses
• of which:
• attributable to Australian Government
• attributable to minority interest
• Transactions with Owners
• Distributions to owners
• Returns on Capital
• Dividends
• Returns of Capital
• Restructuring
• Other (give details)
• Contributions by Owners
• Appropriation (equity injection)
• Other (give details below)
• Restructuring
• Sub-total Transactions with Owners
• Transfers between equity components
• Closing balance
• Less: minority interests
• Closing balance attributable to the Australian Government

SCHEDULE OF COMMITMENTS for For-Profit Reporting Entities

As at________________________

 

 

 

 

 

Schedule of Contingencies for For-Profit Reporting Entities

as at______________

 

• Contingent Liabilities Guarantees Indemnities Uncalled shares or capital subscriptions Claims for damages or costs Warranties Letters of Comfort TOTAL
• 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005
• Balance from previous period
• New
• Re-measurement
• Liabilities crystallised
• Obligations expired
• Total Contingent Liabilities
• Contingent Assets
• 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005
• Balance from previous period
• New
• Re-measurement
• Assets crystallised
• Expired
• Total Contingent Assets
• Net Contingent Liabilities

 

Details of each class of contingent liabilities and contingent assets, including those not included above because they cannot be quantified, or are considered remote, are shown at Note [specify number]

For-Profit Reporting Entities - Note Disclosure

Income  2006 2005

Revenue

Goods and services

Provision of goods – related entities

Provision of goods – external entities

Rendering of services – related entities

Rendering of services – external entities

Corporation Law fees

Immigration fees

License fees

Operating lease rental

Other goods and services

Interest

Loans

Leases

Deposits

Bills receivable

Dividends

International financial institutions

Subsidiary companies

Associated companies

Other companies

Rents

Provide details

Royalties

Provide details

Other revenues

Provide details

Gains

Net gains from sale of assets

Receivables

Investments

Land and buildings

Heritage and cultural assets

Infrastructure, plant and equipment

Intangibles

Other net gain on sale of assets

Net foreign exchange gains

Speculative

Non-speculative

Reversal of previous asset write-downs

Assets revaluation increments

Reversal of impairment losses

Other gains

Gains from remeasuring financial instruments held at fair value through profit and loss

Resources received free of charge

For-Profit Reporting Entities - Note Disclosure

Expenses 2006 2005

Employees

Wages and salaries

Superannuation

Leave and other entitlements

Separations and redundancies

Workers compensation premiums and claims

Other employee expenses

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).

Suppliers

Provision of goods – related entities

Provision of goods – external entities

Rendering of services – related parties

Rendering of services – external parties

Operating lease rentals

Note: Where supplier’s expenses relate to the provision of employee benefits included in a remuneration package, they should be included in employee expenses.

Grants

State and Territory Governments

Local governments

Private sector

Overseas

Related entities

Individuals

Depreciation and amortisation

Depreciation

Infrastructure, plant and equipment

Buildings

Amortisation

Assets held under finance leases

Intangibles

Computer software

Other

Finance Costs

Loans

Leases

Overdrafts

Other finance costs

Write-down and impairment of assets

Inventory

Impairment of Financial Assets (specify each class)

Impairment of Non-Financial Assets

Revaluation decrements – Non-financial Assets

Net foreign exchange losses

Speculative

Non-speculative

Net losses from sale of assets

Receivables

Investments

Land and buildings

Heritage and cultural assets

Infrastructure, plant and equipment

Intangibles

Other net losses from sale of assets

Other expenses

Losses from remeasuring financial instruments held at fair value through profit and loss

Guarantees, undertakings and indemnities

For-Profit Reporting Entities - Note Disclosure

Assets  2006 2005

Cash and Cash Equivalents

Special Accounts

Trust Accounts

Deposits made under section 18 CAC Act; section 19 CAC Act

Other cash

Receivables

Goods and services

Loans

Bills of exchange and promissory notes

Interest and dividends

Other receivables

(Maturity schedule must be included for total receivables showing amounts aged as follows:

Not overdue

Overdue by:

Less than 30 days

30 to 60 days

61 to 90 days

more than 90 days.)

Inventories

Inventories held for sale

Inventories held for distribution

Intangibles

Patents, trade marks, brand names, licenses

Computer software

Purchased

Internally developed

Intangibles under development

Goodwill

Other intangibles

Tax Assets

Provide details

Investments Accounted for under the Equity Method

Investments in associates

Investments in joint ventures

Investment Property

Provide details

Investments under section 18 CAC Act; section 19 CAC Act (Non- cash)

Securities of Australian Government, State and Territories

Securities guaranteed by Australian Government, State and Territories

Prescribed by the regulations

Debt instruments

Other investments

Other Investments

Gold

Government securities

Shares

Subsidiary companies

Other companies

Debentures

Accrued Revenue

Provide details

Other Current Assets

Prepayments paid

Land and Buildings

Land

Buildings (not integral to infrastructure)

For-Profit Reporting Entities - Note Disclosure

 2006 2005

 

Infrastructure, Plant and Equipment

Infrastructure, plant and equipment (disclosed by class)

Other

Heritage and Cultural Assets

Provide details

Biological Assets

Provide details

Other Non-Current Assets

Provide details

Assets held for sale

Provide details

 

Liabilities

 

Payables

Suppliers

Trade creditors

Operating lease rentals

Grants

Dividends

Borrowing costs

Other payables

Prepayments received

Other current liabilities

Other non-current liabilities

Interest Bearing Liabilities

Loans

Bank loans

Non-bank loans

Debentures and unsecured notes

Bonds

Bills of exchange and promissory notes

 

Maturity schedule must be included for total loans showing amounts payable within:

One year or less

From one to five years

More than five years

 

Leases

One year or less

From one to five years

More than five years

Deposits

Overdrafts

Other interest bearing liabilities

Provisions

Employees

Salaries and wages

Leave

Superannuation

Workers’ compensation

Separations and redundancies

Other employee provisions

Tax Liabilities

Current income tax

Deferred income tax

 

Appendix A

Section 2: Not-For-Profit Reporting Entities

 

 

 

 

Income Statement for Not-For-Profit Reporting Entities

• for the period ended __________
• 2006 2005
• INCOME
• Revenue
• Revenue from Government (note x)
• Goods and services (note x)
• Interest (note x)
• Dividends (note x)
• Rents (note x)
• Royalties (note x)
• Other revenue (note x)
• Total Revenue
• Gains
• Net foreign exchange gains (note x)
• Reversals of previous asset write-downs (note x)
• Net gains from sale of assets (note x)
• Other gains (note x)
• Total Gains
• Total Income
• EXPENSES
• Employees (note x)
• Suppliers (note x)
• Grants (note x)
• Subsidies
• Depreciation and amortisation (note x)
• Finance cost (note x)
• Write-down and impairment of assets (note x)
• Net foreign exchange losses (note x)
• Net losses from sale of assets (note x)
• Other losses (note x)
• Other expenses (note x)
• Total Expenses
• Share of operating result of associates and joint ventures accounted for using the equity method
• Operating Result before Income Tax
• Income tax expense
• Net Operating Result
• Operating Result from continuing operations
• Operating result from discontinued operations
• Gain (loss) on remeasuring discontinued operations
• Operating Result
• Minority interests in net surplus or (deficit)
• Net Surplus Or (Deficit) Attributable To The Australian Government

Balance Sheet for Not-For-Profit Reporting Entities

as at ____________

 2006 2005

• ASSETS
• Financial Assets
• Cash and cash equivalents (note x)
• Receivables (note x)
• Investments accounted for under the equity method (note x)
• Investments under s39 of FMA Act and s.18 and s.19 of CAC Act
• Other investments (note x)
• Tax Assets (note x)
• Accrued revenue (note x)
• Other financial assets (note x)
• Total Financial Assets
• Non-Financial Assets
• Land and buildings (note x)
• Infrastructure, plant and equipment (note x)
• Heritage and cultural assets
• Investment Property (note x)
• Inventories (note x)
• Intangibles (note x)
• Deferred tax asset
• Biological assets (note x)
• Other non-financial assets (note x)
• Assets held for sale (note x)
• Total Non-Financial Assets
• Total Assets
• LIABILITIES
• Payables
• Suppliers (note x)
• Grants (note x)
• Dividends
• Financing costs
• Tax liabilities
• Deferred tax liabilities
• Other payables (note x)
• Total Payables
• Interest Bearing Liabilities
• Loans (note x)
• Leases (note x)
• Deposits
• Overdraft
• Other interest bearing liabilities (note x)
• Total Interest Bearing Liabilities
• Balance Sheet for Not-For-Profit Reporting Entities (continued) 2006 2005
• Provisions
• Employees (note x)
• Other provisions (note x)
• Total Provisions
• Liabilities included in disposal groups held for sale (note x)
• Total Liabilities
• EQUITY
• Parent Entity Interest
• Contributed equity
• Reserves
• Statutory funds
• Retained surpluses or accumulated deficits
• Total Parent Entity Interest
• Minority Interest
• Contributed Equity
• Reserves
• Statutory Funds
• Retained surpluses or accumulated deficits
• Total Minority Interest
• Total Equity
• Current Assets
• Non-Current Assets
• Current Liabilities
• Non-Current Liabilities

Cash Flow STATEMENT for Not-For-Profit Reporting Entities

for the period ended __________

Operating Activities 2006 2005

Cash Received

Goods and services

Appropriations

Interest

Dividends

Net GST received

Other cash received

Total Cash Received

Cash Used

Employees

Suppliers

Grants

Financing costs

Net GST paid

Other cash used

Total Cash Used

Net Cash From or (Used by) Operating Activities

Investing Activities

Cash Received

Proceeds from sales of property, plant and equipment

Proceeds from sales of financial instruments

Bills of exchange and promissory notes

Repayments of loans made

Investments under section 39 FMA Act; section 18 CAC Act; section 19 CAC Act

Other cash received

Total Cash Received

Cash Used

Purchase of property, plant and equipment

Purchase of financial instruments

Bills of exchange and promissory notes

Loans made

Investments under section 39 FMA Act; section 18 CAC Act; section 19 CAC Act

Other cash used

Total Cash Used

Net Cash From or (Used By) Investing Activities

Financing Activities

Cash Received

Appropriations - Contributed equity

Proceeds from issuing financial instruments

Proceeds from loans

Other cash received

Total Cash Received

Cash Used

Repayments of debt (including finance lease principal)

Dividends paid

Other cash used

Total Cash Used

Net Cash From or (Used by) Financing Activities

Net Increase or (Decrease) 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

• Accumulated Results Asset Revaluation Reserve Other Reserves Contributed equity/capital Total Equity
• 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005
• Opening Balance
• Balance carried forward from previous period
• Adjustment for errors
• Adjustment for changes in accounting policies
• Adjusted Opening Balance
• Income and Expense
• Income and Expenses Recognised Directly in Equity (each item)Subtotal income and expenses recognised directly in equityNet Operating Result
• Total income and expenses recognised directly in equity
• Sub-total Income and Expenses
• of which:
• attributable to Australian Government
• attributable to minority interest
• Transactions with Owners
• Distributions to owners
• Returns on Capital
• Dividends
• Returns of Capital
• Restructuring
• Other (give details)
• Contributions by Owners
• Appropriation (equity injection)
• Other (give details below)
• Restructuring
• Sub-total Transactions with Owners
• Transfers between equity components
• Closing balance
• Less: minority interests
• Closing balance attributable to the Australian Government

STATEMENT of CHANGES in EQUITY for Not-For-Profit Reporting Entities

SCHEDULE of COMMITMENTS for Not-For-Profit Reporting Entities

As at________________________

 

 

 

Schedule of Contingencies for Not-For-Profit Reporting Entities

as at______________

 

• Contingent Liabilities Guarantees Indemnities Uncalled shares or capital subscriptions Claims for damages or costs Warranties Letters of Comfort TOTAL
• 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005
• Balance from previous period
• New
• Re-measurement
• Liabilities crystallised
• Obligations expired
• Total Contingent Liabilities
• Contingent Assets
• 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005
• Balance from previous period
• New
• Re-measurement
• Assets crystallised
• Expired
• Total Contingent Assets
• Net Contingent Liabilities

 

Details of each class of contingent liabilities and contingent assets, including those not included above because they cannot be quantified, or are considered remote, are shown at Note [specify number]

Not-For-Profit Reporting Entities - Note Disclosure

 2006 2005

Income

Revenue

Revenue from Government

Appropriations:

Departmental Outputs

Departmental Special Appropriations

 

Goods and services

Provision of goods – related entities

Provision of goods – external entities

Rendering of services – related entities

Rendering of services – external entities

Immigration fees

License fees

Operating lease rental

Other goods and services

Interest

Loans

Leases

Deposits

Bills Receivable

Investments (section 39 FMA Act)

Dividends

International financial institutions

Subsidiary companies

Associated companies

Other companies

Rents

(provide details)

Royalties

(provide details)

Other revenue

(provide details)

Gains

Net foreign exchange gains

Speculative

Non-speculative

Reversal of previous asset write-downs

Assets revaluation increments

Reversal of impairment losses

Net gain from sale of assets

Receivables

Investments

Land and buildings

Heritage and cultural assets

Infrastructure, plant and equipment

Intangibles

Other net gain from sale of assets

Other gains

Gains from remeasuring financial instruments held at fair value through profit and loss

Resources received free of charge

 

Not-For-Profit Reporting Entities - Note Disclosure

Expenses 2006 2005

Employees

Wages and Salaries

Superannuation

Leave and other entitlements

Separations and redundancies

Workers compensation premiums and claims

Other Employee expenses

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).

Suppliers

Provision of goods – related entities

Provision of goods – external entities

Rendering of services – related parties

Rendering of services – external parties

Operating lease rentals

Other

Note: Where supplier’s expenses relate to the provision of employee benefits included in a remuneration package, they should be included in employee expenses.

Grants

State and Territory Governments

Local Governments

Private sector

Overseas

Related entities

Depreciation and amortisation

Depreciation

 Other infrastructure, plant and equipment

 Specialist military equipment

 Buildings

 

Amortisation

 Assets held under finance leases

 Intangibles

  Computer software

  Other

Finance Costs

Loans

Leases

Overdrafts

Other finance costs

Write-down and impairment of assets

Inventory

Impairment of Financial Assets (specify each class)

Impairment of Non-Financial Assets

Revaluation decrements Non-financial Assets

Net foreign exchange losses

Speculative

Non-speculative

Net losses from sale of assets

Receivables

Investments

Land and buildings

Heritage and cultural assets

Infrastructure, plant and equipment

Intangibles

Other net losses from sale of assets

Other losses

Losses from remeasuring financial instruments held at fair value through profit and loss

Guarantees, undertakings and indemnities

Not-For-Profit Reporting Entities - Note Disclosure

 2006 2005

Assets

Cash and Cash Equivalents

Special Accounts

Trust Accounts

Deposits made under section 39 FMA Act; section 18 CAC Act; section 19 CAC Act

Other cash

Receivables

Goods and services

Appropriations

Loans

Bills of exchange and promissory notes

Interest

Dividends

Other receivables

(Maturity schedule must be included for total receivables showing amounts aged as follows:

Not overdue

Overdue by:

Less than 30 days

30 to 60 days

61 to 90 days

more than 90 days.)

Investments Accounted for under the Equity Method

Investments in associates

Investments in joint ventures

Investments under section 39 FMA Act; section 18 CAC Act; section 19 CAC Act (Non-cash)

Securities of Australian Government, State and Territories

Securities guaranteed by Australian Government, State and Territories

Prescribed by the FMA regulations

Debt instruments

Other investments

Other Investments

Gold

Government securities

Shares

Subsidiary companies

Other companies

Debentures

Other investments

Tax Assets

Provide details

Accrued Revenue

Provide details

Other Financial Assets

Prepayments paid

Other financial assets

Land and Buildings

Land

Buildings (not integral to infrastructure)

Infrastructure Plant and Equipment

Infrastructure, plant and equipment (disclosed by class)

Specialist military equipment

Other infrastructure, plant and equipment

Heritage and Cultural Assets

Provide details

Investment Property

Provide details

Inventories

Inventories held for sale

Inventories held for distribution

Not-For-Profit Reporting Entities - Note Disclosure

 2006 2005

Intangibles

Patents, trademarks, brand names and licences

Computer software

Purchased

Internally developed

Intangibles under development

Goodwill

Other intangibles

Biological Assets

Provide details

Other Non-Financial Assets

Prepayments paid

Other non-financial assets

Assets held for sale

Provide details

 

Liabilities

Payables

Suppliers

Trade creditors

Operating lease rentals

Grants

Overseas

Public Sector

Private sector not for-profit entities

Private sector for-profit entities

Other payables

Interest payable

Dividends

Prepayments received

Interest Bearing Liabilities

Loans

Bank loans

Non-bank loans

Bills of exchange and promissory notes

Other loans

Maturity schedule must be included for total loans showing amounts payable within:

One year or less

From one to five years

More than five years

Leases

Maturity schedule must be included for total leases showing amounts payable within:

One year or less

From one to five years

More than five years

Other interest bearing liabilities

Provisions

Employees

Salaries and wages

Leave

Superannuation

Workers’ compensation

Separations and redundancies

Other provisions

 

 

 

 

Not-For-Profit Reporting Entities - Note Disclosure

Table 3A.9 A: Reconciliation of the Opening and Closing Balances of Property, Plant and Equipment.

 

• Item Land ($’000) Investment property ($’000) Buildings ($’000) Specialist military equipment ($’000) Other infra-structure, plant and equipment ($’000) Heritage and cultural assets ($’000)
• As at 1 July (previous year)
• Gross book value
• Accumulated depreciation
• Opening Net book value
• Additions:
• by purchase
• by finance lease
• Internally developed
• from acquisitions of entities or operations (including restructuring)
• Revaluations and impairments through equity
• Reclassifications
• Depreciation/amortisation
• Impairments recognised in the operating result
• Other movements (give details below)
• Disposals:
• from disposal of entities or operations (including restructuring)
• other disposals
• As at 30 June (current year)
• Gross Book Value
• Accumulated depreciation
• Closing Net Book Value

 

 

Table 3A.9 B: Property, Plant and Equipment Held under Finance Lease.

 

Not-For-Profit Reporting Entities - Note Disclosure

Table 3A.9 C: Property, Plant and Equipment under Construction.

Table 3A.9 D: Reconciliation of the Opening and Closing Balances of Investment Property

 

 

Table 3A.9 E: Reconciliation of the Opening and Closing Balances of Intangibles1.

 

• Item Computer software internally developed ($’000) Computer software purchased ($’000) Other intangibles internally developed ($’000) Other intangibles purchased ($’000)
• As at 1 July (previous year)
• Gross book value
• Accumulated depreciation
• Opening Net book value
• Additions
• from acquisitions of entities or operations (including restructuring)
• Reclassifications
• Depreciation/amortisation
• Impairments recognised in the operating result
• Other movements (give details below)
• Disposals:
• from disposal of entities or operations (including restructuring)
• other disposals
• As at 30 June (current year)
• Gross Book Value
• Accumulated depreciation
• Closing Net Book Value

 

1. Entities may incorporate this table into the main asset table (Table 3A.9.A) where it is considered appropriate.  Sufficient information and subtotal columns must be disclosed to enable reconciliation of amounts to the corresponding line items disclosed on the Balance Sheet.

Not-For-Profit Reporting Entities - Note Disclosure

Table 3A.9 F: Intangibles under Construction1.

 

 

 

1. Entities may incorporate this table into Table 3A.9.C where it is considered appropriate.  Sufficient information and subtotal columns must be disclosed to enable reconciliation of amounts to the corresponding line items disclosed on the Balance Sheet.

 

 

Appendix A

Section 3: Administered Reporting

 

 

 

 

SCHEDULE OF ADMINISTERED ITEMS

 2006 2005

Income Administered on Behalf of Government

for the period ended ___________________

 

Revenue

Taxation

Income tax (note x)

Indirect tax (note x)

Other taxes, fees and fines (note x)

Total Taxation

 

Non-Taxation

Goods and services (note x)

Interest (note x)

Dividends (note x)

Other sources of non-taxation revenues (note x)

Rents (note x)

Royalties (note x)

Total Non-Taxation

Total Revenues Administered on Behalf of Government

Gains

Net foreign exchange gains (note x)

Net gain from sale of assets (note x)

Other gains (note x)

 

Total Gains Administered on Behalf of Government

 

Total Income Administered on Behalf of Government

 

Expenses Administered on Behalf of Government

for the period ended _______________________

 

Grants (note x)

Subsidies (note x)

Personal benefits (note x)

Employees (note x)

Suppliers (note x)

Depreciation and amortisation (note x)

Write-down and impairment of assets (note x)

Interest (note x)

Other (note x)

Losses

Net foreign exchange losses (note x)

Net loss from sale of assets (note x)

Other losses (note x)

 

Total Expenses Administered on Behalf of Government

 

SCHEDULE OF ADMINISTERED ITEMS

 2006 2005

Assets Administered on Behalf of Government

as at ___________________

Financial Assets

Cash and cash equivalents (note x)[Note this can include Investments including (section 39 FMA Act)

Receivables (note x)

Investments including section 39 FMA Act

Accrued revenues (note x)

Other financial assets (note x)

Total Financial Assets

 

 

Non-Financial Assets

Land and buildings (note x)

Infrastructure, plant and equipment (note x)

Heritage and cultural assets (note x)

Investment Properties (note x)

Inventories (note x)

Intangibles (note x)

Biological Assets (note x)

Other (note x)

Assets held for sale (note x)

Total Non-Financial Assets

 

Total Assets Administered on Behalf of the Government

 

Liabilities Administered on Behalf of Government

as at ___________________

 

Interest Bearing Liabilities

Australian Government Securities (note x)

Loans (note x)

Leases (note x)

Deposits (note x)

Overdraft

Other (note x)

Total Interest Bearing Liabilities

Provisions

Employees (note x)

Taxation refunds provided

Australian currency on issue

Other Provisions (note x)

Total Provisions

Payables

Suppliers (note x)

Grants and subsidies (note x)

Dividends

Borrowing Costs

Personal benefits payable

Taxation refunds due

Other payables (note x)

Total Payables

Liabilities included in disposal groups held for sale

Total Liabilities Administered on Behalf of the Government

 

SCHEDULE OF ADMINISTERED ITEMS

 2006 2005

Administered Cash Flows

for the period ended _________

Operating Activities

Cash Received

Income tax

Indirect tax

Other taxes, fees and fines

Sales of goods

Rendering of services

Interest

Dividends

Net GST received

Other

Total Cash Received

 

Cash Used

Borrowing costs

Employees

Grant payments

Interest paid

Subsidies paid

Personal benefits

Suppliers

Net GST paid

Other

Total Cash Used

Net Cash from Operating Activities

Investing Activities

Cash Received

Proceeds from sales of property, plant and equipment and intangibles

Proceeds from sales of equity instruments

Proceeds from sales of investments

Repayments of advances

Transfers from other entities

Investments (section 39 FMA Act)

Other

Total Cash Received

 

Cash Used

Purchase of property, plant and equipment and intangibles

Purchase of equity instruments

Advances and loans made

Transfers to Other Entities

Investments (section 39 FMA Act)

Other

Total Cash Used

Net Cash from Investing Activities

 

 

 

 

 

 

 

SCHEDULE OF ADMINISTERED ITEMS

 

Administered Cash Flows continued 2006 2005

Financing Activities

Cash Received

Proceeds from borrowing

Cash from Official Public Account

Other

Total Cash Received

 

Cash Used

Net repayment of borrowings

Dividends paid

Cash to Official Public Account

Other

Total Cash Used

Net Cash from Financing Activities

Net Increase or (Decrease) in Cash Held

Cash at beginning of reporting period

Cash from Official Public Account for:

• Appropriations

• Special Accounts

 

Transfer from other entities (Finance – Whole Of Government)

 

Cash to Official Public Account for:

• Appropriations

• Special Accounts

 

Transfers to Other Entities (Finance – Whole Of Government)

 

Effect of exchange rate movements on cash at beginning of reporting period

Cash at End of Reporting Period

 

 

SCHEDULE OF ADMINISTERED ITEMS

Administered Commitments

as at _____________

 

 

 

 

SCHEDULE OF ADMINISTERED ITEMS

Administered Contingencies

as at______________

 

• Administered Contingent Liabilities Guarantees Indemnities Uncalled shares or capital subscriptions Claims for damages or costs Warranties Letters of Comfort TOTAL
• 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005
• Balance from previous period
• New
• Re-measurement
• Liabilities crystallised
• Obligations expired
• Total Contingent Liabilities
• Administered Contingent Assets
• 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005
• Balance from previous period
• New
• Re-measurement
• Assets crystallised
• Expired
• Total Contingent Assets
• Net Contingent Liabilities

 

Details of each class of contingent liabilities and contingent assets, including those not included above because they cannot be quantified, or are considered remote, are shown at Note (specify number)

 

ADMINISTERED – Note Disclosure

 2006 2005

Income Administered on Behalf of Government[2]

Revenue

Taxation Revenue

Income Tax

Individuals and other withholding tax:

Gross income tax withholding

Gross other individuals

Medicare levy

Less Refunds

Total individuals and other withholding tax

 

External companies (including tax on realised capital gains)

Superannuation funds

Contributions and earnings (including tax on realised capital gains)

Surcharge

Total superannuation funds

Petroleum resource rent tax

Other

Indirect Tax

GST

Excise duty (includes petroleum products and crude oil)

Other excise

Total excise duty revenue

Customs duty

Other Taxes, Fees and Fines

Fringe benefits tax

Luxury car tax

Wine equalisation tax

Agricultural production taxes

Other taxes

Non –taxation revenue

Goods and Services

Provision of goods – related entities

Provision of goods – external entities

Rendering of services – related entities

Rendering of services – external entities

Corporations Law fees

Immigration fees

Licence fees

Operating lease rental

Other

 

 

 

 

 

ADMINISTERED – Note Disclosure

 2006 2005

Interest

Loans

Overseas

State and Territory Governments

Local government

Australian Government Entities

Other loans

Leases

Deposits

Bills receivable

Other Interest

Dividends

International financial institutions

Australian Government Entities

Associated companies

Other companies

Other sources of non-taxation revenue

Industry contributions

Indexation of HECS loans

Other

Rents

Provide details

Royalties

Provide details

 

Gains

Net foreign exchange gains

Speculative

Non-speculative

Net gain from sales of assets

Receivables

Investments

Land and buildings

Infrastructure, plant and equipment

Heritage and cultural assets

Intangibles

Asset sales program (Finance)

 

Other gains

Gains from remeasuring financial instruments held at fair value through profit and loss

Assets now recognised

Other

 

 

 

 

 

 

ADMINISTERED – Note Disclosure

 2006 2005

Expenses Administered on Behalf of Government[3]

Grants

State and Territory Governments

Local governments

Private sector

Overseas

Related entities

Subsidies

Payable to related entities

Personal Benefits

Direct

Indirect

Employees

Wages and salaries

Superannuation

Leave and other entitlements

Separations and redundancies

Workers compensation

Other employee expenses

Suppliers

Provision of goods – related entities

Provision of goods – external entities

Rendering of services – related parties

Rendering of services – external parties

Operating lease rentals

 

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

Depreciation

Other infrastructure, plant and equipment

Specialist military equipment

Buildings

Amortisation

Assets held under finance leases

Intangibles

Computer software

Other

Write Down and Impairment of Assets

Inventory

Impairment of Financial Assets (specify each class)

Impairment of Non-Financial Assets

Revaluation decrements Non-financial assets

 

 

 

 

 

 

ADMINISTERED – Note Disclosure

 2006 2005

Interest

Australian Government Securities

Loans Leases

Deposits

Other Interest Payments

Taxation Overpayments

Other Expenses

Losses from derivative financial instruments

Guarantees, undertakings and indemnities met

Net Foreign Exchange Losses

Speculative

Non-speculative

Net Gain from sale of Assets

Receivables

Investments

Land and buildings

Infrastructure, plant and equipment

Heritage and cultural assets

Intangibles

Asset sales program (Finance)

Other losses

Losses from remeasuring financial instruments held at fair value through profit and loss

Other

ADMINISTERED – Note Disclosure

 2006 2005

Assets Administered on Behalf of Government[4]

Financial Assets

Cash and Cash Equivalents

Special Accounts

Deposits under section 39 FMA Act; section 18 CAC Act; section 19 CAC Act

Other

Official Public Account (Finance)

Receivables

Income tax

Sales tax

Excise duty

Customs duty

Goods and services tax

Other taxes, fees and fines

Recoveries of benefit payments

Advances

Loans

State and Territory

Local Governments

HECS

Other

Goods and services

Bills of exchange and promissory notes

Interest and Dividends

Other receivables

(Maturity schedule must be included for total receivables showing amounts aged as follows:

Not overdue

Overdue by:

Less than 30 days

30 to 60 days

61 to 90 days

more than 90 days.)

Investments

Gold holdings

Deposits

Government securities

Debentures

International money fund quota

Shares

Australian Government companies

Associated companies (equity method)

Other companies

Other investments (Non-cash) including section 39 FMA Act; sections 18 & 19 CAC Act

Securities of Australian Government, State and Territories

Securities guaranteed by Australian Government, State and Territories

Prescribed by the regulations

Debt instruments

Other

 

Other financial assets

Provide details

ADMINISTERED –Note Disclosure

 2006 2005

Non–Financial Assets

Land and Buildings

Land

Buildings (not integral to infrastructure)

Infrastructure, Plant and Equipment

Infrastructure, plant and equipment

Specialist military equipment

Other Infrastructure, plant and equipment

Heritage and Cultural Assets

Heritage assets

Cultural assets

Investment Property

Provide details

Inventories

Inventories held for sale

Inventories held for distribution

Intangibles

Computer software

Other intangibles

Biological Assets

Provide details

Other Non-Financial Assets

Prepayments paid

Deferred expenditure

Future income tax benefit

Other non-financial assets

 

Liabilities Administered on Behalf of Government[5] 

Interest Bearing Liabilities

Australian Government Securities

Treasury bonds

Treasury notes

Treasury indexed bonds

Unamortised net premiums on borrowings

Other Australian Government Securities

Loans

Debentures and notes

Other loans

Bank loans

Non-bank loans

Bills of exchange and promissory notes

 (Maturity schedule must be included for total loans showing amounts payable within:

One year or less;

From one to five years; and

More than five years.)

ADMINISTERED – Note Disclosure

 2006 2005

Leases

Finance lease liabilities as at the reporting date are reconciled to the lease liability as follows:

One year or less

From one to five years

More than five years

Minimum lease payments

Less future finance charges

Deposits

Exchange settlements Funds

Drawing accounts held with the Reserve Bank of Australia

State governments

Moneys held in trust

Foreign governments

Other deposits

Other Interest Bearing Liabilities

Swap principal payable

Amounts outstanding under repurchase agreements

Finance lease incentives

Special reserve- International Monetary Fund special drawing rights

Inscribed stock – face value

Other interest bearing liabilities

Provisions

Employees

Salaries and wages

Leave and other entitlements

Superannuation

Separations and redundancies

Other Provisions

Prepayments received

Accrued expenses

Provision for interest on overpayment of taxes

Customs rebates

Restructuring

Payables

Suppliers

Trade creditors

Operating lease rentals

Other creditors

Grants and Subsidies

Public sector –

State and Territory Governments

Local Governments

Private sector –

Not For-Profit entities

For-Profit entities

Other Payables

Interest payable

Other payables

 

 

 

---

[1] Australian Accounting Standard AAS 29 ‘Financial Reporting by Government Departments’ paragraphs 6.3.11 and 6.3.12.

[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.

[5] Where there are material sub-categories within a particular line item, details, including amounts, of each sub-category should be disclosed.