sec.40Annual financial statements for newly formed departments and statutory bodies

sec.40 Annual financial statements for newly formed departments and statutory bodies

A newly formed department’s accountable officer must, under section 38 , prepare the department’s annual financial statements (the department’s first annual financial statements ) for the period from the relevant day until the end of the financial year in which the department was formed. A newly formed statutory body must, under section 39 , prepare the statutory body’s annual financial statements (the statutory body’s first annual financial statements ) for the period from the statutory body’s formation day until the end of the financial year in which the statutory body was established. Subsection (4) applies if the relevant day for the department, or the formation day for the statutory body, is within 4 months before the end of the financial year for the department or statutory body. The Treasurer or a nominated officer for this section may give approval for the department or statutory body to prepare its first annual financial statements for the period— starting on the department’s relevant day, or the statutory body’s formation day; and ending on the last day of the financial year after the financial year in which the department or statutory body was formed or established. Before giving an approval under subsection (4) , the Treasurer or nominated officer must consult with the auditor-general. If the Treasurer or a nominated officer gives an approval under subsection (4) , the appropriate Minister for the department or statutory body must table in the Legislative Assembly a notice stating— the department or statutory body was formed or established; and the annual financial statements from the relevant day or formation day to the end of the financial year will be prepared and tabled as part of the annual financial statements for the next financial year. In this section— relevant day , for a newly formed department, means— if the public business of another department is redistributed to the newly formed department on a day other than the first day of a month and the other department is not abolished—the first day of the month immediately after the month in which the redistribution happened; or otherwise—the department’s formation day. (sec.40-ssec.1) A newly formed department’s accountable officer must, under section 38 , prepare the department’s annual financial statements (the department’s first annual financial statements ) for the period from the relevant day until the end of the financial year in which the department was formed. (sec.40-ssec.2) A newly formed statutory body must, under section 39 , prepare the statutory body’s annual financial statements (the statutory body’s first annual financial statements ) for the period from the statutory body’s formation day until the end of the financial year in which the statutory body was established. (sec.40-ssec.3) Subsection (4) applies if the relevant day for the department, or the formation day for the statutory body, is within 4 months before the end of the financial year for the department or statutory body. (sec.40-ssec.4) The Treasurer or a nominated officer for this section may give approval for the department or statutory body to prepare its first annual financial statements for the period— starting on the department’s relevant day, or the statutory body’s formation day; and ending on the last day of the financial year after the financial year in which the department or statutory body was formed or established. (sec.40-ssec.5) Before giving an approval under subsection (4) , the Treasurer or nominated officer must consult with the auditor-general. (sec.40-ssec.6) If the Treasurer or a nominated officer gives an approval under subsection (4) , the appropriate Minister for the department or statutory body must table in the Legislative Assembly a notice stating— the department or statutory body was formed or established; and the annual financial statements from the relevant day or formation day to the end of the financial year will be prepared and tabled as part of the annual financial statements for the next financial year. (sec.40-ssec.7) In this section— relevant day , for a newly formed department, means— if the public business of another department is redistributed to the newly formed department on a day other than the first day of a month and the other department is not abolished—the first day of the month immediately after the month in which the redistribution happened; or otherwise—the department’s formation day.