3Financial statements for financial year 2001–2002

3 Financial statements for financial year 2001–2002

For subsection 49 (2) of the Financial Management and Accountability Act 1997, Schedule 1 sets out the requirements for the preparation of annual financial statements for the financial year ending on 30 June 2002.

Note Schedule 1 is identical to Schedule 1 to the Commonwealth Authorities and Companies (Financial Statements 2001–2002) Orders. The purpose of having identical requirements is to achieve uniformity in financial reporting across the Commonwealth public sector which will assist in the preparation of annual financial statements in relation to the Commonwealth by the Finance Minister under section 55 of the Financial Management and Accountability Act 1997. Accordingly, certain terms, requirements and references contained in Schedule 1 to these Orders apply to Commonwealth Authorities and not to Agencies while other terms, requirements and references apply to Agencies and not to Commonwealth Authorities.