Finance Minister’s Amendment Orders (Financial Statements for reporting periods ending on or after 1 July 2011) (Cth)

Finance Minister’s Amendment Orders (Financial Statements for reporting periods ending on or after 1 July 2011)

I, PENELOPE YING YEN WONG, Minister for Finance and Deregulation, make this instrument under the relevant provisions as set out below. 

Dated 5^th July 2012

PENELOPE YING YEN WONG

Minister for Finance and Deregulation

The relevant provisions are:

• subsections 49(2) and 63(1) of the Financial Management and Accountability Act 1997 (FMA Act) in relation to how financial statements must be prepared by FMA Act Agencies;

• subsection 48(1) and subclause 2(1) of Schedule 1 of the Commonwealth Authorities and Companies Act 1997 in relation to how financial statements must be prepared by Commonwealth authorities;

• subsection 47(1) of the High Court of Australia Act 1979 in relation to how financial statements must be prepared by the High Court of Australia;

• section 193H of the Aboriginal and Torres Strait Islander Act 2005 in relation to how the accounts and financial statements must be prepared for the Land Account;

• subsections 50B(2) and (4) of the Defence Service Homes Act 1918 in relation to how financial statements must be prepared by the Defence Service Homes Corporation; and

• subsections 43(1) and (3) of the Natural Heritage Trust of Australia Act 1997 in relation to how financial statements must be prepared for the Natural Heritage Trust of Australia Account.

1              Name of Orders

These Orders are the Finance Minister’s Amendment Orders (Financial Statements for reporting periods ending on or after 1 July 2011).

Note:   These Orders relate to the preparation of financial statements.

2              Commencement

These Orders are taken to have commenced on 1 July 2011.

3              Amendment to the Finance Minister’s Orders (Financial Statements for reporting period ending on or after 1 July 2011)

Schedule 1 amends Finance Minister’s Orders (Financial Statements for reporting periods ending on or after 1 July 2011).

Schedule 1 Amendments to the Finance Minister’s Orders (Financial Statements for reporting periods ending on or after 1 July 2011)

[1] Schedule 1, section 7.1(a)

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agency and authority

[1] Schedule 1, section 44.2

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The market yield on Government bonds must be referenced when determining a discount rate, in compliance with AASB 119.

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The market yield on Australian Government bonds must be referenced when determining a discount rate for employee benefits under AASB 119.