Financial Management Amendment Standard (No. 1) 2000 (Qld)

Queensland Subordinate Legislation 2000 No. 187 Financial Administration and Audit Act 1977 FINANCIAL MANAGEMENT AMENDMENT STANDARD (No. 1) 2000 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Standard amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Amendment of commentary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Amendment of s 38 (Responsibility for expense management) . . . . . . . . . 2 5 Insertion of s 49A (Disposal of assets to corporatised entities) . . . . . . . . . . 2 6 Amendment of s 95 (Content of annual report) . . . . . . . . . . . . . . . . . . . . . . . 3 7 Amendment of sch 6—Dictionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 SCHEDULE . . . . . . . . . . . . . . . . . . . . . . . . . 5 AMENDMENT OF COMMENTARY

s1 2 s5 Financial Management Amendment (No. 1) No. 187, 2000 ˙ Short title 1. This standard may be cited as the Financial Management Amendment Standard (No. 1) 2000 . ˙ Standard amended 2. This standard amends the Financial Management Standard 1997 . ˙ Amendment of commentary 3. The commentary in the Financial Management Standard 1997 is amended as stated in the schedule. 1 ˙ Amendment of s 38 (Responsibility for expense management) 4. Section 38(2)(b), ‘Office of the Public Service’— omit, insert— ‘Office of the Public Service Commissioner’. ˙ Insertion of s 49A (Disposal of assets to corporatised entities) 5. After section 49— insert — ‘ Disposal of assets to corporatised entities ‘ 49A. (1) This section applies if— (a) an accountable officer is to dispose of a non-current physical asset of the department to an entity; and (b) the accountable officer considers the disposal of the asset to the entity is part of a process under the GovernmentOwnedCorporations Act 1993 to establish the entity as a GOC, candidate GOC or candidate GOC associate, under the Government Owned 1 Section 46LB of the Actstates that a commentary included in a financial management standard is not part of the standard. Accordingly, the change to the commentary is set out in the schedule.

s6 3 s6 Financial Management Amendment (No. 1) No. 187, 2000 Corporations Act 1993 (a “corporatised entity” ). ‘ (2) The accountable officer must value the asset at the amount (the asset’s “fair value” ) that may reasonably be expected to be exchanged for the asset between knowledgeable and willing parties in an arm’s length transaction (the “fair value system” ). ‘ (3) The date at which the asset’s fair value is to be decided is— (a) if the Treasurer, by written notice to the accountable officer, directs the valuation be done for a stated date—the stated date; or (b) otherwise—the date the asset is disposed of to the corporatised entity. ‘ (4) The corporatised entity must— (a) as soon as possible after the receipt of the asset—record the fair value as the value of the asset; and (b) if the entity revalues the asset during the financial year in which it receives the asset—revalue the asset using the fair value system. ‘ (5) The fair value system is to be used for an asset as required by this section despite section 45(6)(a). ‘ (6) Section 45(7) does not apply to a valuation under subsection (2). ‘Commentary—Disposal of assets to corporatised entities In complying with the section 49A, the following comments may be considered— 1. The Australian Accounting Standard AAS38 ‘Recoverable Amount of Non-current Assets’ discusses the principle of fair value and offers guidance for the application of the principle to particular cases.’. ˙ Amendment of s 95 (Content of annual report) 6. Section 95(1)(f)(vi), ‘and Housing’— omit.

s7 4 s7 Financial Management Amendment (No. 1) No. 187, 2000 ˙ Amendment of sch 6—Dictionary 7. Schedule 6, definition “State archivist”, ‘section 51’— omit, insert— ‘section 57’.

5 Financial Management Amendment (No. 1) No. 187, 2000 S ¡ CHEDULE AMENDMENT OF COMMENTARY section 3 Amendment of commentary after s 93 (Register about gifts made and received) 1. Commentary after section 93, item 2, ‘and Housing’— omit. ENDNOTES 1. Made by the Treasurer on 27 June 2000. 2. Notified in the gazette on 30 June 2000. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Treasury Department. © State of Queensland 2000