Financial Management Amendment Standard (No. 1) 2005 (Qld)

Queensland Financial Management Amendment Standard (No. 1) 2005 Subordinate Legislation 2005 No. 154 made under the Financial Administration and Audit Act 1977 Contents Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 Standard amended. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Amendment of commentaries . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 5 Amendment of s 8 (Special application provisions for pt 3) . . . . . 3 6 Amendment of s 10 (Special application provision for pt 5) . . . . . 3 7 Amendment of s 22 (Responsibility for strategic planning for ICT resources) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 8 Amendment of s 23 (Elements of ICT resources strategic plan) . 4 9 Amendment of s 44 (Responsibility for asset management) . . . . 4 10 Amendment of s 45 (Elements of systems for asset management) .................................. 5 11 Amendment of s 56 (Elements of systems for financial information management) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 12 Amendment of s 72 (Responsibility for appraisal and risk assessment of systems). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 13 Amendment of s 97 (Requirements for annual financial statements of departments) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 14 Amendment of s 98 (Requirements for annual financial statements of statutory bodies) . . . . . . . . . . . . . . . . . . . . . . . . . . 7

2 Financial Management Amendment Standard (No. 1) No. 154, 2005 2005 15 16 17 Schedule Amendment of sch 1 (Documents made by the Treasurer or published by the treasury department and to which section 46L(2) of the Act applies) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of sch 4 (Prescribed accounting standards for a financial year starting on or after 1 January 2005) . . . . . . . . . . . . Amendment of sch 6 (Dictionary) . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of commentaries . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 9 10

s1 3 s6 Financial Management Amendment Standard (No. 1) No. 154, 2005 2005 1 Short title This standard may be cited as the Financial Management Amendment Standard (No. 1) 2005 . 2 Commencement This standard commences on 1 July 2005. 3 Standard amended This standard amends the Financial Management Standard 1997. 4 Amendment of commentaries The commentaries in the Financial Management Standard 1997 are amended as stated in the schedule. 5 Amendment of s 8 (Special application provisions for pt 3) Section 8(1)— omit, insert — ‘(1) Part 3, division 3 and sections 41, 43, 45(2)(c) and (7), 47, 48(3) and 56(2) do not apply to a government owned corporation. 1 ’. 6 Amendment of s 10 (Special application provision for pt 5) Section 10— insert — ‘(d) section 98(2)(b).’. 1 Part 3 (Management of resources), division 3 (User charging) and sections 41 (Record of special payments), 43 (Record of material losses), 45 (Elements of systems for asset management), 47 (Evaluations of acquisitions, maintenance and improvements of physical assets), 48 (Maintenance of assets) and 56 (Elements of systems for financial information management)

s7 4 s9 Financial Management Amendment Standard (No. 1) No. 154, 2005 2005 7 Amendment of s 22 (Responsibility for strategic planning for ICT resources) (1) Section 22(2)(a) and (b)— renumber as section 22(2)(c) and (d). (2) Section 22(2)— insert — ‘(a) be consistent with the targets stated in the GEA; and (b) demonstrate how the agency aligns with the targets stated in the GEA, including, for example, by— (i) meeting a target within the period stated in the GEA for the target; or (ii) qualifying for an exception for a target; and’. 8 Amendment of s 23 (Elements of ICT resources strategic plan) (1) Section 23(1)(c)— omit, insert — ‘(c) stating how the agency intends to support the whole-of-government policy about information and communication technology;’. (2) Section 23(1)(e)— omit, insert — ‘(e) stating how the agency will optimise the use of, and fund, existing and future ICT resources;’. 9 Amendment of s 44 (Responsibility for asset management) (1) Section 44(2)(b)— omit . (2) Section 44(2)(c) and (d)— renumber as section 44(2)(b) and (c).

s 10 5 s 10 Financial Management Amendment Standard (No. 1) No. 154, 2005 2005 10 Amendment of s 45 (Elements of systems for asset management) (1) Section 45(2)(c)— omit, insert — ‘(c) for a not-for-profit agency, recognising as an asset of the agency any of the following— (i) a building having a value of at least $10000; (ii) infrastructure having a value of at least $10000; (iii) land having a value of at least $1; (iv) major plant and equipment having a value of at least $5000; (v) other non-current physical assets having a value of at least $5000; (vi) intangible assets having a value of at least $100000; and’. (2) Section 45, subsections (3) to (10)— renumber as subsections (4) to (12). (3) Section 45(2A)— omit, insert — ‘(3) For subsection (2)(c), an item that is the subject of a finance lease is taken to have been purchased by the agency.’. (4) Section 45(8), as renumbered, ‘Accounting Guidelines’— omit, insert — ‘Policies’. (5) Section 45(12), as renumbered— insert — ‘ major plant and equipment means an asset that— (a) has a value of at least $5000; and (b) has potential for high price volatility, including, for example, because of fluctuations in foreign exchange rates or high incidence of obsolescence.

s 11 6 s 13 Financial Management Amendment Standard (No. 1) No. 154, 2005 2005 not-for-profit agency means an agency whose principal objective is not the making of a profit.’. 11 Amendment of s 56 (Elements of systems for financial information management) (1) Section 56(2)(b) and (c)— renumber as section 56(2)(c) and (d). (2) Section 56(2)— insert — ‘(b) ensure the systems align with targets stated in the GEA; and’. 12 Amendment of s 72 (Responsibility for appraisal and risk assessment of systems) Section 72(3), ‘within 1 year after the commencement’— omit, insert — ‘by 30 June 2006’. 13 Amendment of s 97 (Requirements for annual financial statements of departments) (1) Section 97(1)(b), before ‘the minimum’— insert — ‘for the 2004-2005 financial year—’. (2) Section 97(1)— insert — ‘(c) for the 2005-2006 financial year and later financial years—the minimum reporting requirements mentioned in the document called ‘Financial reporting requirements for Queensland government agencies

s 14 7 s 15 Financial Management Amendment Standard (No. 1) No. 154, 2005 2005 effective for reporting periods beginning on or after 1 January 2005’. 2 ’. 14 Amendment of s 98 (Requirements for annual financial statements of statutory bodies) Section 98(2)— omit, insert — ‘(2) Also, for preparing its annual financial statements, a statutory body must have regard to— (a) for the 2004-2005 financial year—the document called ‘Financial reporting requirements for Queensland government agencies effective for reporting periods ending on or after 30 June 2004’; or (b) for the 2005-2006 financial year and later financial years—the minimum reporting requirements mentioned in the document called ‘Financial reporting requirements for Queensland government agencies effective for reporting periods beginning on or after 1 January 2005’. 3 ’. 15 Amendment of sch 1 (Documents made by the Treasurer or published by the treasury department and to which section 46L(2) of the Act applies) (1) Schedule 1, item 3— omit . (2) Schedule 1, item 4, ‘March 1999’— omit, insert — ‘June 2002’. 2 See schedule 1 (Documents made by the Treasurer or published by the treasury department and to which section 46L(2) of the Act applies) for details about the documents mentioned in paragraphs (b) and (c). 3 See schedule 1 (Documents made by the Treasurer or published by the treasury department and to which section 46L(2) of the Act applies) for details about the documents mentioned in this subsection.

s 16 8 s 16 Financial Management Amendment Standard (No. 1) No. 154, 2005 2005 (3) Schedule 1, item 6, ‘November 1997’— omit, insert — ‘April 2002’. (4) Schedule 1, item 8, after ‘August 1998’— insert — ‘(revised December 2001)’. (5) Schedule 1, items 4 to 9— renumber as items 3 to 8. (6) Schedule 1, item 10— omit, insert — ‘9 ‘Financial reporting requirements for Queensland government agencies effective for reporting periods beginning on or after 1 January 2005’, as published by the treasury department in May 2005. 10 ‘Non-current asset policies for the Queensland public sector’, as published by the treasury department in June 2005.’. 16 Amendment of sch 4 (Prescribed accounting standards for a financial year starting on or after 1 January 2005) (1) Schedule 4, part 2— insert — ‘AASB 6 Exploration for and Evaluation of Mineral Resources AASB 1039 Concise Financial Reports AASB 1045 Land Under Roads: Amendments to AAS 27A, AAS 29A and AAS 31 AASB 1046 Director and Executive Disclosures by Disclosing Entities AASB 1046A Amendments to Accounting Standard AASB 1046 AASB 2004-2 Amendments to Australian Accounting Standards AASB 2005-1 Amendments to Australian Accounting Standard

s 17 9 s 17 Financial Management Amendment Standard (No. 1) No. 154, 2005 2005 AASB 2005-2 Amendments to Australian Accounting Standard AASB 2005-3 Amendments to Australian Accounting Standards’. (2) Schedule 4, part 3— insert — ‘Interpretation 2 Members’ Shares in Co-operative Entities and Similar Instruments Interpretation 3 Emission Rights Interpretation 1013 Consolidated Financial Reports in relation to Pre-Date-of-Transition Stapling Arrangements Interpretation 1042 Subscriber Acquisition Costs in the Telecommunications Industry’. 17 Amendment of sch 6 (Dictionary) Schedule 6— insert — ‘ GEA means the document named Government Enterprise Architecture. 4 ’. 4 A copy of this document may be obtained from the Office of Government ICT website at < 10 Financial Management Amendment Standard (No. 1) No. 154, 2005 2005 Schedule Amendment of commentaries section 4 1 Commentary after s 10, item 1, from ‘unless’— omit, insert — ‘ with any necessary changes.’ . 2 Commentary after s 21, item 3— omit. 3 Commentary after s 21, items 4 and 5— renumber as items 3 and 4. 4 Commentary after s 23, item 2’— omit, insert — ‘ 2 Although agencies are required to align with targets in the GEA and apply the mandatory principles of the information standards, in developing ICT resources strategic plans, agencies should also have regard to other guidelines issued by the Office of Government ICT about ‘best practice’ .’. 5 Commentary after s 23, item 5— omit. 6 Commentary after s 23, item 6— renumber as item 5. 7 Commentary after s 45, item 5, ‘Accounting Guidelines’— omit, insert — ‘ Policies ’. 8 Commentary after s 84, item 4(b), after ‘(March 2004)’— insert—

11 Financial Management Amendment Standard (No. 1) No. 154, 2005 2005 Schedule (continued) ‘ published by the Department of the Premier and Cabinet and available for Queensland government agencies only on < ’. 9 Commentary after s 84, item 4(c)— omit. ENDNOTES 1 Made by the Treasurer on 24 June 2005. 2 Notified in the gazette on 30 June 2005. 3 Laid before the Legislative Assembly on . . . 4. The administering agency is the Treasury Department. © State of Queensland 2005