Public Finance and Audit Amendment (Consolidated Financial Statements) Act 1999 (NSW)

New South Wales

Public Finance and Audit Amendment

(Consolidated Financial Statements)

Act 1999 No 37

Contents

Page

1	Name of Act	2
2	Commencement	2
3	Amendment of Public Finance and Audit Act 1983 No 152	2
4	Application of Act	2

Schedule 1 Amendments 3

[8]

New South Wales

Public Finance and Audit Amendment

(Consolidated Financial Statements)

Act 1999 No 37

Act No 37, 1999

An Act to amend the Public Finance and Audit Act 1983 to extend the time for preparing the Public Accounts and the Total State Sector Accounts; to define “controlled entity” by reference to the Australian Accounting Standards; and for other purposes. [Assented to 7 July 1999]

Section 1

Public Finance and Audit Amendment (Consolidated Financial

Statements) Act 1999 No 37

The Legislature of New South Wales enacts:

1     Name of Act

This Act is the Public Finance and Audit Amendment (Consolidated

Financial Statements) Act 1999.

2 Commencement

This Act commences on the date of assent.

3 Amendment of Public Finance and Audit Act 1983 No 152

The Public Finance and Audit Act 1983 is amended as set out in

Schedule 1.

4     Application of Act

Sections 6, 49, 51 and 52A of the Public Finance and Audit Act 1983, as amended by this Act, apply to the Public Accounts and the Total State Sector Accounts prepared for the financial year commencing on 1 July 1998 and subsequent financial years.

Public Finance and Audit Amendment (Consolidated Financial

Statements) Act 1999 No 37

Amendments Schedule 1

Schedule 1 Amendments

(Section 3)

[1]      Section 6 Preparation of the Public Accounts and the Total State Sector Accounts

Omit section 6 (4) and (5). Insert instead:

(4) On or before 30 September, the Treasurer is to transmit the Public Accounts and the Total State Sector Accounts prepared in relation to the preceding financial year to the Auditor-General.

[2]      Section 39 Application and interpretation

Omit section 39 (1A). Insert instead:

(1A) A reference in this Division to a statutory body also includes a reference to an entity of which the statutory body has control within the meaning of Australian Accounting Standard AAS 24: Consolidated Financial Reports and Accounting Standard AASB 1024: Consolidated Accounts.

[3]      Section 45A Application and interpretation

Omit section 45A (1A). Insert instead:

(1A) A reference in this Division to a Department also includes a reference to an entity of which the Department (or the Minister responsible for, or an officer of, the Department) has control within the meaning of Australian Accounting Standard AAS 24: Consolidated Financial Reports and Accounting Standard AASB 1024: Consolidated Accounts.

Public Finance and Audit Amendment (Consolidated Financial

Statements) Act 1999 No 37

Schedule 1 Amendments

[4]      Section 49 Examination by Auditor-General of the Public Accounts and the Total State Sector Accounts

Omit section 49 (2). Insert instead:

(2) On or before 15 November after receiving the Public Accounts and the Total State Sector Accounts from the Treasurer, the Auditor-General is to transmit the Public Accounts, the Total State Sector Accounts and the opinion prepared under this section to the Treasurer.

[5]      Section 49 (4)

Omit the subsection.

[6]      Section 51 Public Accounts, Total State Sector Accounts and opinion to be presented to the Legislative Assembly

Omit “30 September” from section 51 (1).

Insert instead “30 November” .

[7]      Section 51 (3)

Omit the subsection.

[8]     Section 52A Auditor-General's report etc to be presented to the Legislative Assembly

Omit “30 September” from section 52A (1).

Insert instead “30 November” .

[9]      Section 52A (3)

Omit the subsection.

Public Finance and Audit Amendment (Consolidated Financial

Statements) Act 1999 No 37

Amendments Schedule 1

[10]      Section 64 Regulations

Insert after section 64 (1):

(1A) Without limiting subsection (1), a regulation may shorten the time for compliance with a provision of section 6 (4), 41A (1) or (2), 41C (1) or (1A), 45D (1), 45F (1), 49 (2), 51 (1) or 52A(1), despite the provision.

[Minister's second reading speech made in—

Legislative Assembly on 22 June 1999

Legislative Council on 30 June 1999]

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