EXPLANATORY STATEMENT
Issued by the Authority of the Minister for Finance and Deregulation
FMA Act Determination 2008/56— Section 32 (Transfer of Functions from the Treasury to the Office of the AASB)
Subsection 32(2) of the Financial Management and Accountability Act 1997 (FMA Act) provides that the Minister for Finance and Deregulation (Finance Minister) may, by determination, amend Schedules to annual Appropriation Acts to transfer appropriations in connection with the transfer of a function between agencies under the FMA Act. The determination has the effect of amending the Schedules concerned in accordance with the determination.
This power has been delegated from the Finance Minister to the Secretary of the Department of Finance and Deregulation under section 62 of the FMA Act.
The Office of the Australian Accounting Standards Board (Office of the AASB) was prescribed as an Agency under the FMA Act by Financial Management and Accountability Amendment Regulations 2008 (No. 4). The governance arrangements of the Office of the AASB were amended by the Governance Review Implementation (AASB and AUASB) Act 2008, and involve moving it from the Commonwealth Authorities and Companies Act 1997 to the FMA Act. The Office of the AASB became a prescribed Agency under the FMA Act from 1 July 2008.
The purpose of this Determination is to allow a transfer of appropriations related to the funding of functions related to the formulation and making of accounting standards, applicable to Australian entities, from the Department of the Treasury (Treasury) to the Office of the AASB. The appropriation amounts transferred are as follows:
- From annual Appropriation Act (No. 1) 2008-2009 an amount of $1,225,000.00 of the departmental item for the Treasury to the departmental item for the Office of the AASB;
In accordance with the Legislative Instruments Act 2003, the Treasury and the Office of the AASB were consulted in the preparation of this instrument.
The Determination is a legislative instrument for the purposes of the Legislative Instruments Act 2003.