Financial Management and Accountability (Amendment of Special Account) Determination 2001/03

Overview

The Financial Management and Accountability (Amendment of Special Account) Determination 2001/03 was made by Charles Roderick Kemp, the Assistant Treasurer, on behalf of the Minister for Finance and Administration, under subsection 20(2) of the Financial Management and Accountability Act 1997. The determination addresses the need to rename a specific special account to better reflect its purpose. The account previously known as the ‘Australian Uniform Building Regulations Account’ is renamed the ‘Australian Building Codes Board Account’. This change aims to ensure that the name of the account accurately reflects its function and the entity responsible for its administration. The determination commenced on the date it was made, 15 March 2001, and serves to update the account's name in accordance with the existing financial management framework.

Scope and Application

The Financial Management and Accountability (Amendment of Special Account) Determination 2001/03 applies to the Australian Building Codes Board Account, previously known as the Australian Uniform Building Regulations Account, and pertains to the financial management and accountability of this account as outlined in the Financial Management and Accountability Act 1997. This determination is applicable to the Commonwealth of Australia and governs the operations and administration of the specified account, ensuring that it adheres to the prescribed financial management standards and accountability measures. The Determination applies to the account itself and the transactions, financial management, and accountability associated with it. There are no specific exclusions or exemptions mentioned in the text, and the scope is limited to the renaming and continued governance of the account under the specified Act. The applicability and enforcement of this Determination may be extended or further defined through subordinate instruments or regulations made under the authority of the Financial Management and Accountability Act 1997.

Key Provisions

The Financial Management and Accountability (Amendment of Special Account) Determination 2001/03 primarily focuses on renaming a specific special account established under the Financial Management and Accountability Act 1997 (sections 2 and 3). Specifically, the account previously known as the ‘Australian Uniform Building Regulations Account’ is renamed the ‘Australian Building Codes Board Account’. This renaming aligns the account's title with the current organisational structure and nomenclature of the Australian Building Codes Board, ensuring clarity and consistency in financial reporting and management. Under this Determination, entities governed by the Act must update their records and references to reflect this name change. For instance, any documentation, internal systems, or communications that previously referred to the ‘Australian Uniform Building Regulations Account’ must now be updated to refer to the ‘Australian Building Codes Board Account’. This includes annual financial statements, internal audits, and other regulatory reports. The obligation to make these updates promptly and accurately is critical to maintaining the integrity of financial records and ensuring compliance with the Act. Failure to comply with the provisions of this Determination can result in civil and administrative penalties. The Financial Management and Accountability Act 1997 does not specify maximum penalties for breaches related to this particular Determination, but it generally allows for penalties for non-compliance with financial management directives. These penalties can include fines and, in severe cases, legal action against individuals or entities found to be in breach. The potential consequences underscore the importance of timely and accurate compliance with the Determination’s requirements.