REQUIREMENTS and guidance for the preparation of financial statements of Commonwealth Agencies and Authorities

COMMONWEALTH OF AUSTRALIA

Department of Finance and Administration

Contents 

1 Application 

Policy 

2 Certification 

Policy 

3 Exemptions 

Policy 

4 Business Operations not required to report separately 

Policy 

5 Reporting of Outcomes 

Policy 

6 Administered and Departmental Items 

Policy 

7 Comparatives 

Policy 

8 Land, Buildings, Other Infrastructure, Plant and Equipment             

Policy 

9 Recoverable Amount 

Policy 

10 Analysis of Property, Plant and Equipment, and Intangibles             

Policy 

11 Software 

Policy 

12 Restricted Assets 

Policy 

13 Investments in Controlled Entities 

Policy 

14 Material Investments 

Policy 

15 Assets Held in Trust 

Policy 

16 Receivables 

Policy 

17 Special Categories of Assets and Liabilities 

Policy 

18 Capital Appropriations 

Policy 

19 Analysis of Equity 

Policy 

20 Restructuring 

Policy 

21 Appropriations 

Policy 

22 Sale of Assets by the Office of Asset Sales and Information Technology Outsourcing             

Policy 

23 Remuneration of Auditors 

Policy 

24 Director/Manager Remuneration 

Policy 

25 Act of Grace Payments, Waivers and Defective Administration Scheme             

Policy 

26 Contingencies 

Policy 

27 Commitments 

Policy 

Appendix A 

Forms of Financial Statements, Schedules and Notes disaggregating the Financial Statements and Schedules             

1              Application

Policy

The requirements of this Schedule apply where information resulting from their application is material.  Information is material if its omission, misstatement or non-disclosure has the potential to adversely affect:

(a)           decisions about the allocation of scarce resources made by users of the agency’s or authority’s financial report; or

(b)           the discharge of accountability by the agency or authority.

Financial statements must be prepared:

(c)            for the Agency or Authority;

(d)           for the economic entity, comprising the Agency or Authority and its subsidiaries;

(e)            for any subsidiaries within an economic entity that are reporting entities; and

(f)             for the activity or activities of an Agency for which there is a determination pursuant to Financial Management and Accountability  Orders 6.2.1.

Note: Where both clauses 2.1(a) and 2.1(b) are applicable, the information must be shown in adjacent columns headed ‘Parent’ and ‘Consolidated’.

The financial statements of Agencies and Authorities must:

(g)           include the primary statements, schedules and notes in the form prescribed in Appendix A of this Schedule;

(h)           include all note disclosures specified in the policies of this Schedule;

(i)             have background shading for the administered schedules and the notes that directly relate to the administered schedules;

(j)             comply with accounting standards and accounting interpretations issued by:

• the Australian Accounting Standards Board (established under section 226 of the Australian Securities and Investment Commission Act 1989); and
• the former Australian Accounting Standards Board and the Public Sector Accounting Standards Board, not yet reissued by the present Board;

(k)           comply with Urgent Issues Group (UIG) Consensus Views;

(l)             have regard to Australian Statements of Accounting Concepts;

(m)         have regard to the Explanatory Notes to Commonwealth Accounting Policies as issued by the Department of Finance and Administration; and

(n)           have regard to Guidance Notes issued by the Department of Finance and Administration.

The administered schedules required by paragraph 1.3 (a) must comply with paragraphs 1.3 (b) to (h) inclusive. 

To the extent of any inconsistency between a requirement of this Schedule and an Urgent Issues Group (UIG) Consensus View, the UIG Consensus View prevails.

The financial statements must be presented in the following order:

(o)           primary statements;

(p)           schedules of contingencies and commitments;

(q)           schedules of administered items;

(r)            schedules of administered contingencies and commitments; and

(s)            notes to the financial statements.

Where information is given in a note to the financial statements required by clause 1.1 (whether required by this Schedule or otherwise), that note must contain sufficient headings, cross-references or other particulars to enable the subject matter or purpose of the note to be readily identified.

Clauses in this Schedule apply to all Commonwealth Agencies and Authorities unless otherwise specified in that clause.

Commonwealth entities that are classified as financial institutions (for example the Reserve Bank of Australia), must comply with Australian Accounting Standards (including AAS 32, entitled, Specific Disclosures by Financial Institutions). In the event of a conflict between the requirements of the Standards and this Schedule, any Commonwealth entity classified as a financial institution must comply with the requirements of the Standards.

Where a requirement in this Schedule refers to a class of revenues, expenses, assets, liabilities or equity or a circumstance that is not relevant or applicable to a reporting entity in a reporting period or comparative reporting period, the particulars that otherwise would be required to be shown need not be included in the financial statements.

2              Certification

Policy

There must be attached to the front of the financial statements:

(a)           a copy of the auditor’s report on the statements;

(b)           a statement by the Chief Executive or directors, as the case may be, as to whether, in their opinion, the financial statements give a true and fair view of the matters required by this Schedule; and

(c)            If the Commonwealth Authority is a Government Business Enterprise or a Statutory Marketing Authority, the directors must state whether or not, in their opinion, there are, when the statement is made, reasonable grounds to believe that the Authority will be able to pay its debts as and when they fall due.

3              Exemptions

Policy

In special circumstances the Minister for Finance and Administration, or a person authorised by the Minister, may grant a written exemption to the Chief Executive or directors, as the case may be, from any specified requirements of this Schedule.

An exemption may be granted subject to conditions, including alternative forms of disclosure.

The Chief Executive or directors must include particulars of any exemption under this clause in the summary of accounting policies given in the notes.

4              Business Operations not required to report separately

Policy

The notes to the financial statements of an Agency must include the following information in respect of the activities of each material business operation not required to report separately in accordance with clause 1.2 (d).

Total revenue from appropriations#

Total revenue from other ordinary activities#

Total expenses from ordinary activities

Net surplus or deficit from ordinary activities

Extraordinary gains/(losses) [amount and brief description]

Net surplus or deficit

Total current assets

Total non-current assets

Total current liabilities

Total non-current liabilities

Equity

# When a revenue or expense is of such a size, nature or incidence that its disclosure is relevant in explaining the financial performance of the business operations for the reporting period, its nature and amount must be disclosed separately.

The financial statements must disclose the financial effect of any material changes in the nature of those business operations not required to report separately in accordance with clause 1.2 (d), and provide a description of their causes.

5              Reporting of Outcomes

Policy

Agencies and Authorities in the General Government Sector must disclose, in the notes, the following information for each outcome specified in the Appropriation Acts relevant to the entity:

The table required by this policy aims to show the total financial impact of each entity’s outcome at whole of government level. At this level, departmental and administered items must be combined.

The descriptions given in Column 1 of the table above may be varied, as necessary, but in a manner consistent with the intended measure of the row.

Subsidies, benefits and grants expenses must be net of refunds and adjustments.

Net cost of departmental outputs must be net of revenues from independent sources (i.e. revenues not directly appropriated to the agency or authority).

Entities must include a footnote to the table to say that the net cost to Budget outcome shown includes intra-government costs (e.g. rent paid to DOFA) that would be eliminated in calculating the actual Budget outcome.

*Each asset must be allocated to an outcome where it is wholly or substantially employed to produce that outcome.

6              Administered and Departmental Items

Policy

Revenues, expenses, assets and liabilities (items[2]) over which the Agency or Authority has control are to be classified as ‘departmental items’.

Items which the Agency or Authority oversights or manages on behalf of the Government, and does not control, are to be classified as ‘administered items’.

Departmental and administered items must be disclosed  separately in accordance with this Schedule.

7              Comparatives

Policy

Agencies and authorities must comply with section 6 of Australian Accounting Standard 37 (AAS 37) as if section 6 also applies to these policies.

8              Land, Buildings, Other Infrastructure, Plant and Equipment

Policy

Land, buildings, infrastructure, plant and equipment must:

(a)           initially be recorded at cost of acquisition, in accordance with Australian Accounting Standard 21 (AAS 21); and

(b)           be revalued progressively every three years in accordance with the deprival method of valuation, so that land, buildings, infrastructure, plant and equipment have values which are no greater than three years’ old.

9              Recoverable Amount

Policy

All Agencies and Authorities must apply the recoverable amount test, in accordance with Australian Accounting Standard 10 (AAS 10) Recoverable Amount of Non-Current Assets, to their departmental non-current assets.

The recoverable amount test does not apply to administered non-current assets which Agencies or Authorities oversight or manage on behalf of the Government.

10         Analysis of Property, Plant and Equipment, and Intangibles

Policy

The notes to the financial statements must include the table beginning on the next page, reconciling the opening and closing balances of property, plant and equipment and intangibles.

Table: Reconciliation of the Opening and Closing Balances of Property, Plant and Equipment and Intangibles.

The following separate tables must be included for assets held at valuation and for assets held under finance leases.

Table: Assets at Valuation.

Table: Assets Held under Finance Lease.

The following table must be included to allow compliance with the requirements of AAS 34 Borrowing costs

Table: Assets under Construction.

Where practicable, assets revalued at their current replacement cost should be shown at their gross value as permitted by paragraph 7.2 of AAS 38.

11         Software

Policy

Internally developed and externally acquired computer software for internal use must initially be recognised and, where applicable, capitalised at the cost of development or acquisition.

The capitalised costs (or revalued amounts) of development or acquisition must be amortised over the useful life of the software.

12         Restricted Assets

Policy

Paragraph 12.3 of Australian Accounting Standard AAS 29, Financial Reporting by Government Departments dealing with restrictions, in whole or in part, on the use of an asset applies to all Agencies and Authorities.

13         Investments in Controlled Entities

Policy

The disclosure of administered assets and liabilities of a Department of State must show the total amount of the Commonwealth’s investment in each separate legal entity for which the Portfolio Minister is responsible.

Changes in the Commonwealth’s ownership interest must be reflected in the carrying amount of such investments.

Unless clause 13.2 applies and/or where otherwise required by another accounting policy or accounting standard, the amount initially recorded:

in accordance with Australian Accounting Standard 21 (AAS 21); or

in relation to any investments held at 30 June 1997 that were revalued before that date, the amount shown as the carrying amount at 30 June 1997;

must remained fixed as the carrying amount of the investment.

14         Material Investments

Policy

Where an investment in an entity, which is not a subsidiary or an associate, is material, the following must be disclosed in a note:

(a)           the name of the entity;

(b)           its principal activities;

(c)            the percentage ownership interest held in the entity; and

(d)           the carrying amount of the investment.

15         Assets Held in Trust

Policy

The financial statements of Agencies and Authorities must include a note giving particulars of assets held in trust.

In relation to assets, the particulars required by clause 15.1 must be provided as a summary of the categories of assets held at the end of the reporting period and the purpose for which they are being held.

In relation to cash, the particulars required by clause 15.1 must include, for each significant category of trust, the:

(a)           total amount held at the beginning of the reporting period;

(b)           total receipts during the reporting period;

(c)            total payments during the reporting period; and

(d)           total amount held at the end of the reporting period.

16         Receivables

Policy

Where at the end of the reporting period an amount of receivables included in the financial statements includes amounts which are overdue, there must be shown, in a note, an age analysis of those amounts which have been overdue for:

(a)           less than 30 days;

(b)           30 to 60 days;

(c)            60 to 90 days; and

(d)           more than 90 days.

17         Special Categories of Assets and Liabilities

Policy

Where the amount of a class, or part of a class, of assets or liabilities of an Authority or Agency is made up of amounts of

(a)           assets received free of charge in the reporting period;

(b)           liabilities that are secured by a charge;

(c)            bills of exchange receivable that have been accepted or endorsed by a bank;

(d)           investments that are listed on a stock exchange; or

(e)            interest capitalised

those amounts and, in the case of assets, any accumulated depreciation, amortisation or provision for diminution in value must be identified separately in the notes.

In relation to the amounts required by clause 17.1 to be identified separately, the following additional information must be shown by Authorities:

(f)             for liabilities that are secured by a charge—the nature of that security; and

(g)           for investments that are listed on a stock exchange—their market value (unless they are already recognised at that value) as at the end of the financial year, calculated on the official quotation on the stock market of that stock exchange.

18         Capital Appropriations

Policy

Capital appropriations must be treated as contributions by owners and recognised as direct increases in capital (under equity) in the statement of financial position.

19         Analysis of Equity

Policy

The notes for Agencies and Authorities in the General Government Sector must include the following table reconciling the opening and closing balances of equity.

Table: Analysis of Equity

20         Restructuring

Policy

This policy applies in relation to the transfer of assets and the assumption of liabilities between Commonwealth entities for no consideration (or for token consideration) consequent to:

(a)           a Cabinet decision;

(b)           an Administrative Arrangements Order (AAO) change;

(c)            an Act of Parliament or regulation under an Act; or

(d)           an agreement between the Finance Minister and relevant portfolio Minister.

The net book values (less any token consideration) of assets and liabilities transferred between agencies in accordance with clause 20.1 must be treated as contributions by, or distributions to, owners and recognised as direct adjustments to accumulated surpluses or deficits (under equity) for the transferor and transferee entities.

All other transfers of assets and liabilities from one entity to another must be treated as giving rise to revenues and expenses in the financial period the transfer occurs.

21         Appropriations

Policy

Agencies and Authorities must disclose, in the notes, the following tables:

Annual Appropriation Acts and Limited (by amount) Special Appropriations

Special Appropriations (Unlimited)

Special Accounts

22         Sale of Assets by the Office of Asset Sales and Information Technology Outsourcing

Policy

At the time of sale, the asset must be written out of the relevant Agency’s records by crediting the asset with any related depreciation, then writing-off the balance (carrying amount) as an administered expense. This reflects the transfer of the asset to Office of Asset Sales and Information Technology Outsourcing (OASITO).

OASITO must recognise the transfer of the asset to it as an administered asset pending sale and crediting an administered revenue account (e.g. debit ‘Shares in X Ltd pending sale’/’credit ‘Assets received from agencies’).

The net amount of gain or loss on sale is the balance of the asset held for sale account and is transferred to the Schedule of Administered Revenues and Expenses (described as gain/loss on asset sale).

In relation to each major asset sale, the following particulars must be shown in a note:

(a)           Gross proceeds from sale;

(b)           written down value of assets sold (its carrying amount before sale);

(c)            direct selling costs (including point of sale costs); and

(d)           the net gain or loss from sale.

23         Remuneration of Auditors

Policy

The disclosures required by this policy are material by nature.

The financial statements of an Agency or Authority must include a note giving particulars of the remuneration of auditors for:

(a)           auditing the financial statements for that reporting period; and

(b)           any other services provided during that reporting period.

The fair value of any of the services provided free of charge by the Auditor-General must also be shown.

For the purpose of this Policy, performance audits are not taken to be services provided to an Agency or Authority.

Authorities must disclose the extent to which auditors’ remuneration is paid to an auditor other than the Auditor-General.

24         Director/Manager Remuneration

Policy

The disclosures required by this policy are material by nature.

The following information must be disclosed in the notes to the financial statements in regard to the remuneration of directors of an Authority:

(a)           the number of directors of the Commonwealth authority whose total remuneration for the financial year derived from the Authority, whether as a director or otherwise, falls within each band of $10,000;

(b)           the total of the remuneration referred to in paragraph (a) of all directors referred to in that paragraph.

The consolidated financial statements must include in a note the total of the remuneration of all directors of each entity in the economic entity, comprising the Commonwealth authority and its subsidiaries, for the financial year.

The following information must be disclosed in the notes to the financial statements in regard to the remuneration of managers:

(c)            the aggregate remuneration of all managers of the entity whose remuneration for the financial year is $100,000 or more;

(d)           the number of managers of the entity whose total remuneration for the financial year falls within each successive $10,000 band, commencing at $100,000;

being remuneration received or due and receivable, directly or indirectly, from the entity or any related party in connection with the management of the affairs of the  Agency or Authority or any of its subsidiaries, whether as a manager otherwise.

The following information must be disclosed in the notes to the financial statements of an economic entity where an Agency or Authority is the parent entity in the economic entity:

(e)            the aggregate remuneration of all managers of the economic entity whose remuneration for the financial year is $100,000 or more;

(f)             the number of managers of the economic entity whose total remuneration for the financial year falls within each successive $10,000 band, commencing at $100,000;

being remuneration received or due and receivable, directly or indirectly, from the entities in the economic entity or a related party in connection with the management of the affairs of the entities in the economic entity, whether as a manager or otherwise.

In addition to all other requirements of this policy, the aggregate amount of separation and redundancy payments for managers should be disclosed separately, if material.

25         Act of Grace Payments, Waivers and Defective Administration Scheme

Policy

The disclosures required by this policy are material by nature.

The financial statements must include a note showing:

(a)           the number and aggregate amount of any act of grace payments made during the reporting period pursuant to subsection 33(1) of the Financial Management and Accountability Act 1997;

(b)           the number of waivers, and the aggregate amount owing to the Commonwealth, the recovery of which was waived during the reporting period (being amounts that the entity would, but for the waiver, have been entitled to receive on behalf of the Commonwealth);

• pursuant to subsection 34(1) of the Financial Management and Accountability Act 1997; and
• pursuant to other legislation, which should be specified.

(c)            The number and aggregate amount of payments during the reporting period under the Defective Administration Scheme.

26         Contingencies

Policy

Contingencies are conditions that exist at the reporting date that may give rise to an asset (or revenue/gain) or a liability (or loss/expense) on the occurrence or non-occurrence of one or more uncertain future events that are outside the control of the Agency or authority.

Contingencies must be disclosed in the Schedule of Contingencies, in accordance with Appendix A, unless the possibility of loss or gain is remote.

The Schedule of Contingencies must disclose sufficient information to:

(a)           enable assessments of both the nature of, and the uncertainties which affect, the contingencies; and

(b)           show separately the contingencies (or groups of contingencies) according to different levels of uncertainty of possible gain or loss.

Particulars of material contingencies excluded from the Schedule of Contingencies because they are remote must be disclosed in a note to the financial statements.

27         Commitments

Policy

Commitments are intentions to create liabilities, as evidenced by agreements or undertakings, to make future payments to other entities.

The nature and ‘where quantifiable’ the amount of each category of commitments must be disclosed in a schedule of commitments in accordance with Appendix A.

Appendix A

Forms of Financial Statements, Schedules and Notes disaggregating the Financial Statements and Schedules

Section 1: Commercial Reporting Entities

statement of financial performance/Profit and Loss Statement

for the period ended ___________

 Consolidated Parent

Revenues from ordinary activities

Sales of goods and services

Interest (note x)

Dividends (note x)

Net gains from sales of assets (note x)

Reversals of previous asset write-downs

Net foreign exchange gains (note x)

Transfers from provisions

Revenues from government (note x)

Correction of fundamental error

Other (note x)

Total revenues from ordinary activitiesOperating Expenses from ordinary activities

Employees (note x)

Suppliers (note x)

Depreciation and amortisation (note x)

Write-down of assets (note x)

Net losses from sales of assets (note x)

Net foreign exchange losses (note x)

Interest (note x)

Correction of fundamental error

Other (note x)

Total expenses from ordinary activities

Borrowing costs expense (note x)

Share of net profits/losses of associates and joint ventures

Correction of fundamental error

Profit or loss from ordinary activities before income tax

Income tax expense

Income tax expense/revenue (including effect of correction of fundamental error)

Profit or loss from ordinary activities after income tax

Profit or loss on extraordinary items after income tax expense/revenue (note x)

Net profit or loss

Outside interests in net profit or loss

 Net profit or loss attributable to the Commonwealth

Net credit (debit) to asset revaluation reserve

Net exchange difference recognised as a direct debit (credit) to equity

Initial adjustments from transitional UIG Consensus View recognised as a direct debit (credit) to equity

Other direct debits (credits) to equity

Total changes in equity other than contributions/withdrawals of capital

statement of financial position/Balance Sheet

as at ____________

 Consolidated Parent

Current assets

Cash

Receivables (see note x)

Investments (note x)

Inventories (note x)

Land and buildings

Infrastructure, plant and equipment (note x)

Current tax assets

Other (note x)

Total current assets

Non‑current assets

Receivables (note x)

Investments (note x)

Inventories (note x)

Land and buildings (note x)

Infrastructure, plant and equipment (note x)

Non-current tax assets

Intangibles (note x)

Other (note x)

Total non‑current assets

Total assets

Current liabilities

Interest bearing liabilities (note x)

Provisions(note x)

Payables (note x)

Current tax liabilities (note x)

Total current liabilities

Non‑current liabilities

Interest bearing liabilities (note x)

Provisions

Payables (note x)

Non-current tax liabilities

Total non‑current liabilities

Total liabilities

Equity *

Parent entity interest

Capital

Reserves

Statutory funds

Accumulated profits or losses

Outside equity interest

Capital

Reserves

Accumulated profits or losses

Total equity

* Note: ‘Equity’ is the residual interest in assets after deduction of liabilities

Statement of Cash Flows

for the period ended __________

Operating Activities     Consolidated Parent

Cash received

Sales of goods and services

Interest

Dividends

Other

Total cash received

Cash used

Employees

Suppliers

Interest

Income tax

Other

Total cash used

Net cash from operating activities

Investing Activities

Cash received

Proceeds from sales of property, plant and equipment

Proceeds from sales of equity instruments

Bills of exchange and promissory notes

Repayments of loans made

Other

Total cash received

Cash used

Purchase of property, plant and equipment

Purchase of equity instruments

Bills of exchange and promissory notes

Loans made

Other

Total cash used

Net cash from investing activities

Financing Activities

Cash received

Appropriations—capital injections and loans

Proceeds from issuing equity instruments

Proceeds from debt

Other

Total cash received

Cash used

Repayments of debt

Dividends paid

Other

Total cash used

Net cash from financing activities

Net increase in cash held

Cash at the beginning of the reporting period

Effect of exchange rate movements on cash at the beginning of the reporting period

Cash at the end of the reporting period

Schedule of Commitments

as at ______________

 Consolidated Parent

By type

Capital commitments

Land and buildings

Infrastructure, plant and equipment

Investments

Other capital commitments

Total capital commitments

Other commitments

Operating leases

Project commitments

Research and development

Other commitments

Total other commitments

Commitments receivable

Net commitments

By maturity

One year or less

From one to five years

Over five years

Net commitments

Schedule of Contingencies

as at______________

 Consolidated Parent

Contingent losses

Guarantees to controlled entities

Other guarantees

Indemnities

Uncalled shares/capital subscriptions

Claims for damages/costs

Other [for each type]

Total contingent losses

Contingent gains

[Specify each class]

Net contingencies

Schedule of unquantifiable contingent losses/gains

[Summarise material contingencies or classes of contingencies]

Note: ‘contingencies’ are conditions, situations, or circumstances that:

 a. exist at the end of the reporting period;

 b. create uncertainty as to possible gain or loss to an entity; and

 c. will be confirmed only on the occurrence or non-occurrence of one or more uncertain future events.

Classes of Items Included in the Primary Statements for Commercial Reporting Entities

(a)           There must be shown, in a note, the amounts and particulars of the classes of revenues, expenses, assets and liabilities specified in this section where they have been included under an item in the statement of financial performance/profit and loss statement or in the statement of financial position/balance sheet.

(b)           Any material classes of revenues, expenses, assets and liabilities not specified in this section must be disclosed in the notes separately under the heading to which they relate.

(c)            Any immaterial classes of revenues and expenses not specified in this section may be included in a class described as ‘other’ under the heading to which they relate.

Revenues

Interest

Loans

leases

deposits

Overdrafts

Dividends

Subsidiary companies

Associated companies

Other companies

Net gains from sales of assets

Investments

Land and buildings

Infrastructure, plant and equipment

Intangibles

Other

Net foreign exchange gains

Speculative

Non-speculative

Other

Gains from derivative financial instruments

Expenses

Employees

Remuneration (for services provided)

Separation and redundancy payments

Note: Separation and redundancy payments must exclude any benefits that would have been accrued and payable if redundancy had not occurred (e.g. accrued leave entitlements and lump sum superannuation payments).

Suppliers

Supply of goods and services

Operating lease rentals

Note: Where supplier’s expenses relate to the provision of employee benefits included in a remuneration package, they should be included in employee expenses.

Write-down of assets

Receivables

Investments

Land and buildings

Infrastructure, plant and equipment

Inventories

Intangibles

Net losses from sales of assets

Investments

Land and buildings

Infrastructure, plant and equipment

Intangibles

Net foreign exchange losses

Speculative

Non-speculative

Interest

Loans

Leases

Overdrafts

Other

Other

Losses from derivative financial instruments

Guarantees, undertakings and indemnities met

Extraordinary items

Each extraordinary item

Assets

Receivables

Goods and services

Appropriations

Loans

Bills of exchange and promissory notes

Interest and dividends

Investments

Gold

Government securities

Shares

subsidiary companies

associated companies (equity method)

other companies

Debentures

Land and buildings

Land

Buildings (not integral to infrastructure)

Inventories

Inventories held for sale

Inventories not held for sale

Intangibles

Patents, trade marks, brand names, licences

Computer software

purchased (include any modification cost)

internally developed

Research and development expenditure capitalised

Goodwill

Other

Other

Prepayments paid

Future income tax benefit

Liabilities

Interest bearing liabilities

Loans

bank loans

non-bank loans

debentures and unsecured notes

bonds

bills of exchange and promissory notes

Maturity schedule must be included for total loans showing amounts payable within:

one year

one to two years

two to five years

more than five years

Leases

Deposits

Overdrafts

Other

Provisions

Employees

salaries and wages

leave

superannuation

workers’ compensation

separations and redundancies

other

Payables

Suppliers

trade creditors

operating lease rentals

dividends

Other

interest payable

prepayments received

Tax liabilities

current income tax

deferred income tax

Equity

Net profit or loss attributable to the Commonwealth

Accumulated profits or losses at beginning of reporting period

Net effect of adoption of new Standard

Aggregate of amounts transferred from reserves

Total available for appropriation

Dividends provided for and dividends paid

Aggregate of amounts transferred to statutory funds

Other appropriations made

Accumulated profits or losses at end of reporting period

section 2: non-commercial reporting entities

statement of financial performance

for the period ended __________

 Consolidated Parent

Revenues from ordinary activities

Revenues from government (note x)

Sales of goods and services

Interest (note x)

Dividends (note x)

Net gains from sales of assets (note x)

Reversals of previous asset write-downs

Net foreign exchange gains (note x)

Transfers from provisions

Net effect of adoption of new Standard

Other (note x)

Total revenues from ordinary activitiesExpenses from ordinary activities Employees (note x)

Suppliers (note x)

Grants (note x)

Depreciation and amortisation (note x)

Write-down of assets (note x)

Net losses from sales of assets (note x)

Net foreign exchange losses (note x)

Interest (note x)

Correction of fundamental error

Other (note x)

Total expenses from ordinary activities

Borrowing costs expense

Share of net profits/losses of associates and joint ventures

Correction of fundamental error

Net operating surplus or deficit from ordinary activities

Gain or loss on extraordinary items (note x)

Net surplus or deficit

Outside interests in net surplus or deficit

 Net surplus or deficit attributable to the Commonwealth

Net credit (debit) to asset revaluation reserve

Net exchange difference recognised as a direct debit (credit) to equity

Initial adjustments from transitional UIG Consensus View recognised as a direct debit (credit) to equity

Other direct debits (credits) to equity

Total changes in equity other than contributions/withdrawals of capital

statement of financial position

as at ____________

 Consolidated Parent

ASSETS

Financial assets

Cash

Receivables (note x)

Investments (note x)

Accrued revenues (note x)

Other (note x)

Total financial assets

Non-financial assets

Land and buildings (note x)

Infrastructure, plant and equipment (note x)

Inventories (note x)

Intangibles (note x)

Other (note x)

Total non-financial assets

Total assets

LIABILITIES

Interest bearing liabilities

Loans (note x)

Leases

Deposits

Overdrafts

Other

Total debt

Provisions

Capital use charge

Employees (note x)

Payables

Suppliers (note x)

Grants (note x)

Other (note x)

Total provisions and payables

Total liabilities

EQUITY*

Parent entity interest

Capital

Reserves

Statutory funds

Accumulated surpluses or deficits

Total parent entity interest

Outside equity interest

Capital

Reserves

Accumulated surpluses or deficits

Total outside equity interest

Total equity

Current liabilities

Non-current liabilities

Current assets

Non-current assets

*Note: ‘equity’ is the residual interest in assets after deduction of liabilities.
Statement of Cash Flows

for the period ended __________

 Consolidated Parent

Operating Activities

Cash received

Appropriations for outputs

Sales of goods and services

Interest

Dividends

Other

Total cash received

Cash used

Employees

Suppliers

Grants (note x)

Interest

Income tax

Other

Total cash used

Net cash from operating activities

Investing Activities

Cash received

Proceeds from sales of property, plant and equipment

Proceeds from sales of equity instruments

Bills of exchange and promissory notes

Repayments of loans made

Other

Total cash received

Cash used

Purchase of property, plant and equipment

Purchase of equity instruments

Bills of exchange and promissory notes

Loans made

Other

Total cash used

Net cash from investing activities

Financing Activities

Cash received

Proceeds from issuing equity instruments

Proceeds from debt

Other

Total cash received

Cash used

Repayments of debt

Capital use paid

Dividends paid

Other

Total cash used

Net cash from financing activities

Net increase in cash held

Cash at the beginning of the reporting period

Effect of exchange rate movements on cash at the beginning of the reporting period

Cash at the end of the reporting period
Schedule of Commitments

as at ______________

 Consolidated Parent

By type

Capital commitments

Land and buildings

Infrastructure, plant and equipment

Investments

Other capital commitments

Total capital commitments

Other commitments

Operating leases

Project commitments

Research and development

Other commitments

Total other commitments

Commitments receivable

Net commitments

By maturity

One year or less

From one to five years

Over five years

Net commitments

Schedule of Contingencies

as at______________

 Consolidated Parent

Contingent losses

Guarantees to controlled entities

Other guarantees

Indemnities

Uncalled shares/capital subscriptions

Claims for damages/costs

Other [for each type]

Total contingent losses

Contingent gains

[Specify each class]

Net contingencies

Schedule of unquantifiable contingent losses/gains

[Summarise material contingencies or classes of contingencies]

Note: ‘contingencies’ are conditions, situations, or circumstances that:

a. exist at the end of the reporting period;

b. create uncertainty as to possible gain or loss to an entity; and

c. will be confirmed only on the occurrence or non-occurrence of one or more uncertain future events.

Classes of Items Included in the Primary Statements for Non-Commercial Reporting Entities

(d)           There must be shown, in a note, the amounts and particulars of the classes of revenues, expenses, assets and liabilities specified in this section where they have been included under an item in the statement of financial performance or in the statement of financial position.

(e)            Any material classes of revenues, expenses, assets and liabilities not specified in this section must be disclosed in the notes separately under the heading to which they relate.

(f)             Any immaterial classes of revenues and expenses not specified in this section may be included in a class described as ‘other’ under the heading to which they relate.

Revenues

Revenues from government

Appropriations for outputs

other non-capital appropriations (to be approved by the Minister)

resources received free of charge (to be approved by the Minister)

Interest

Loans

Leases

Deposits

Overdrafts

Dividends

Subsidiary companies

Associated companies

Other companies

Net gains from sales of assets

Financial assets

Investments

Other

Non-financial assets

Land and buildings

Infrastructure, plant and equipment

Intangibles

Other

Net foreign exchange gains

Speculative

Non-speculative

Other

Gains from derivative financial instruments

Expenses

Employees

Remuneration (for services provided)

Separation and redundancy payments

Note: Separation and redundancy payments must exclude any benefits that would have been accrued and payable if redundancy had not occurred (e.g. accrued leave entitlements and lump sum superannuation payments).

Suppliers

Supply of goods and services

Operating lease rentals

Note: Where a supplier’s expenses relate to the provision of employee benefits included in a remuneration package, they should be included in employee expenses.

Write-down of assets

Financial assets

Receivables

Investments

Non-financial assets

Land and buildings

Infrastructure, plant and equipment

Inventories

Intangibles

Net losses from sales of assets

Financial assets

Investments

Non-financial assets

Land and buildings

Infrastructure, plant and equipment

Intangibles

Net foreign exchange losses

Speculative

Non-speculative

Interest

Loans

Leases

Overdrafts

Other

Other

Losses from derivative financial instruments

Guarantees, undertakings and indemnities met

Extraordinary items

Each extraordinary item

Assets

Receivables

Goods and services

Appropriations

Loans

Bills of exchange and promissory notes

Interest and dividends

Investments

Government securities

International financial institutions

Shares

subsidiary companies

associated companies (equity method)

other companies

Debentures

Non-financial assets

Land and buildings

Land

Buildings (not integral to infrastructure)

Infrastructure plant and equipment

Specialist military equipment

Other

Inventories

Inventories held for sale

Inventories not held for sale

Intangibles

Patents, trade marks, brand names, licences

Computer software

purchased (include any modification cost)

internally developed

Research and development expenditure capitalised

Goodwill

other

Other

Prepayments paid

Future income tax benefit

Liabilities

Interest bearing liabilities

Loans

bank loans

non-bank loans

bills of exchange and promissory notes

Maturity schedule must be included for total loans showing amounts payable within:

one year

one to two years

two to five years

more than five years

Leases

Deposits

Overdrafts

Other

Provisions

Employees

salaries and wages

leave

superannuation

workers’ compensation

separations and redundancies

other

Payables

Suppliers

trade creditors

operating lease rentals

Grants

overseas

non-profit entities

commercial entities

Other

interest payable

prepayments received

Equity

Net profit or loss attributable to the Commonwealth

Accumulated surpluses or deficits at beginning of reporting period

Net effect of adoption of new Standard

Aggregate of amounts transferred from reserves

 Total available for appropriation

Capital use provided for or paid

Aggregate of amounts transferred to statutory funds

Other appropriations made

 Accumulated surpluses or deficits at end of reporting period

Section 3: Administered SCHEDULES

SCHEDULE of Administered Revenues and Expenses

for the period ended ____

Revenues from ordinary activities

Taxation

Income tax (note x)

Indirect tax (note x)

Other taxes, fees and fines

Correction of fundamental error (note x)

Total taxation

Non-taxationRevenues from government (note x)Sales of goods and services

Interest (note x)

Dividends (note x)

Net foreign exchange gains (note x)

Net gains from sales of assets (note x)

Other sources of non-taxation revenues (note x)

Correction of fundamental error (note x)

Total non-taxation

Total revenues from ordinary activities

Expenses from ordinary activities

Subsidies

Personal benefits

Grants (note x)

Suppliers

Depreciation and amortisation (note x)

Net write-down of assets (note x)

Net losses from sales of assets (note x)

Net foreign exchange losses (note x)

Interest (note x)

Correction of fundamental error (note x)

Other (note x)

Total expenses from ordinary activities

Extraordinary items

Net change in administered net assets

SCHEDULE of Administered Assets and Liabilities

as at ____________

Financial assets

Cash

Receivables (note x)

Investments (note x)

Accrued revenues (note x)

Other

Total financial assets

Non-financial assets

Land and buildings (note x)

Infrastructure, plant and equipment (note x)

Other (note x)

Total non-financial assets

Total assets

Interest bearing liabilities

Commonwealth securities

Loans (note x)

Leases

Deposits

Overdrafts

Other

Total interest bearing liabilities

Provisions

Employees (note x)

Taxation refunds provided

Payables

Suppliers (note x)

Subsidies

Personal benefits

Grants (note x)

Taxation refunds due

Other (note x)

Total provisions and payables

Total liabilities

Capital

Accumulated results

Reserves

Current liabilities

Non-current liabilities

Current assets

Non-current assets

Administered Cash Flows

for the period ended _________

Operating Activities

Cash received

Income tax

Indirect tax

Other taxes, fees and fines

Appropriations for outputs

Sales of goods and services

Interest

Dividends

Cash from Official Public Account

Other

Total cash received

Cash used

Subsidies

Personal benefits

Suppliers

Grants

Interest

Cash to Official Public Account

Other

Total cash used

Net cash from operating activities

Investing Activities

Cash received

Proceeds from sales of property, plant and equipment

Proceeds from sales of equity instruments

Repayments of advances

Cash from Official Public Account

Other

Total cash received

Cash used

Purchase of property, plant and equipment

Purchase of equity instruments

Advances made

Cash to Official Public Account

Other

Total cash used

Net cash from investing activities

Financing Activities

Cash received

Proceeds from borrowing

Cash from Official Public Account

Other

Total cash received

Cash used

Repayments of debt

Dividends

Cash to Official Public Account

Other

Total cash used

Net cash from financing activities

Net increase/decrease in cash held

Cash at beginning of reporting period

Effect of exchange rate movements on cash at beginning of reporting period

Cash at end of reporting period

Schedule of Commitments

as at _____________

By type

Capital commitments

Land and buildings

Infrastructure, plant and equipment

Investments

Other capital commitments

Total capital commitments

Other commitments

Operating leases

Project commitments

Research and development

Other commitments

Total other commitments

Commitments receivable

Net commitments

By maturity

One year or less

From one to five years

Over five years

Net commitments

Schedule of Contingencies

as at______________

Contingent losses

Guarantees to controlled entities

Other guarantees

Indemnities

Uncalled shares/capital subscriptions

Claims for damages/costs

Other [for each type]

Total contingent losses

Contingent gains

[Specify each class]

Net contingencies

Schedule of unquantifiable contingent losses/gains

[Summarise material contingencies or classes of contingencies]

Note: ‘contingencies’ are conditions, situations, or circumstances that:

a. exist at the end of the reporting period;

b. create uncertainty as to possible gain or loss to an entity; and

c. will be confirmed only on the occurrence or non-occurrence of one or more uncertain future events.

Classes of Items Included in the Administered Primary SCHEDULES

(g)           There must be shown, in a note, the amounts and particulars of the classes of revenues, expenses, assets and liabilities specified in this section where they have been included under an item in the  schedule of administered revenues and expenses or in the schedule of administered assets and liabilities.

Revenues

Income tax

Gross PAYE

Gross other individuals

Gross prescribed payments system (PPS) (including receipts under the Reportable Payments System)

Medicare levy

Capital gains tax

Income tax refunds

Companies (including tax on realised capital gains)

Superannuation (including tax on realised capital gains and the superannuation contribution
 surcharge)

Withholding tax

Petroleum resource rent tax

Commonwealth authorities

Indirect tax

GST

Sales tax (excluding Revenue Replacement Payments)

Excise duty (includes petroleum products and crude oil, excludes Revenue Replacement Payments,
 and the estimates of petroleum products excise are net of the Diesel Fuel Rebate Scheme)

Customs duty (excluding Revenue Replacement Payments, and custom duty imposed on imported
 petroleum products, tobacco, beer and spirits, which are akin to excise duty on these items)

Other taxes, fees and fines

Fringe benefits tax

Wool tax

Non-taxation

Revenues from government

appropriations for outputs

Interest

Loans

overseas

State and Territory Governments

local government

Commonwealth entities

HECS

other

Leases

Deposits

Bills receivable

Overdrafts

Other

Dividends

International financial institutions

Commonwealth entities

Associated companies

Other companies

Net gains from sales of assets

Financial assets

Investments

OASITO

other

Non-financial assets

Land and buildings

Infrastructure, plant and equipment

Intangibles

Other

Net foreign exchange gains

Speculative

Non-speculative

Other

Industry contributions

Primary industry charges

Primary industry levies

Licence fees

Corporations Law fees

Immigration fees

Indexation of HECS loans

Gains from derivative financial instruments

Expenses

Grants

State and Territory Governments

Local governments

Private sector

Overseas

Suppliers

Supply of goods and services

Operating lease rentals

Note: Where supplier’s expenses relate to the provision of employee benefits included in a remuneration package, they should be included in employee expenses.

Write-down of assets

Financial assets

Receivables

Investments

Non-financial assets

Land and buildings

Infrastructure, plant and equipment

Inventories

Intangibles

Net losses from sales of assets

Financial assets

Investments

OASITO

other

Non-financial assets

Land and buildings

Infrastructure, plant and equipment

Intangibles

Net foreign exchange losses

Speculative

non-speculative

Interest

Commonwealth securities

Loans

Leases

Deposits

Overdrafts

Other

taxation overpayments

Other

GST

Losses from derivative financial instruments

Guarantees, undertakings and indemnities met

Extraordinary items

Each extraordinary item

Assets

Financial assets

Receivables

Income tax

Sales tax

Excise duty

Customs duty

Other taxes, fees and fines

Recoveries of benefit payments

Loans

State and Territory Governments

local governments

HECS

other

Goods and services

Appropriations

Loans

Bills of exchange and promissory notes

Interest and dividends

Investments

Gold

Government securities

Shares

Commonwealth companies

associated companies (equity method)

other companies

Debentures

Non-financial assets

Land and buildings

Land

Buildings (not integral to infrastructure)

Inventories

Inventories held for sale

Inventories not held for sale

Intangibles

Patents, trade marks, brand names, licences

Computer software

purchased (include any modification cost)

internally developed

Research and development expenditure capitalised

Goodwill

Other

Other

Prepayments paid

Future income tax benefit

Liabilities

Interest bearing liabilities

Loans

bank loans

non-bank loans

bills of exchange and promissory notes

Maturity schedule must be included for total loans showing amounts payable within:

one year

one to two years

two to five years

more than five years

Leases

Deposits

Overdrafts

Other

Provisions

Employees

superannuation

other

Payables

Suppliers

trade creditors

operating lease rentals

Grants

State and Territory Governments

Local governments

Private sector

Overseas

Other

interest payable

prepayments received

[1] Both departmental and administered extraordinary items

[2] Statement of Accounting Concepts SAC 4 ‘Definition and Recognition of the Elements of Financial Statements’ uses the term’s ‘elements’ to refer to assets, liabilities, revenues, expenses and equity.  These policies use ‘items’ instead of ‘elements’.  Both terms mean the same thing.