Finance Minister’s Amendment Orders (Financial Statements for reporting periods ending on or after 1 July 2013)
I, MATHIAS PAUL HUBERT CORMANN, Minister for Finance, make this instrument under the relevant provisions as set out below.
Dated 4 MARCH 2014
MATHIAS PAUL HUBERT CORMANN
Minister for Finance
The relevant provisions are:
· subsections 49(2) and 63(1) of the Financial Management and Accountability Act 1997 (FMA Act) in relation to how financial statements must be prepared by FMA Act Agencies;
· subsection 48(1) and subclause 2(1) of Schedule 1 of the Commonwealth Authorities and Companies Act 1997 in relation to how financial statements must be prepared by Commonwealth authorities;
· subsection 47(1) of the High Court of Australia Act 1979 in relation to how financial statements must be prepared by the High Court of Australia;
· section 193H of the Aboriginal and Torres Strait Islander Act 2005 in relation to how the accounts and financial statements must be prepared for the Land Account;
· subsections 50B(2) and (4) of the Defence Service Homes Act 1918 in relation to how financial statements must be prepared by the Secretary of the Department of Veterans’ Affairs; and
· subsections 43(1) and (3) of the Natural Heritage Trust of Australia Act 1997 in relation to how financial statements must be prepared for the Natural Heritage Trust of Australia Account.
1 Name of Orders
These Orders are the Finance Minister’s Amendment Orders (Financial Statements for reporting periods ending on or after 1 July 2013).
Note: These Orders relate to the preparation of financial statements.
2 Commencement
These Orders are taken to have commenced on 1 July 2013.
3 Amendment to the Finance Minister’s Orders (Financial Statements for reporting period ending on or after 1 July 2013)
Schedule 1 amends Finance Minister’s Orders (Financial Statements for reporting periods ending on or after 1 July 2011).
Schedule 1
Amendments to the Finance Minister’s Orders (Financial Statements for reporting periods ending on or after 1 July 2013)
[1] Schedule 1, Division 4 (note)
Repeal the note
[2] Schedule 1, Division 4
Omit the definition of Cost Recovery, substitute
Cost Recovery
As defined in the Australian Government Cost Recovery Guidelines.
[3] Schedule 1, Division 4
Omit the definition of Finance Chief Executive, substitute
Finance Chief Executive
Secretary of the Department of Finance.
[4] Schedule 1, Division 4
Omit the definition of Finance Minister, substitute
Finance Minister
Minister for Finance.
[5] Schedule 1, Division 4
Omit the definition of Primary Financial Statements, substitute
Primary Financial Statements
The statement of comprehensive income, statement of financial position, statement of changes in equity and cash flow statement.
[6] Schedule 1, Division 5
Omit the abbreviation of Finance, substitute
Finance
Department of Finance
[7] Schedule 1, Division 8 (note)
Repeal the note
[8] Schedule 1, Section 9.2(f)(ii)
Omit section 9.2(f)(ii), substitute
9.2(f)
(ii) departmental primary financial statements (statement of comprehensive income, statement of financial position, statement of changes in equity and cash flow statement) and schedules;
[9] Schedule 1, Division 11 (heading)
Omit heading ‘Early Adoption of Accounting Pronouncements’, substitute
Early Adoption of Accounting Pronouncements and Application of Tiers of Australian Accounting Standards
[10] Schedule 1, at the end of Division 11
Add
11.3 For the purposes of AASB 1053, entities must apply Tier 1 reporting requirements.
[11] Schedule 1, Division 17 (note)
Repeal the note
[12] Schedule 1, Section 17.1
Repeal section 17.1
[13] Schedule 1, Section 17.13
Omit section 17.13, substitute
17.13 The Australian National University (ANU) is exempt from the requirements of Division 18 and the format of the statement of comprehensive income in Part K, on the condition that the ANU presents that statement in accordance with the Financial Statement Guidelines for Australian Higher Education Providers required by the Department of Education.
[14] Schedule 1, Division 23 (note)
Repeal the note
[15] Schedule 1, Section 23.1
Omit the definition of Reportable salary, substitute
Reportable salary
Used for the ‘reportable salary’ column in Table B and Table C, and comprises the sum of:
(a) gross payments (excluding bonuses);
(b) reportable fringe benefits (net amount);
(c) reportable employer superannuation contributions; and
(d) exempt foreign employment income;
as reported in an individual’s payment summary.
[16] Schedule 1, Part E (heading)
Omit heading ‘BALANCE SHEET’, substitute
STATEMENT OF FINANCIAL POSITION
[17] Schedule 1, Section 35.2
Omit section 35.2, substitute
35.2 Entities may combine tables required by this division where it is considered appropriate to simplify disclosure. Sufficient information and sub-total columns must be disclosed to enable reconciliation of amounts to the corresponding line items disclosed on the statement of financial position.
[18] Schedule 1, Section 104.18
Omit section 104.18, substitute
104.18 Entities must disclose all public money invested in authorised investments under FMA Act section 39 in Table D.
[19] Schedule 1, Section 120.6(a)
Omit section 120.6(a), substitute
120.6(a) the title of the special account;
[20] Schedule 1, at the end of Division 120
Add
120.11 Table B must be prepared on a ‘recoverable GST exclusive’ basis. That is, the following are excluded:
(a) GST on payments that is recoverable from the ATO;
(b) GST received on taxable supplies that is payable to the ATO; and
(c) payments to/receipts from the ATO of GST amounts.
[21] Schedule 1, Section 121.4(b)
Omit section 121.4(b), substitute
121.4
(b) amounts in the total column in Tables A, B and C must agree to the corresponding totals in the entity’s statement of comprehensive income, statement of financial position and administered schedules where relevant;
[22] Schedule 1, Section 123.2
Omit section 123.2, substitute
123.2 Entities must disclose their cost recovered activities in accordance with Part K.
