Finance Minister’s Amendment Orders (Financial Statements for reporting periods ending on or after 1 July 2011)

Link to law: https://www.comlaw.gov.au/Details/F2012L01600

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
Finance Minister’s Amendment Orders (Financial Statements for reporting periods ending on or after 1 July 2011)
I, PENELOPE YING YEN WONG, Minister for Finance and Deregulation, make this instrument under the relevant provisions as set out below. 
Dated 5th July 2012
PENELOPE YING YEN WONG
Minister for Finance and Deregulation
 
 
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 Defence Service Homes Corporation; 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 2011).
Note:   These Orders relate to the preparation of financial statements.
2              Commencement
                These Orders are taken to have commenced on 1 July 2011.
3              Amendment to the Finance Minister’s Orders (Financial Statements for reporting period ending on or after 1 July 2011)
                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 2011)
 
 [1] Schedule 1, section 7.1(a)
remove
entity
 
add
 
agency and authority
 
[1] Schedule 1, section 44.2
 
remove
 
The market yield on Government bonds must be referenced when determining a discount rate, in compliance with AASB 119.
 
add
 
The market yield on Australian Government bonds must be referenced when determining a discount rate for employee benefits under AASB 119.