On Jan. 7, AST GVT updated Commonwealth financial reporting rules.
AST GVT issued 7th compilation of Public governance, performance and accountability (financial reporting) rule 2015, shows text of law as amended, in force Dec. 16, 2021.
Includes the latest amendments made by the Public Governance, Performance and Accountability (Financial Reporting) Amendment (2021 Measures No. 2) Rules 2021.
Purpose
All Commonwealth entities must prepare annual financial statements in accordance with the Public governance, performance and accountability act2013.
2015 rule sets out financial reporting rules for all Commonwealth reporting entities.
Set out minimum financial reporting requirements for all Commonwealth reporting entities in preparation of their financial statements, for consistent financial reporting.
And to facilitate comparison between entities’ financial statements and allow for the preparation of the Australian Government consolidated financial statements.
Objective of financial statements is to provide information about the financial position, financial performance and cash flows of Commonwealth reporting entities.
This information is useful to a wide range of users in making economic decisions.
The financial statements also contain notes, supplementary schedules about the items in the income statement and balance sheet that are relevant to the needs of users.
May include disclosures on risks, uncertainties financial position of Commonwealth reporting entities; financial statements prepared per Australian accounting standards.
Additional reporting, disclosure requirements outside of this rule for Commonwealth reporting entities so AST GVT can discharge its accountability, transparency duties.
Effectiveness
The compiled version of the rule is in force from Dec. 16, 2021; sunsets Apr. 1, 2025.
