APPENDIX C – COMPLIANCE INDEX –
REQUIREMENTS OF THE FINANCIAL MANAGEMENT
ACT 1994
The provisions of the Financial Management Act 1994 have been complied with in these
budget papers. Table C1 details these requirements together with appropriate references in
the document.
Table C1:
Statements required by the Financial Management Act 1994 and their
location in the 2012-13 Budget
Relevant section of the Act and
corresponding requirement
Sections 23E-G of the Financial Management Act 1994
Statement of financial policy objectives and strategies
for the year.
Sections 23H-J of the Financial Management Act 1994
Estimated financial statements for the year comprising:
– an estimated statement of financial performance
– an estimated statement of financial position at the
end of the year
– an estimated statement of cash flows for the year
– a statement of the accounting policies on which these
statements are based and explanatory notes
2012-13 Statement of Finances
Location
Budget Paper No. 2, Chapter 1
Economic and fiscal overview
Budget Paper No. 5, Chapter 1
Estimated Financial Statements
and notes
Budget Paper No. 5, Chapter 1
Estimated Financial Statements
and notes
Appendix C
253
Table C1:
Statements required by the Financial Management Act 1994 and their
location in the 2012-13 Budget (continued)
Relevant section of the Act and
corresponding requirement
Section 23K of the Financial Management Act 1994
Accompanying statements in association with each set
of estimated financial statements comprising:
– a statement of the material economic and other
assumptions that have been used in preparing the
estimated financial statements
– a discussion of the sensitivity of the estimated
financial statements to changes in those economic
and other assumptions
– an overview of the estimated tax expenditures for
the financial years covered by the estimated financial
statements
– a statement of risks that may have a material effect
on the estimated financial statements
Section 26(1) of the Financial Management Act 1994
A quarterly financial report for each quarter of each
financial year.
Section 40 of the Financial Management Act 1994
A statement of information under departmental
headings setting out:
– a description of the goods and services to be
produced or provided by each department during
the period to which the statement related, together
with comparative information for the preceding
financial year
254
Appendix C
Location
Budget Paper No. 2, Chapter 2
Economic context
Budget Paper No. 2, Chapter 4
Budget position and outlook
Budget Paper No. 5, Chapter 1
Estimated Financial Statements
and notes
Budget Paper No. 2, Appendix A
Sensitivity analysis table
Budget Paper No. 5, Chapter 5
Tax expenditures and concessions
Budget Paper No. 2, Chapter 2
Economic context
Budget Paper No. 2, Chapter 4
Budget position and outlook
Budget Paper No. 5, Chapter 6
Contingent assets and contingent
liabilities
Budget Paper No. 5, Appendix B
2011-12 Budget outcome
incorporating the financial report
for the March quarter 2012
Budget Paper No. 3, Chapter 2
Departmental performance
statements
2012-13 Statement of Finances
Table C1:
Statements required by the Financial Management Act 1994 and their
location in the 2012-13 Budget (continued)
Relevant section of the Act and
corresponding requirement
– a description of the amount available or to be
available to each department during the period to
which the statement relates, whether appropriated
by the Parliament for that purpose or otherwise
received or to be received by the department,
together with comparative figures for the preceding
financial year
– the estimated amount of the receipts and receivables
of each department during the period to which the
statement relates, together with comparative figures
for the preceding financial year
Section 16B of the Audit Act 1994
The Auditor-General review and report on the estimated
financial statements to ensure they are consistent with
accounting convention and that the methodologies and
assumptions used are reasonable.
2012-13 Statement of Finances
Location
Budget Paper No. 5, Chapter 3
Departmental financial
statements
Budget Paper No. 5, Chapter 1
Estimated Financial Statements
and notes
Appendix C
255
256
Appendix C
2012-13 Statement of Finances