Notes to the financial statements
Note 40: Assets held in trust
Assets held in trust are moneys that are not held on account of the Australian
Government or for the use or benefit of the Australian Government. These funds are
held by the Australian Government in a trustee capacity and are generally subject to
trust law.
Assets held in trust are not recognised in the primary statements. Details pertaining to
assets held in trust can be found in the audited financial reports of individual
Australian Government controlled entities.
Assets held in trust that do not stand to the credit of a Special Account are held by the
following Australian Government controlled entities (primarily entities subject to the
CAC Act).
Commonw ealth controlled entity
Description of special public
money account
Balance
2013
$m
7
2012
$m
5
Australian Government Solicitor
Solicitor trust accounts
Australian Securities and
Investments Commission
Monies held under reg. 7.6.02AA
of the Corporations Regulations
11
12
Australian Securities and
Investments Commission
Monies held under section 1284(1)
the Corporations Act
2
2
Comcare
Comcare Beneficiaries Trust
Account (BTA)
1
1
Commonw ealth Scientific and
Industrial Research Organisation
Elw ood and Hannah Zimmerman
Trust Fund
5
5
Commonw ealth Scientific and
Industrial Research Organisation
Schlinger Trust
2
2
Indigenous Business Australia
Aboriginal and Torres Strait
Islander Commission Funds
4
4
Various entities
Other trust moneys held for various
purposes
2
3
34
Total assets held in trust
34
187
The following tables provide a reconciliation of key fiscal aggregates on the face of the financial statements where the amounts
reported differ from the corresponding key fiscal aggregates measured under the Australian Bureau of Statistics (ABS) GFS manual as
at 1 July 2011. The amounts may differ to the aggregates reported by the ABS in the 2012–13 Government Finance Statistics publication
because of changes in methodology, differences in interpretation and/or updated information availability subsequent to the release of
the Consolidated Financial Statements.
General
Public non- financ ial
Government
c orporations
2013
2012
2013
2012
$m
$m
$m
$m
Public financ ial
c orporations
2013
2012
$m
$m
Eliminations and
netting
2013
2012
$m
$m
Australian
Government
2013
2012
$m
$m
Note 4 1(a ): Re c onc ilia tion to G FS ne t
ope ra ting ba la nc e (a )
188
Ne t re sult from tra nsa c tions - ne t
ope ra ting ba la nc e re porte d in
S ta te me nt of Compre he nsive Inc ome
(23,000)
(39,188)
(190)
(32)
861 1,067
(1,022) (1,267)
(23,351)
(39,420)
Conve rge nc e diffe re nc e s:
Unwinding of c onc essional interest c osts
(181)
(450)
(181)
(450)
Conc essional interest c osts
870
635
870
635
Seigniorage(b)
(134)
(108)
(134)
(108)
Defenc e weapons and inventory
- net ac quisition(c )
(3,200)
(4,390)
(3,200)
(4,390)
Defenc e weapons and inventory - deprec iation
and c onsumption
2,862
2,768
2,862
2,768
Revenue from auc tion sales of spec trum (d)
1,965
1,965
Movement in deferred tax assets and deferred
tax liabilities
97
(205)
9
5
(106)
200
Dividends to GGS from other sec tor
(289)
(241)
(677) (1,021)
966
1,262
Tota l c onve rge nc e diffe re nc e s
2,181
(1,545)
(192)
(446)
(668) (1,016)
860
1,462
2,181
(1,545)
G FS Ne t ope ra ting ba la nc e
(2 0 , 8 19 )
(4 0 , 7 3 3 )
(3 8 2 )
(4 7 8 )
19 3
51
(16 2 )
19 5
(2 1, 17 0 )
(4 0 , 9 6 5 )
(a) Determined in accordance with the ABS GFS manual as at 1 July 2011.
(b) Financial statements treat the profit between the cost and sale of circulating coin (seigniorage) as revenue whereas ABS GFS manual treats circulating coin as a liability and
the cost to produce the coins as an expense.
(c) Financial statements treat acquisitions of defence weapons platforms as capital expenditure recognised as an asset on the balance sheet. Depreciation expense on assets is
recorded in the operating statement. The ABS GFS Manual as adopted (refer Note 1.3) treats acquisitions of defence weapons platforms and explosive ordnance as an
expense at the time of acquisition and so do not appear as an asset on the balance sheet and no depreciation or consumption is recorded in the operating statement.
(d) The Consolidated Financial Statements has recognised revenue from spectrum licences at the point of issue. The ABS have adopted a different interpretation to revenue
recognition, with revenue from from the sale of spectrum recognised at the point of auction.
Notes to the financial statements
Note 41: Reconciliations to ABS GFS measures
Note 41: Reconciliations to ABS GFS measures (continued)
General
Public non- financ ial
Government
c orporations
2013
2012
2013
2012
$m
$m
$m
$m
Public financ ial
c orporations
2013
2012
$m
$m
Eliminations and
netting
2013
2012
$m
$m
Australian
Government
2013
2012
$m
$m
Note 4 1(b): Re c onc ilia tion to G FS tota l
c ha nge in ne t worth(a )
Tota l c ha nge in ne t worth be fore
tra nsa c tions with owne rs in the ir
c a pa c ity a s owne rs a s re porte d in
S ta te me nt of Compre he nsive Inc ome
Conve rge nc e diffe re nc e s:
Relating to net operating balanc e
Relating to other ec onomic flows
Relating to transac tions with owners
Tota l c onve rge nc e diffe re nc e s
G FS Tota l c ha nge in ne t worth
45,300
(152,490)
(500)
(1,025)
2,181
(1,545)
1,271
(904)
3,452
(2,449)
4 8 , 7 5 2 (15 4 , 9 3 9 )
(192)
(1,632)
2,324
500
-
4,031
1,861
(2,218)
(1,848)
46,613
(153,502)
(446)
(167)
1,638
1,025
-
(668) (1,016)
(2,686)
176
(677) (1,021)
(4,031) (1,861)
-
860
3,004
(1,647)
2,217
(1)
1,462
1,003
(617)
1,848
-
2,181
(1,545)
(43)
108
2,138
(1,437)
4 8 , 7 5 1 (15 4 , 9 3 9 )
General
Public non- financ ial
Government
c orporations
2013
2012
2013
2012
$m
$m
$m
$m
Public financ ial
c orporations
2013
2012
$m
$m
Eliminations and
netting
2013
2012
$m
$m
Australian
Government
2013
2012
$m
$m
(a) Determined in accordance with the ABS GFS manual as at 1 July 2011.
189
Note 4 1(c ): Re c onc ilia tion G FS ne t
le nding/ (borrowing)(a )
(23,988)
(44,041)
(3,776)
(1,957)
2,181
(1,545)
(192)
(446)
3,200
4,390
-
-
(2,862)
2,520
(2 1, 4 6 8 )
(2,768)
77
(4 3 , 9 6 4 )
(192)
(446)
(3 , 9 6 8 ) (2 , 4 0 3 )
922
1,067
(1,020)
(1,348)
(27,862)
(46,279)
(668) (1,016)
860
1,462
2,181
(1,545)
-
-
-
3,200
4,390
(668) (1,016)
254
51
860
(16 0 )
1,462
114
(2,862)
2,520
(2 5 , 3 4 2 )
(2,768)
77
(4 6 , 2 0 2 )
-
(a) Determined in accordance with the ABS GFS manual as at 1 July 2011.
(b) Financial statements treat acquisitions of defence weapons platforms and explosive ordnance as capital expenditure recognised as assets on the balance sheet. The ABS
GFS manual as at 1 July 2010 treats acquisitions of defence weapons platforms and explosive ordnance as an expense at the time of acquisition and so do not appear as an
asset on the balance sheet.
(c) Financial statements treat depreciation of defence weapons platforms and consumption of explosive ordnance as an expense in the operating statement. The ABS GFS
manual as at 1 July 2010 does not record depreciation or consumption as defence weapons platforms and explosive ordnance are expensed at the time of acquisition.
Notes to the financial statements
Ne t le nding/ (borrowing) a s re porte d in
S ta te me nt of Compre he nsive Inc ome
Conve rge nc e diffe re nc e s:
Relating to net operating balanc e
Defenc e weapons and inventory
- net ac quisition(b)
Defenc e weapons and inventory - deprec iation
and c onsumption(c )
Tota l c onve rge nc e diffe re nc e s
G FS Ne t le nding/ (borrowing)
General
Public non- financ ial
Government
c orporations
2013
2012(h)
2013
2012
$m
$m
$m
$m
Public financ ial
c orporations
2013
2012
$m
$m
Eliminations and
netting
2013
2012
$m
$m
Australian
Government
2013
2012(h)
$m
$m
190
Note 4 1(d): Re c onc ilia tion to
G FS ne t worth(a )
Ne t worth a s re porte d in Ba la nc e S he e t
(207,751)
(252,757)
10,371
8,545
12,143 8,791 (25,303) (21,439)
(210,540)
(256,860)
Conve rge nc e diffe re nc e s:
Provision for doubtful debts(b)
Conc essionality on loans and investments(c )
24,008
22,369
11
12
11
9
24,030
22,390
Investment in other sec tor entities(d)
7,670
7,035
7,670
7,035
Deferred tax assets(b)
(3,626)
(5,046)
3,626
5,046
Defenc e weapons platforms and inventory(e)
(903)
(814)
(13)
(53)
916
867
Dividend payable
(42,631)
(42,383)
(42,631)
(42,383)
Spec ial drawing rights (SDR)(f)
Seigniorage(g)
4,999
4,570
4,999
4,570
Deferred tax liability(b)
(3,638)
(3,509)
(3,638)
(3,509)
Shares and other c ontributed c apital
523
337
31
(523)
(368)
Minority interests
(10,002) (8,080)
(12,141) (8,778)
21,284 15,894
(859)
(964)
Tota l c onve rge nc e diffe re nc e s
(13,218)
(16,965)
(10,371) (8,545)
(12,143) (8,791)
25,303 21,439
(10,429)
(12,862)
G FS Ne t worth
(2 2 0 , 9 6 9 ) (2 6 9 , 7 2 2 )
(2 2 0 , 9 6 9 ) (2 6 9 , 7 2 2 )
(a) Determined in accordance with the ABS GFS manual as at 1 July 2011.
(b) Financial statements treat provisions for doubtful debts as part of other economic flows and included as an offset to the asset in the balance sheet. The ABS GFS
(c)
(d)
(e)
(f)
(g)
(h)
manual does not consider the creation of a provision to be an economic event and therefore excludes it from the operating statement and balance sheet. The
write–off from a provision is included as either a transaction or other economic flow in the ABS GFS manual.
Financial statements discount concessional loans by a market rate of a similar instrument whereas the ABS GFS manual does not discount as no secondary market
is considered to exist.
The convergence difference arises because the amount of net assets (and therefore the change in carrying amount of net assets) of other sector entities determined
under GFS principles and rules differs from the carrying amount of net assets. At the general government level, the difference is also due to the valuation of some
investments in other sector entities at fair value rather than net assets.
Financial statements treat acquisitions of defence weapons platforms and explosive ordnance as capital expenditure recognised as assets on the balance sheet.
Depreciation expense on defence weapons platforms and consumption of explosive ordnance is recorded in the operating statement. The ABS GFS manual as at
1 July 2010 treats acquisitions of defence weapons platforms and explosive ordnance as an expense at the time of acquisition and so do not appear as an asset on
the balance sheet and no depreciation or consumption is recorded in the operating statement.
Financial statements treat SDR currency issued by the IMF as a liability whereas the ABS GFS manual as at 1 July 2010 treats as a contingent liability.
Financial statements treat the profit between the cost and sale of circulating coin (seigniorage) as revenue whereas the ABS GFS manual treats circulating coin as a
liability and the cost to produce the coins as an expense.
The amounts may differ to the aggregates reported by the ABS in the GFS publication because of changes in methodology, differences in interpretation and/or
updated information availability subsequent to the release of the Consolidated Financial Statements.
Notes to the financial statements
Note 41: Reconciliations to ABS GFS measures (continued)
Notes to the financial statements
Note 41: Reconciliations to ABS GFS measures (continued)
The ABS GFS manual measures inventory at market value (rather than the lower of
cost and net realisable value). It also does not recognise the provision for
decommissioning/restoration costs. The above reconciliation has not been adjusted for
these items on the basis of materiality and information availability.
Reconciliation to GFS cash surplus/(deficit) is disclosed on the face of the cash flow
statement.
Note 42: Audit expenses
With the exception of a small number of entities, audit services within the reporting
entity are provided by the Auditor–General. The cost of these services which include
performance and financial statement audits, totalled $71.0 million (2012: $74.4 million).
This amount includes $0.7 million for the audit of the Consolidated Financial
Statements (2012: $0.7 million).
Of this, $42.2 million (2012: $43.8 million) relates to financial statement audit report
expense and $28.8 million (2012: $30.6 million) to all other Australian National Audit
Office output expenses.
191