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 2013-14 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.
Location
Budget Paper No. 2, Chapter 1
Economic and fiscal overview
Budget Paper No. 5, Chapter 1
Estimated Financial Statements and
notes
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.
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
2013-14 Statement of Finances
Budget Paper No. 5, Chapter 1
Estimated Financial Statements and
notes
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
Appendix C
263
Table C1:
Statements required by the Financial Management Act 1994 and their
location in the 2013-14 Budget (continued)
Relevant section of the Act and
corresponding requirement
– 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
– 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 reviews and reports on the estimated
financial statements to ensure they are consistent with
accounting convention and that the methodologies and
assumptions used are reasonable.
264
Appendix C
Location
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
Revised 2012-13 Budget outcome
incorporating the financial report
for the March quarter 2013
Budget Paper No. 3, Chapter 2
Departmental performance
statements
Budget Paper No. 5, Chapter 3
Departmental financial statements
Budget Paper No. 3, Chapter 2
Departmental performance
statements
Budget Paper No. 5, Chapter 1
Estimated Financial Statements and
notes
2013-14 Statement of Finances