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Notes to the financial statements

Basis of accounting

The agency budgeted statements are prepared in compliance with Australian Accounting Standards, Accounting Guidance Releases and having regard to Statements of Accounting Concepts.

Agency

The financial statements are required by clause 1(b) of Schedule 1 to the Commonwealth Authorities and Companies Act 1997 and are a general purpose financial report.

The statements have been prepared with:

Australian Accounting Standards and Accounting Interpretations issued by the Australian Accounting Standards Board (AASB);

Other authoritative pronouncements of the Board; and

Consensus Views of the Urgent Issues Group.

Administered

Revenue

ASIC collects and administers revenue under the Corporations Act 2001, the Corporations (Fees) Act 2001 and Corporations (Fees) Regulations. The revenues from these fees are not available to ASIC and are remitted to the Commonwealth's Official Public Account. Transactions and balances relating to these fees are reported as Administered Items.

Special Appropriations for payments to be made under the Banking Act 1959 are also reported as part of the Administered Financial Statements.

Expenses

Estimated payments made under the Banking Act 1959 are included in the Administered Financial Statement.

Appendices 1 and 2

Appendix 1

Non-appropriation agency and administered revenue

Appendix 2

Estimates of expenses from special appropriations