|
|
| Home | Search | Site Map | Help | |
The budgeted financial statements will form the basis of the financial statements that will appear in the Productivity Commission (PC)'s 2001-02 Annual Report and form the basis for the input into the Whole of Government Accounts. The financial statements should be read in conjunction with the accompanying notes.
The financial statements are prepared consistent with Goods and Services Tax (GST) accounting requirements, as outlined by the Urgent Issues Group (UIG) of the Australian Accounting Standards Board. The UIG consensus requires that expenses and assets be accounted for net of recoverable GST, revenues be accounted for net of GST payable and that cash flows and accounts payable and receivable are reported gross. Appropriations are thus net of recoverable GST amounts.
This statement provides a picture of the expected financial results for the PC by identifying full accrual expenses and revenues, which highlights whether the PC is operating at a sustainable level.
This statement shows the financial position of the PC. It enables decision makers to track the management of the PC's assets and liabilities.
This statement identifies expected cash flows from operating activities, investing activities and financing activities.
This statement shows all proposed capital expenditure funded through the Budget as appropriations or from internal sources.
This statement shows the movement in the PC's non-financial assets over the Budget year 2001-02.
Table 3.1: Budgeted agency statement of financial performance
for the period ended 30 June
(1) K1 - see Table 1.1.
Table 3.2: Budgeted agency statement of financial position
as at 30 June
Table 3.3: Budgeted agency statement of cash flows
for the period ended 30 June
Table 3.4: Agency capital budget statement
Table 3.5: Agency non-financial assets - summary of movement (Budget year 2001-02)
These financial statements have been prepared on a full accrual basis with the PC being funded accordingly from 2000-01 onwards.
Non-financial assets consist mainly of Leasehold Improvements to the PC's leased accommodation and are being depreciated over the period of the leases. As no major capital expenditure is being proposed during the current estimating period through to year 2004-05, the written-down value is decreasing annually. Conversely the PC's financial assets are increasing through the funding of depreciation and will be available when required for future improvements.
Performance information is included earlier under Table 2.2.
Appendix 1
Non-appropriation agency revenue
