National Competition Council
- Agency Financial Statements
- Notes to the Financial Statements
- Appendix 1: Receipts from independent sources
Section 3: Budgeted financial statements
The budgeted financial statements will form the basis of the financial statements that will appear in the NCC's 2001-02 Annual Report and form the basis for the Council's input into the Whole of Government Accounts. The financial statements should be read in conjunction with the accompanying notes.
The budgeted financial statements have been prepared in accordance with the Goods and Services Tax (GST) accounting guidelines of 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 be reported gross. Appropriations are thus net of recoverable GST amounts.
Agency Financial Statements
Budgeted agency statement of financial performance
This statement provides a picture of the expected financial results for the NCC by identifying full accrual expenses and revenues. It highlights whether the NCC is operating at a sustainable level.
Budgeted agency statement of financial position
This statement shows the financial position of the NCC. It enables decision-makers to track the management of the NCC's assets and liabilities.
Budgeted agency statement of cash flows
This statement identifies expected cash flows from operating activities, investing activities and financing activities.
Agency capital budget statement
This statement shows all proposed capital expenditure funded through the Budget as appropriations or from internal sources.
Agency non-financial assets - summary of movement
This statement shows the movement in NCC's non-financial assets over the budget year 2002-03.
Table 3.1: Budgeted Agency Statement of Financial
Performance
for the period ended 30 June
(1) K1 - shows the link back to 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
* Includes cash and investments.
Table 3.4: Agency Capital Budget Statement
Table 3.5: Agency Non-financial Assets - Summary of Movement (Budget year 2002-03)
Notes to the Financial Statements
Basis of accounting
The financial statements have been prepared on an accrual basis in accordance with the historical cost convention.
Appendix 1: Receipts from independent sources
Receipts from independent sources
