Part C
agency additional estimates statements

National Competition Council
Section 3: Budgeted financial statements

The budgeted financial statements will form the basis of the financial statements that will appear in the National Competition Council’s (NCC) 2003-04 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 2003-04.

Table 3.1: Budgeted Agency Statement of Financial Performance
(for the period ended 30 June)

Table 3.1: Budgeted Agency Statement of Financial Performance (for the period ended 30 June)

Table 3.2: Budgeted Agency Statement of Financial Position
(as at 30 June)

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 3.3: Budgeted Agency Statement of Cash Flows (for the period ended 30 June)

Table 3.4: Agency Capital Budget Statement

Table 3.4: Agency Capital Budget Statement

Table 3.5: Agency Non-financial Assets — Summary of Movement (Budget year 2003-04)

Table 3.5: Agency Non-financial Assets — Summary of Movement (Budget year 2003-04)

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.

Part C agency additional estimates statements

National Competition Council Section 3: Budgeted financial statements