Part C
agency additional estimates statements
Productivity Commission
Section 3: Budgeted financial
statements
The budgeted financial statements will form the basis of the financial statements that will appear in the Productivity Commission’s (the Commission) 2003-04 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.
Agency financial statements
Budgeted agency statement of financial performance
This statement provides a picture of the expected financial results for the Commission by identifying full accrual expenses and revenues, which highlights whether the Commission is operating at a sustainable level.
Budgeted agency statement of financial position
This statement shows the financial position of the Commission. It enables decision-makers to track the management of the Commission’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 the Commission’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 3.2: 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 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, except for certain assets which are at valuation.