Australian Accounting Standard Reporting Framework, including AAS 31

AAS 31 Financial Reporting by Governments requires accrual-based general purpose financial reports showing assets, liabilities, revenues, expenses and cash flows, for each government and the entities it controls. Reporting under this framework is intended to provide a consolidated overview of the financial performance and financial position of the Government.

AAS 31 requires, with some stated exceptions, compliance with all other applicable Australian Accounting Standards.

There are three main financial statements required by AAS 31. These are:

• a statement of financial performance, which includes an operating result;
• a statement of financial position, which shows net assets; and
• a statement of cash flows, which includes net increase/decrease in cash held.

In addition to these financial statements, notes to the financial statements are required. These notes include a summary of accounting policies, disaggregated information and other disclosures required by Australian Accounting Standards.

A full set of financial statements for the general government sector, with notes showing disaggregated information, can be found in Statement 10. This includes a note disclosing the anticipated impacts of the Australian Equivalents to International Financial Reporting Standards for the Australian Government from 2005-06.

---