Australian Accounting Standard reporting framework
The AAS reporting framework, being the AEIFRS and AAS 31, requires the preparation of accrual‑based general purpose financial reports, showing government assets, liabilities, income, expenses and cash flows. Reporting under this framework is intended to provide a consolidated overview of the financial performance and financial position of government.
There are four main general purpose statements that must be prepared in accordance with the AAS framework. These are:
- an income statement, which includes an operating result;
- a balance sheet, which shows net assets;
- a statement of changes in equity, which shows movements in equity; and
- a cash flow statement, which includes the net increase/decrease in cash held.
In addition to these general purpose statements, notes to the financial statements are required. These notes include a summary of accounting policies, disaggregated information and other disclosures required by AAS.
A full set of AAS financial statements and accompanying notes prepared for the general government sector can be found in Appendix C.