Document ID: chunk:federal_register_of_legislation:F2022C01123:front:0:p5
Version: federal_register_of_legislation:F2022C01123
Segment Type: other
Provision Reference: 
Character Range: 11431–14551

reporting.

  (1) This rule applies to both departmental and administered reporting unless otherwise specified.
  (2) Reporting entities must distinguish between 'departmental' and 'administered' in the financial statements for all disclosures outlined in this rule.
  (3) The financial statements of reporting entities must present items as 'departmental' and 'administered' in accordance with Cabinet decisions on their classification.
  (4) Changes must not be made to the classification of existing items without the approval of Cabinet or the Finance Minister.
  (5) Reclassification of an existing item is not a change in accounting policy.
  (6) Unless directed by legislation, Cabinet or the Finance Minister, corporate Commonwealth entities must not recognise monies collected on behalf of the Commonwealth as an administered revenue or asset.  The relevant non-corporate Commonwealth entity will make the appropriate disclosures.
         Note: Corporate Commonwealth entities are legally separate from the Commonwealth whereas non-corporate Commonwealth entities are part of the Commonwealth.
  9 Administered reporting

Guide to this section

The purpose of this section is to set out the reporting and disclosure requirements for administered items.

In accordance with AASB 1050 Administered Items, reporting entities need to disclose all outcomes and activities that the department does not control but where they administer those activities on behalf of the Government.

Administered items refer to items that the reporting entity does not control but administers on behalf of the Government.  Examples of administered items include taxes, subsidies, grants and personal benefits payments. These items the entity either collects or pays on behalf of the Government, but has no direct control over as they are directly controlled by legislation or government policy.

  Administered reporting must:
       (a) provide a brief description of the activities being administered on behalf of the Australian Government; and
       (b) be in a different background shading to 'departmental'.
         Note: The financial statements of reporting entities must also comply with all other AAS that relate to administered items (see paragraph 7(1)(b) of this rule).
  10 Certificates and assurance

Guide to this section

The purpose of this section is to set out what official signed assurances must be submitted or attached with a reporting entity's financial statements.

These assurances include a signed audit report and a signed statement by the accountable authority and the Chief Financial/Finance Officer (CFO) (or equivalent, whomever is responsible for the preparation of the financial statements) of the entity.

For corporate Commonwealth entities, a member of the accountable authority may sign on behalf of the accountable authority (if the accountable authority is a board then not all board members are required to sign off on the statement, an authorised single board member can sign on behalf of the board).

  Each reporting entity must present a statement signed by the accountable authority of