Document ID: chunk:federal_register_of_legislation:F2022C01123:front:0:p6
Version: federal_register_of_legislation:F2022C01123
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Character Range: 14317–17213

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 the entity or a member of the accountable authority of the entity (if the accountable authority is not an individual), and the CFO of the entity, stating:
       (a) whether the financial statements, in their opinion, comply with subsection 42(2) of the PGPA Act;
       (b) whether the financial statements, in their opinion, have been prepared based on properly maintained financial records as per subsection 41(2) of the PGPA Act;
       (c) for reporting entities other than the Reserve Bank of Australia, whether, in their opinion, there are, when the statement is made, reasonable grounds to believe that the entity will be able to pay its debts as and when they fall due;
       (d) when additional information is included in the notes to comply with subsection 42(2) of the PGPA Act, the reasons for including this additional information and the location of the additional notes in the financial statements;
       (e) the particulars of any exemptions of this rule applied by the reporting entity;
       (f) for corporate Commonwealth entities, that the statement has been made in accordance with a resolution of the members of the accountable authority; and
       (g) the date on which the statement is made.
  11 Exemptions from requirements in this rule

Guide to this section

The purpose of this section is to set out how reporting entities may be granted an exemption from specific requirements within this rule when producing their financial statements and what requirements go with any exemption.

  (1) The Finance Minister may grant a written exemption to the accountable authority, from any specified requirements of this rule.
  (2) An exemption must not be applied if it results in non-compliance with AAS.
  (3) An exemption may be granted subject to conditions, including a requirement for alternative forms of disclosure.
  (5) Where a reporting entity elects to apply any exemptions granted by the Finance Minister, information that would otherwise be reported must be available for consolidation into the Australian Government consolidated financial statements.
  Part 3 -  Consistency of treatment – restricting choice available under the AAS

Guide to this Part

The purpose of this Part is to provide consistency in financial reporting across all reporting entities.

Some AAS offer choices of accounting treatment. This Part acts to restrict the choice of accounting treatments available for Commonwealth entities under certain AAS and prescribes the accounting treatment to be applied for those standards. This will result in a consistent approach in financial reporting across the Commonwealth and enable a whole of Government