B – 1994 The Financial Management Act 1994 requires the Minister to prepare a mid-year financial report and a quarterly financial report for tabling in Parliament. These reports have been prepared in accordance with applicable Australian Accounting Standards and the Financial Management Act 1994. The Financial Management Act 1994 specifies that these reports must meet certain requirements. The following compliance index explains how these requirements are met, together with appropriate references in this document. Financial Management Act reference Requirement Comments/reference Section 25(1) The Minister must prepare a midyear report for each financial year. Refer to Chapter 2. Section 25(2) The midyear report: (a) must be prepared in the manner and form determined by the Minister, having regard to appropriate financial reporting frameworks; Manner is in accordance with Australian Accounting Standards and Ministerial Directions. Form is operating statement, balance sheet, statement of cash flows, statement of changes in equity and accompanying notes. Refer to Chapter 2. (b) must present fairly the financial position of the State and the Victorian general government sector at midnight on 31 December in the financial year and: Refer Chapter 2, balance sheet, page 12. (i) the transactions on the Public Account; Refer Chapter 2, Note 32, pages 53-55. (ii) the transactions of the Victorian general government sector; and Chapter 2, operating statement, page 11, statement of cash flows, page 13, Notes 27, pages 2232, Notes 926, pages 3448. (iii) other financial transactions of the State in respect of the period of six months ending on that day. Refer Chapter 2, operating statement, page 11, statement of cash flows, page 13 and Notes 226, pages 2248. Section 26(1) The Minister must prepare a quarterly financial report for each quarter of each financial year. Refer Appendix A, pages 57-59. Section 26(2) A quarterly financial report comprises: (a) a statement of financial performance of the Victorian general government sector for the quarter; Appendix A, operating statement, Table A.1 page 57.
(b) a statement of the financial position of the Victorian general government sector at the end of the quarter; Refer Appendix A, balance sheet, Table A.2 page 58. (c) a statement of cash flows of the Victorian general government sector for the quarter; and Refer Appendix A, statement of cash flows, Table A.3 page 59. (d) a statement of the accounting policies on which the statements required by paragraphs (a), (b) and (c) are based. Refer Chapter 2, Note 1, pages 18-21. Section 26(2A) A quarterly financial report must be prepared in the manner and form determined by the Minister, having regard to appropriate financial reporting frameworks. Manner is a financial report for the general government sector. Form is operating statement, balance statement of cash flows. to Appendix A. Section 26(2B) The quarterly financial report for the quarter ending on 31 December in a financial year must include, in addition to the statements referred to in subsection (2)(a) to (d) for that quarter, those statements for the period of six months ending on that 31 December. Refer to Chapter 2, operating statement, page 11, balance sheet, page 12 and statement of cash flows, page 13.