23 7221 The governmental agenda from 1991 to 2000 In 1991 the Loan Council 48

23 7221 the governmental agenda from 1991 to 2000 in

This preview shows page 194 - 196 out of 354 pages.

arrangements, which are discussed in section 7.2.3. 7.2.2.1 The governmental agenda from 1991 to 2000 In 1991, the Loan Council 48 agreed to adopt the Uniform Presentation Framework (UPF) for budget reporting in 1991. As such, the Treasuries determined their own reporting regime for budget reporting. The introduction of the UPF required all nine Commonwealth, State and Territory jurisdictions to present their budgets based on principles from the International Monetary Fund ’s (IMF) Government Finance Statistics Manual (GFSM). It was initially introduced on a cash basis, but in 1997, the Loan Council decided to introduce accrual budget reporting. The Australian Bureau of Statistics (ABS) issued an accrual version of the GFSM in early 2000. During the mid-1990s, the Australian Public Sector Accounting Standards Board (PSASB) developed AAS 31 Financial Reporting by Governments , which required governments to provide consolidated financial statements on a whole of government level. It was issued in 1996 with a mandatory application date (if the standard was applied) of periods ending on or after 10 June 1999. Jurisdictions could, however, choose whether they would adopt AAS 31, as authority for public sector financial reporting sat within each jurisdiction. As a result, there was a mix of practices across States, Territories and the Federal Government. An overview of the different reporting regimes in the financial year 1999/2000 is presented in Figure 7.3 below. 48 The Loan Council is a Ministerial Council “comprising the Commonwealth Treasurer as Chairman and his counterparts from the States and Territories. It was established in 1927 to coordinate public sector borrowings in Australia. The Loan Council is now mainly concerned with enhancing the transparency and accountability of public sector finances rather than, as in the past, securing adherence to strict borrowing limits” (Treasury 2000, p. 19).
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181 Figure 7.3: Consolidated Reports by Australian Jurisdictions for the Financial Year 1999-2000 Reports jurisdiction Budget (GFS basis) Budget (GAAP basis) End of year/outcome statements (GFS basis) End of year/outcome statements (GAAP basis) Other Budget/End of year/outcome statements ACT Budget Paper 3, Appendix D Cash Accrual, for each GGS, PFC and PNFC sector and whole of government Not separately produced Accrual Audited Estimates Outcome on GAAP basis in following year’s budget papers, including GFS sector split Accrual Not audited CWLTH Cash (Budget paper Statement 9, Appendix B) Accrual (Budget paper No 1, Budget statements 9) Not audited Accrual (Budget paper No 1, Budget statements 4) Not audited Final Budget Outcome Accrual Not audited (Reconciliation between AAS 31 and GFS numbers provided in Attachment B) Consolidated financial statements Accrual Audited Final Budget Outcome (Appendix B) Accrual Budget Outcome 1999-2000 Cash revenue, outlays, surplus, tax, non-tax and total revenue on cash proxies basis from accrual data (Appendix A) NSW Cash (Budget paper No 2, Chapter 2.4) Accrual (Budget paper No 2, Chapter 2.1) (including provision of reconciliation to accrual operating result) Not produced Financial Outcomes Report Accrual
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