B – 1994 The Financial Management Act 1994 requires the Minister to prepare a midyear 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 Refer to Chapter 2 report for each financial year. Section 25(2) The midyear report: Manner is in accordance with Australian (a) must be prepared in the manner Accounting Standards and Ministerial and form determined by the Directions. Form is operating statement, Minister, having regard to balance sheet, statement of cash flows, appropriate financial reporting statement of changes in equity and frameworks; accompanying notes. Refer to Chapter 2 (b) must present fairly the financial Refer Chapter 2, balance sheet, page 13 position of the State and the Victorian general government sector at midnight on 31 December in the financial year and: (i) the transactions on the Public Refer Chapter 2, Note 30, pages 6264 Account; (ii) the transactions of the Refer Chapter 2, operating statement, Victorian general government pages 1112, statement of cash flows, sector; and pages 1415, Notes 27, pages 2436, Notes 926, pages 3858 (iii) other financial transactions of Refer Chapter 2, operating statement, the State pages 1112, statement of cash flows, pages 1415 and Notes 226, pages 2458 in respect of the period of six months ending on that day. Section 26(1) The Minister must prepare a quarterly Refer Appendix A, pages 6770 financial report for each quarter of each financial year.
B – 1994 The Financial Management Act 1994 requires the Minister to prepare a midyear 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 13 (i) the transactions on the Public Account; Refer Chapter 2, Note 30, pages 6264 (ii) the transactions of the Victorian general government sector; and Refer Chapter 2, operating statement, pages 1112, statement of cash flows, pages 1415, Notes 27, pages 2436, Notes 926, pages 3858 (iii) other financial transactions of the State in respect of the period of six months ending on that day. Refer Chapter 2, operating statement, pages 1112, statement of cash flows, pages 1415 and Notes 226, pages 2458 Section 26(1) The Minister must prepare a quarterly financial report for each quarter of each financial year. Refer Appendix A, pages 6770