the extent of the inconsistency. Compliance and Reporting Summary continued. Subject to regulation 4, the annual budget, annual financial FMR r. 5A report and other financial reports of a local government must comply with the AAS. FMR r. 33 A copy of the annual budget of a local government is to be submitted* to the Departmental CEO within 30 days of its adoption by the local government. FMR r. 33A Between 1 January and 31 March in each financial year a local government is to carry out a review of its annual budget for that year. FMR r. 33A(4) Within 30 days after council has made a determination on the review, a copy of the review is to be provided* to the Department of Local Government. AASB 101.51 Each financial statement and the notes must be clearly identified with name of the entity or group of entities, the date of the end of the reporting period, presentation currency and the level of rounding used in the financial statements. AASB 101.38 Except when Australian Accounting Standards permit or require otherwise, comparative information shall be disclosed in respect of the previous period for all amounts reported in the current financial statements. period’s *Annual Budget lodged electronically to and Budget Review to In relation to budgeting, Section 6.2(1) of the LGA states: the period from 1 June in a financial year to 31 August in the next financial “During year, or such extended time as the Minister allows, each local government is to prepare and adopt (absolute majority required), in the form and manner prescribed, a budget for its municipal fund for the financial year ending on the 30 June next following that 31 August”. Section 6.2(2) of the LGA requires council in formulating the budget, to have regard to the contents of the plan for the future of the district and prepare detailed estimates for the current year. Section 6.2(4) of the LGA sets out certain details that the annual budget is to incorporate and such other matters as prescribed. Part 3 of the FMR establish the form and content of the budget document and require a copy of the annual budget to be submitted to the Department within 30 days of adoption by council.
the extent of the inconsistency. Compliance and Reporting Summary continued. FMR r. 5A Subject to regulation 4, the annual budget, annual financial report and other financial reports of a local government must comply with the AAS. FMR r. 33 A copy of the annual budget of a local government is to be submitted* to the Departmental CEO within 30 days of its adoption by the local government. FMR r. 33A Between 1 January and 31 March in each financial year a local government is to carry out a review of its annual budget for that year. FMR r. 33A(4) Within 30 days after council has made a determination on the review, a copy of the review is to be provided* to the Department of Local Government. AASB 101.51 Each financial statement and the notes must be clearly identified with name of the entity or group of entities, the date of the end of the reporting period, presentation currency and the level of rounding used in the financial statements. AASB 101.38 Except when Australian Accounting Standards permit or require otherwise, comparative information shall be disclosed in respect of the previous period for all amounts reported in the current period’s financial statements. *Annual Budget lodged electronically to and Budget Review to In relation to budgeting, Section 6.2(1) of the LGA states: “During the period from 1 June in a financial year to 31 August in the next financial year, or such extended time as the Minister allows, each local government is to prepare and adopt (absolute majority required), in the form and manner prescribed, a budget for its municipal fund for the financial year ending on the 30 June next following that 31 August”. Section 6.2(2) of the LGA requires council in formulating the budget, to have regard to the contents of the plan for the future of the district and prepare detailed estimates for the current year. Section 6.2(4) of the LGA sets out certain details that the annual budget is to incorporate and such other matters as prescribed. Part 3 of the FMR establish the form and content of the budget document and require a copy of the annual budget to be submitted to the Department within 30 days of adoption by council.