Net cost of services vs profit or loss Where not restricted by AAS, all references to the AASB's 'Profit or Loss' have been replaced by 'Net Cost of Services' (or 'surplus or deficit') in PRIMA to better reflect the operating environment and reporting format adopted by not-for-profit Commonwealth entities. For-profit Commonwealth entities need to adjust the disclosure to reflect their circumstances. Part B Definitions and Abbreviations Overview Part B defines key and used throughout this document. Definitions (definitions with bold text have also been defined in section 5 of the FRR) Accountable Each Commonwealth reporting entity has an accountable authority Authority as defined in section 12 of the PGPA Act. Administrative The AAO, issued from time to time by the Governor-General, Arrangements establishes the matters to be dealt with by each Department of Order (AAO) State, and the Acts of Parliament to be administered by each Minister. Administered An administered investment is defined for the purpose of this guide Investments as an interest by the Australian Government in a subsidiary, associate or joint operation or joint venture that is disclosed in the financial statements of an entity on behalf of the Australian Government. Administered Those items that an entity does not control but over which it has management responsibility on behalf of the Government and which are subject to prescriptive rules or conditions established by legislation, or Australian Government policy, in order to achieve Australian Government outcomes. Typical examples include taxes, levies and fines plus grants, subsidies and personal benefit payments. to (Departmental and Administered: Classification and Reporting) for further information. Appropriation For the purposes of this guide, an authority under any Act or law to draw money from the Consolidated Revenue Fund (CRF), whether or not the law concerned used the word appropriation or appropriated. AAS are released by the (AASB). Australian Accounting Standards (AAS)
Net cost of services vs profit or loss Where not restricted by AAS, all references to the AASB's 'Profit or Loss' have been replaced by 'Net Cost of Services' (or 'surplus or deficit') in PRIMA to better reflect the operating environment and reporting format adopted by not-for-profit Commonwealth entities. For-profit Commonwealth entities need to adjust the disclosure to reflect their circumstances. Part B Definitions and Abbreviations Overview Part B defines key and used throughout this document. Definitions (definitions with bold text have also been defined in section 5 of the FRR) Accountable Authority Each Commonwealth reporting entity has an accountable authority as defined in section 12 of the PGPA Act. Administrative Arrangements Order (AAO) The AAO, issued from time to time by the Governor-General, establishes the matters to be dealt with by each Department of State, and the Acts of Parliament to be administered by each Minister. Administered Investments An administered investment is defined for the purpose of this guide as an interest by the Australian Government in a subsidiary, associate or joint operation or joint venture that is disclosed in the financial statements of an entity on behalf of the Australian Government. Administered Those items that an entity does not control but over which it has management responsibility on behalf of the Government and which are subject to prescriptive rules or conditions established by legislation, or Australian Government policy, in order to achieve Australian Government outcomes. Typical examples include taxes, levies and fines plus grants, subsidies and personal benefit payments. to (Departmental and Administered: Classification and Reporting) for further information. Appropriation For the purposes of this guide, an authority under any Act or law to draw money from the Consolidated Revenue Fund (CRF), whether or not the law concerned used the word appropriation or appropriated. Australian Accounting Standards (AAS) AAS are released by the (AASB).
rmg-125-commonwealth-entities-financial-statements-guide_0.docx