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 Refer to Chapter 2. report for each financial year. Section 25(2) The midyear report: Manner is in accordance with (a) must be prepared in the manner and Australian Accounting Standards form determined by the Minister, and Ministerial Directions. Form is having regard to appropriate financial operating statement, balance reporting frameworks; sheet, statement of cash flows, statement of changes in equity and accompanying notes. Refer to Chapter 2. (b) must present fairly the financial Refer Chapter 2, balance sheet, position of the State and the Victorian page 12. general government sector at midnight on 31 December in the financial year and: (i) the transactions on the Public Refer Chapter 2, Note 32, Account; pages 53-55. (ii) the transactions of the Victorian Chapter 2, operating general government sector; and statement, page 11, statement of cash flows, page 13, Notes 27, pages 2232, Notes 926, pages 3448. (iii) other financial transactions of the Refer Chapter 2, operating State in respect of the period of statement, page 11, statement of six months ending on that day. cash flows, page 13 and Notes 226, pages 2248. Section 26(1) The Minister must prepare a quarterly Refer Appendix A, pages 57-59. financial report for each quarter of each financial year. Section 26(2) A quarterly financial report comprises: (a) a statement of financial performance Appendix A, operating of the Victorian general government statement, Table A.1 page 57. sector for the quarter;
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.
2015-16_midyearfinancialreport.docx