Report of operations (s.48) Section 48, FMA Report of operations — s.48 A Report of Operations referred to in section 45 of the FMA must: (a) be in a form and contain information determined by the accountable officer to be appropriate (b) contain any other information required by the Minister for Finance. Financial Statements (s.49) Section 49 FMA Financial Statements — s.49 The Financial Statements referred to in s.45 of the FMA must: (a) contain such information as is required by the Minister for Finance (b) be prepared in a manner and form approved by the Minister for Finance (c) present fairly the financial transactions of the public body during the financial year to which they relate (d) present fairly the financial position of the public body as at the end of that year (e) be certified by the accountable officer for the public body in the manner approved by the Minister for Finance. Financial Management and Constitution Acts Amendment Bill 2017 A Bill to amend the FMA and the Constitution Act 1975 - is currently being debated in Parliament. – The amendments are now expected to take effect from 1 July 2020. DTF states that the proposed amendments will have on existing accounting, financial and “significant impacts budget policies”. Amendments that are relevant to DELWP entities and this guide include: changes to definitions relevant to annual reporting (e.g. ‘reporting period’ etc); strengthening and clarifying accountability, by transferring provisions from the Standing Directions to the FMA; and a new definition of a to replace the current definition in the FMA. ‘public body’ Most DELWP entities will not be affected by the amendment to the definition. The ‘public body’ only exception is a DELWP entity that has a subsidiary that is a Corporations Act companies. If the Bill is then these Corporations Act companies will be deemed to be enacted ‘as is’, ‘public for the purposes of the FMA. bodies’ For further details, please refer to the Bill and the Explanatory Memorandum, which are available from the Victorian Legislation and Parliamentary Documents website. A brief description of the amendments are also described in Accounting Policy update newsletter, for DTF’s July 2018. Standing Directions The Standing Directions (SDs) issued by the Minister for Finance in 2016 under section 8 of the FMA have legislative force and must be complied with. The are also mandatory. DTF has also issued Guidance supporting the Standing Directions, which is not mandatory and for reference only.
Report of operations (s.48) Section 48, FMA — Report of operations s.48 A Report of Operations referred to in section 45 of the FMA must: (a) be in a form and contain information determined by the accountable officer to be appropriate (b) contain any other information required by the Minister for Finance. Financial Statements (s.49) Section 49 FMA — Financial Statements s.49 The Financial Statements referred to in s.45 of the FMA must: (a) contain such information as is required by the Minister for Finance (b) be prepared in a manner and form approved by the Minister for Finance (c) present fairly the financial transactions of the public body during the financial year to which they relate (d) present fairly the financial position of the public body as at the end of that year (e) be certified by the accountable officer for the public body in the manner approved by the Minister for Finance. Financial Management and Constitution Acts Amendment Bill 2017 A Bill to amend the FMA – and the Constitution Act 1975 - is currently being debated in Parliament. The amendments are now expected to take effect from 1 July 2020. DTF states that the proposed amendments will have “significant impacts on existing accounting, financial and budget policies”. Amendments that are relevant to DELWP entities and this guide include: changes to definitions relevant to annual reporting (e.g. ‘reporting period’ etc); strengthening and clarifying accountability, by transferring provisions from the Standing Directions to the FMA; and a new definition of a ‘public body’ to replace the current definition in the FMA. Most DELWP entities will not be affected by the amendment to the ‘public body’ definition. The only exception is a DELWP entity that has a subsidiary that is a Corporations Act companies. If the Bill is enacted ‘as is’, then these Corporations Act companies will be deemed to be ‘public bodies’ for the purposes of the FMA. For further details, please refer to the Bill and the Explanatory Memorandum, which are available from the Victorian Legislation and Parliamentary Documents website. A brief description of the amendments are also described in DTF’s Accounting Policy update newsletter, for July 2018. Standing Directions The Standing Directions (SDs) issued by the Minister for Finance in 2016 under section 8 of the FMA have legislative force and must be complied with. The are also mandatory. DTF has also issued Guidance supporting the Standing Directions, which is not mandatory and for reference only.
2180718-DELWP-Guide-to-annual-reporting-_public-bodies-2017-18-version-2.docx