Annual Financial Reporting
Final Budget Outcome and Consolidated Financial Statements
The Charter of Budget Honesty Act 1998  section 18(1) requires that the Final Budget Outcome (FBO) be published within three months of the end of the financial year (ie 30 September). Given the Commonwealth's move to an accrual budgeting and reporting framework in 1999-2000, FBO reports now incorporate audit cleared accrual based revenue and expenses, balance sheet and cash flow information. Such information is obtained from the annual process of compilation of the Consolidated Financial Statements (CFS) under Section 55 of the Financial Management and Accountability Act 1997.