Consistency and Use of Accounts
Agencies should endeavour to report financial information against similar accounts for annual and estimates financial reporting, consistent with their audited financial statements. Limiting the use of `other' accounts will reduce the need for follow up questions from Finance.
Consistent use of accounts enables:
- Current data to be compared to previous data for analytical purposes;
- Consistency in published data;
- The derivation of the consolidated cash flow statement which compares operating statement data to relevant movements in balance sheet aggregates; and
- Monthly data to be used by the Australian Bureau of Statistics (ABS) in the compilation of the Australian National Accounts.
In addition, reporting at the lowest level of detail in the chart of accounts allows Finance to satisfy ABS data collection requirements, avoiding the need for them to undertake an additional Public Finance survey of government agencies.