The Financial Management and Accountability Act 1997 (FMA Act) and the Commonwealth Authorities and Companies Act 1997 (CAC Act) were repealed on 30 June 2014 and replaced by the Public Governance, Performance and Accountability Act 2013 (PGPA Act) from 1 July 2014. Some provisions of the FMA and CAC Acts, however, will remain in force during the transition period; for example performance reporting requirements for the 2013-14 financial year.
If you are looking for information on the PGPA Act, supported by rules and guidance, go to the Resource Management section of the Department of Finance website.
In addition to the FMOs, the FinanceBriefs have been issued to provide timely clarification and guidance on the Government's accounting and financial reporting policies as needed throughout the year. FinanceBriefs may be formalised in the subsequent release of FMOs. Where the FinanceBrief introduces new policy that has a significant impact across Government Entities, Accounting Policy Branch will ensure that it consults with relevant key stakeholders prior to issuing the Brief.
The financial reporting requirements for Australian Government entities are contained in Schedule 1 of the Finance Minister's Orders (FMOs) under Section 49 of the Financial Management and Accountability Act 1997 (FMA) and Schedule 1, to the Commonwealth Authorities and Companies Act 1997 (CAC).
In addition to the FMOs, where necessary, additional guidance on the particular requirements of Budget preparation, monthly or annual financial reporting has been provided under other guidance notes. In addition to all of these documents, the following are a series of Finance briefs issued by the Accounting Policy Branch (APB) to provide timely clarification and guidance on the Australian Government's accounting and financial reporting policies as needed throughout the year. These Finance briefs may be formalised in the subsequent release of FMOs. APB may also be modified them from time to time as the need arises (for example, in response to requests for further clarification of particular requirements). The guidance in these Finance briefs is to apply effective immediately until it is amended or withdrawn.
In developing these Finance briefs, we have had consultation with the Australian National Audit Office (ANAO) and the Chief Financial Officers (CFOs) of Australian Government entities.
- FinanceBrief 6 (Revised)- Adjustment of appropriations on change of Agency Functions
- FinanceBrief 29 (Revised) - For-Profit and Not-for-Profit Entities
- FinanceBrief 31 (Revised) - AASB 7 Financial Instruments: Disclosures Standardisation of market risk sensitivity analysis
- FinanceBrief 35 (Revised) - Land Under Roads
- FinanceBrief 37 - Timing of changes in Agency assets and liabilities arising from Machinery of Government Changes
- FinanceBrief 38 - Reporting of pre-2009 loans to other government bodies
- FinanceBrief 39 - Reporting of Net Cash Appropriation Arrangements
- FinanceBrief 40 - Deeming or designating transfers of assets and liabilities as 'contributions by owners' (equity)
All other previously issued FinanceBriefs have since been withdrawn, namely FinanceBriefs 1-5, 7-28, 30, 32-34, and 36.