Finance Briefs
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 The guidance in these Finance briefs is to apply effective immediately until it is amended or withdrawn.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 - Adjustment of appropriations on change of Agency Functions
- FinanceBrief 28 - UIG Interpretation 4: Determining Whether an Arrangement Contains a Lease
- FinanceBrief 29 - For-Profit and Not-for-Profit Entities
- FinanceBrief 31 (Revised) - AASB 7 Financial Instruments: Disclosures Standardisation of market risk sensitivity analysis
- FinanceBrief 33 (Revised) - The Indigenous Employment Special Account
- FinanceBrief 35 (Revised) - Land Under Roads
Withdrawn
The following Finance briefs 1-4, 7-10 and 13-16 have been withdrawn in previous years:
Finance briefs withdrawn in June 2007:
- FinanceBrief 17 - Adoption of International Accounting Standards
- FinanceBrief 18 - International Adoption - Planning and Transition
- FinanceBrief 19 - International Adoption - Presentation of Financial Statements and Accounting Policies
- FinanceBrief 20 - International Adoption - Non-financial Assets
- FinanceBrief 21 - International Adoption - Employee Benefits, Provisions and Contingencies
- FinanceBrief 22 - International Adoption - Financial Instruments
- FinanceBrief 24 - Adoption of AEIFRS - Provision of Information on Implementation
- FinanceBrief 26 - Adoption of AEIFRS - Supplementary Information
- FinanceBrief 27 - 2005-06 Financial Statements and Guidance on Finance Minister's Orders
Finance brief withdrawn in December 2007:
- FinanceBrief 25 - Disclosure of Effective interest Rates
Finance brief withdrawn in December 2008:
- FinanceBrief 30 - Amendment to Inventory Standard
Finance briefs withdrawn in January 2009:
- FinanceBrief 11 - Grant Accounting
- FinanceBrief 23 - Revenue and Grants
Finance brief withdrawn in April 2009:
- FinanceBrief 5 - Special Accounts
Contact for information on this page: accountingpolicy@finance.gov.au