Financial reporting guidance for Commonwealth entities
Guidance for preparing financial statements for reporting periods ending on or after 1 July 2014
The Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR) is a legislative instrument made under the Public Governance, Performance and Accountability Act (PGPA) that sets out the minimum financial reporting requirements for all Commonwealth Reporting entities in preparing their financial statements. The FRR replaced the former Finance Minister’s Orders for Financial Reporting effective 1 July 2014.
The FRR and the supporting guide and tools below aim to ensure consistency of accounting policy choices across entities where Australian Accounting Standards allow choices. Consistency is important to ensure comparability of financial reports across entities and to facilitate the consolidation of these reports when preparing the Consolidated Financial Statements. The FRR and the guide aim to enhance the usefulness of information presented in financial reports to Government and major external users.
For guidance on specific accounting and financial reporting policies, refer to the Accounting Policy Guides.
Commonwealth Entities Financial Statements Guide
- RMG 125 Commonwealth Entities Financial Statements Guide [ 668 KB]
- RMG 125 Commonwealth Entities Financial Statements Guide [ 796 MB]
Exemptions to the FRR
2014-2015 PRIMA Documents
The Primary Reporting and Information Management Aid (PRIMA) documents assist entities to prepare their annual statutory financial reports. PRIMA:
- aims to address the reporting requirements of different Commonwealth entities
- is not mandatory, entities must ensure their financial reports can enable whole-of-government consolidation and comply with all applicable AASs and the FRR
- is designed to be used in conjunction with the Guide (see Chapter 8) above
- is available on GovShare .
|PRIMA Forms||PRIMA Illustratives||PRIMA Model|
Note: Some functions of PRIMA are not available and may cause errors if opened from the browser. It is recommended that PRIMA is downloaded using the Save function after clicking on the link.
Previous versions of PRIMA documents are available in the Finance archive.
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Last updated: 29 June 2015