Reporting and Accounting

Please Note

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Management and Accountability Act 1997 (FMA Act) and the Commonwealth Authorities and Companies Act 1997 (CAC Act) were repealed on 30 June 2014 and replaced by the Public Governance, Performance and Accountability Act 2013 (PGPA Act) from 1 July 2014.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.

This page contains links to the relevant accounting policy and financial reporting requirements for Commonwealth entities and central government reporting. It includes the Financial Reporting Rule (FRR) external link and related policies and guidance for financial reports.

Accounting policy

Accounting reporting policy

Accounting policy guidance

Better Practice Guide 

Leases - Zero Coupon Discount Rate

The table of Leases - Zero Coupon Discount Rate will be updated quarterly to assist entities in measuring new leases entered into during the quarter or to perform re-measurement of existing leases.

Changes to Standards Relevant to 2018-19 Financial Statements

This document will assist entities in disclosing the impact on their financial statements of new accounting standards for 2018-19 and future years, as required by AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors. It will be issued in July each year. Entities are responsible for ensuring that standards that are issued subsequent to this document, but prior to the signing of the financial statements, are disclosed as appropriate.

Standard Parameters for use in 2018-19 Financial Statements

As per Part 5 of RMG 125 - Commonwealth Entities Financial Statements Guide, the LSL - Table of Probability Factors and the LSL - Table of Discount Factors will be published on Finance's website no later than July on an annual basis.

CFO Forum

  • CFO Forum
  • Finance uses the CFO Forum email list to communicate accounting and financial reporting updates to Commonwealth entities. Contact CFOForum@finance.gov.au to add representatives from your entity to the mailing list.

Accounting presentations and position papers

Overview of Commonwealth financial reporting

The overview of Commonwealth financial reporting provides an outline of the Commonwealth financial reporting processes and obligations under the PGPA Act and Charter of Budget Honesty Act. The page covers the following topics:

  • monthly and annual reporting processes
  • consistency and use of accounts
  • inter-entity transactions
  • functional reporting
  • publication standards
  • fiscal balance
  • underlying cash balance.

Contact for information on this page:Financial Reporting and Accounting Policy Contacts

Last updated: 16 October 2019