Financial Statements Better Practice Guide

The BPG focuses on financial statements preparation, as distinct from accounting treatments or disclosures.

Whole of Government standards and reporting requirements.

Each entity needs to be familiar with relevant requirements of the applicable financial reporting framework.

Effective project management underpins successful financial statements preparation processes.

Outlines the main activities, events and project milestones—when they are planned to start and when they are due to be completed.

Activities that may be required in actioning and monitoring the project plan.

Maintaining good financial reporting practices throughout the year also enhances the quality of financial statements.

Aids such as pro forma or illustrative financial statements assist entities to ensure their financial statements satisfy reporting requirements.

Putting in place review arrangements at key points during the preparation process.

The preparation of the financial statements involves applying appropriate accounting policies and financial management practices that comply with legislative and financial reporting requirements.

Better practice entities use an unamended electronic copy of the financial statements and auditor’s report for the purpose of being included in the annual report.

Reviewing the closing process involves examining current processes and documenting responsibilities and related timeframes during the year, and at year-end.

Support from the Department of Finance.

Acronyms and abbreviations