Disclosure of current and non-current assets and liabilities in financial statements (RMG 122)


This guide applies to officers in Commonwealth reporting entities with responsibility for preparing financial statements under the Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR).

Key Points

The financial statements of Commonwealth reporting entities are to be prepared in accordance with the FRR and the Australian Accounting Standards.

This guide provides:

This guide replaces Disclosure of maturity information in financial statements (RMG-122), released April 2019.  

What are financial statements?

Financial statements are a means by which a Commonwealth entity’s accountable authority discharges its financial accountability. The Australian Government’s accountability is also supported by the preparation and audit of the Commonwealth Consolidated Financial Statements (CFS), which presents the consolidated whole-of-government financial results, inclusive of all Australian Government controlled entities.

The framework for preparing Commonwealth entity financial statements, and the CFS, includes standards and requirements that support the integrity and consistency of financial information, as established in the:

The disclosure of maturity information (that is, the expected realisation dates of assets and liabilities) in financial statements is useful for assessing entity liquidity and solvency.

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