46841 ANAO Opinions Spring 2011_04

8/3/2019 46841 ANAO Opinions Spring 2011_04

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SPRING 2011

A dit Report No. 1: T e A stralianDefence Forces Mec anismsfor Learni ng from Operational

Activities

The objective of the audit was to assessthe effectiveness of the Australian

Defence Forces (ADFs) mechanismsfor learning from its military operationsand exercises. In particular, the auditfocused on the systems and processesthe ADF uses for identifying and acting onlessons, and for evaluating performance.

The ANAO also examined the mannerin which information on lessons isshared within the ADF, with otherrelevant government agencies, and withinternational organisations. Reporting toParliament was also considered.

A dit Report No. 2: Confidentialityin Government Contracts: SenateOrder for Departmental and

Agency Contracts (Calendar Year2010 Compliance)

This audit is the thirteenth in a series

of audits that have fulfilled the Senatesrequest for the Auditor-General to providean annual report on agencies compliancewith the Order, since it was introduced in2001. The audit objective was to assessthe appropriateness of the use andreporting of confidentiality provisions in

Australian Government contracts.

A dit Report No. 3:T erape tic Goods Reg lat ion :Complementary Medicines

The objective of the audit was to examinethe effectiveness of the TherapeuticGoods Administrations administrationof complementary medicines regulation

ANAO Opinions is published to provide our clientswith information on developments in financial reporting

and disclosure, together with details of recentlycompleted performance audits and better practiceguides. This edition of Opinions provides updatedinformation since the Winter 2011 edition and liststhose audits scheduled for completion in the Octoberto December 2011 period.

INSIde thIS

edItIoN ANAO Audit Reports

Recently tabled reports Reports scheduled to be tabled

October to December 2011

ANAO Better Practice Guides Recently published Guides Guides scheduled to

be published October toDecember 2011

Australian AccountingStandards Board (AASB)Developments New, revised and amending

Accounting Standards andInterpretations

Exposure Drafts, Invitations toComment and ConsultationPapers

Reduced Disclosure Regime

Department of Finance and

Deregulation Finance Circulars Accounting Guidance Notes FinanceBriefs

ANAo AudIt RePoRtSReceNtly tAbled AudIt RePoRtSThe following section contains the objectives of ANAO audit reports tabled from

July to September 2011. To view an electronic copy of the full audit report left click the symbol ( ) next to the relevant title. A complete copy of all ANAO reports can

be obtained from the ANAO website at: www.anao.gov.au . For further details phonethe Publications Officer on (02) 6203 7505.
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OPINIONS SPRING 2011

ReceNtly tAbled AudIt RePoRtS(coNtINued)

in Australia. The primary focus was onlisted complementary medicines, whichcomprise about ninety-eight per cent of these medicines.

A dit Report No. 4: Indigeno sEmployment in G ov ernmentService Delivery

The audit objective was to assess theeffectiveness of the Department of

Education, Employment and WorkplaceRelations and the Department of Families,Housing, Community Services andIndigenous Affairs administration of the

Australian Governments responsibilitiesunder Element 1 of the National Partnership Agreement on IndigenousEconomic Participation (including theNorthern Territory Jobs Package).

A dit Report No. 5: Developmentand Implementation of Key

Performance Indicators to S pportt e O tcom es and ProgramsFramework

The objective of this audit was to assesshow effectively entities had developedand implemented appropriate KeyPerformance Indicators to support statedprogram objectives.

A dit Report No. 6: Fair WorkEd catio n a nd InformationProgram

The audit objective was to assess theeffectiveness of the Department of Education, Employment and WorkplaceRelations (DEEWRs) administration of the Fair Work Education and InformationProgram. The three high level criteria thatwere used to make this assessment werethe appropriateness of DEEWRs: program planning and design; selection and engagement of providers;

and program monitoring, reporting and

evaluation.

A dit Report No. 7: Establis ment,Implementation and Administrationof t e Infrastr ct re EmploymentPr ojects Stream of t e Jobs F nd

The focus of this audit is the InfrastructureEmployment Projects stream of theJobs Fund. Separate performanceaudits are underway that are examiningthe establishment, implementationand administration of the separatecomponents of the Local Jobs stream of the Jobs Fund.

ANAo AudItRePoRtSScheduledto be tAbledoctobeR todeceMbeR 2011 National Blood Authority Indigenous Secondary Student

Accommodation Initiatives The Implementation and

Management of the Housing Affordability Fund

Early Childhood EducationNational Partnership

Implementation of the NationalPartnership Agreement onRemote Indigenous Housing inthe Northern Territory

Customs Risk Management of Imports

Indigenous Protected Areas Management of the Defence

Community Organisation The Tax Offices Compliance

Approach Towards, andManagement of, Small toMedium Enterprises

Completion of the M113 Armoured Vehicles Upgrade

Tasmanian Freight EqualisationScheme

Administration of the GatewayReview Process

National Greenhouse and Energy

Reporting Scheme Management of ICT in Defence ICT Security Management of

Portable Storage Devices
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3OPINIONS SPRING 2011

AuStRAlIAN AccouNtING StANdARdSboARd deVeloPMeNtS

NeW, ReVISed ANd AMeNdINGAccouNtING StANdARdS ANdINteRPRetAtIoNS

Copies of Australian AccountingStandards and Interpretations are

available from the AASB web site atwww.aasb.gov.au or by clicking on the

links below. Early adoption of standards and interpretations by AustralianGovernment agencies and authorities

requires the approval of the Chief Executive of the Department of Finance

and Deregulation.

AASB 2011-4 Amendmentsto A stralian Acco ntingStandards to Remove Individ alKey Management PersonnelDisclos r e R eq irements J ly 2011

AASB 2011-4 amends AASB 124 Related Party Disclosures to remove thekey management personnel disclosurerequirements for disclosing entities.

This Standard is applicable to reportingperiods beginning on or after 1 July 2013.

AASB 2011-5 Amendmentsto A stralian Acco ntingStandards - Extending Relief fromConsolidation, t e Eq ity Met odand Propo rti onate Consolidation J ly 2011

AASB 127 Consolidated and SeparateFinancial Statements provides entitieswith relief from presenting consolidatedstatements where an intermediate or

ultimate parent complies with InternationalFinancial Reporting Standards.

AASB 2011-5 extends this relief to not-for-profit entities whose intermediate orultimate parent is a not-for-profit entitycomplying with Australian AccountingStandards. Entities applying therelief need only present separate financialstatements and will not be subject to theconsolidation requirements of AASB 127.However, this relief will not be available tothe financial statements of the whole-of-Government or the General GovernmentSector.

AASB 2011-5 also extends the relief available under AASB 128 Investments

in Associates and AASB131 Interests in Joint Ventures to the same entities.

This Standard is applicable to reportingperiods beginning on or after 1 July 2011.

AASB 13 Fair Val e M eas rement September 2011

AASB 13 Fair Value Measurement hasbeen issued to ensure consistency of fairvalue measurement and disclosure withinfinancial statements. To facilitate this,

AASB 13 provides a single set of rules forhow to measure fair value, but does not

specify when fair value should be applied.Guidance on when fair value is to beapplied is provided in other standards.

ANAo betteRPRActIce GuIdeSRECENTLY PuBLIShED GuIDES(JuLY TO SEPTEMBER 2011)

Better Practice Guides are produced by the ANAO to assist public sector managers in the performance of their responsibilities. A copy of all ANAO Better Practice Guides can be obtained fromthe ANAO website at www.anao.gov.au or by clicking on the links below.

For further details phone thePublications Officer on (02) 6203 7505.

P blic Sector A dit Committees

This Guide provides guidance onthe operation of Audit Committeesof public sector entities operatingunder the Financial Management

and Accountability Act 1997 or theCommonwealth Authorities and Companies Act 1997 . The Guideupdates and replaces the ANAOs 2005 Public Sector Audit Committees Better

Practice Guide. The Guide is intended as a referencedocument for Chief Executives, Boards,members of Audit Committees andsenior managers with responsibilityfor Audit Committee activities, andcomplements the ANAOs BetterPractice Guide Public Sector Internal

Audit issued in September 2007.

GuIDES SChEDuLED TO BEPuBLIShED OCTOBER TODECEMBER 2011 Developing and Managing Contracts Environmental Sustainability in

Australian Government Operations
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4 OPINIONS SPRING 2011

AuStRAlIAN AccouNtING StANdARdS boARd deVeloPMeNtSNeW, ReVISed ANd AMeNdING AccouNtING

StANdARdS ANd INteRPRetAtIoNS (coNtINued) AASB 13 defines fair value as the pricethat would be received to sell an assetor paid to transfer a liability in an orderlytransaction between market participantsat the measurement date. This market-based approach to fair value does notfactor in entity-specific intentions for theasset, such as whether the entity intendsto hold or sell the asset.

Non-financial assets carried at fair valueare to be valued based upon their highestand best use, which may differ from theircurrent use. The highest and best use isonly limited by what is physically possible,legally permissible and financially feasible,and should consider the assets primaryor most advantageous market.

Guidance is provided on widely usedvaluation techniques: the marketapproach, income approach and costapproach. The choice of valuationtechnique should be based on maximisingthe use of observable inputs frommarket data and minimising the useof unobservable inputs. Considerationshould also be given to which measurebest represents fair value.

The fair value hierarchy included within AASB 139 Financial Instruments:Recognition and Measurement is alsoextended to all measures of fair value. Thiswill require entities to classify fair valuemeasurements into three levels basedupon the lowest level of inputs used.

AASB 13 also proposes a number of new disclosure requirements for assetsand liabilities carried at fair value. Thesedisclosures are particularly detailed where

fair value measurements are not based onobservable market inputs.

This Standard is applicable toreporting periods beginning on or after1 January 2013.

AASB 2011-8 Amendments to A stralian Acco nting Standardsarisin g f rom AASB 13 September

2011 AASB 2011-8 amends existing fair valuedefinitions, measurement requirements,disclosures and guidance located inother standards to ensure consistencywith AASB 13 Fair Value Measurement .

The Standard is applicable toreporting periods beginning on or after1 January 2013.

AASB 2011-9 Amendments to

A stralian Acco nting Standards Presentation of Items ofOt er Compre e ns ive Income September 2011

AASB 2011-9 amends AASB 101 Presentation of Financial Statements tointroduce new presentation requirementsfor items classified within othercomprehensive income. Theseamounts will be grouped under twoseparate headings in the statement of comprehensive income based upon

whether they will or will notbe reclassified subsequently to profitor loss.

The Standard is applicable to reportingperiods beginning on or after 1 July 2012.

AASB 119 Emplo ye e Benefits September 2011

The reissued AASB 119 EmployeeBenefits is the result of the IASBsproject to increase the useability andcomparability of post employment benefit

liability reporting. The majority of changesimpact the accounting and disclosure of superannuation schemes.

AASB 119 (reissued) introduces asingle approach for the recognitionand measurement of defined benefitplans. Previously entities were permitteda number of measurement options,including the ability to defer some gainsor losses into future periods. Under thereissued AASB 119, gains or losses arerecognised in the period they occur, with

actuarial changes recognised in othercomprehensive income. Both currentand past service costs will continue to berecognised in profit or loss.

Entities will also be required to determinethe plans net position by offsettingthe defined benefit obligation with planassets (if any). This net amount is used tocalculate the financing costs (or financeincome if the plan is in surplus) to berecognised in profit or loss as the netasset/liability unwinds. This approach

effectively limits the return on planassets to the discount rate, with anyexcess above this rate recognised inother comprehensive income.
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StANdARdS ANd INteRPRetAtIoNS (coNtINued) The reissued AASB 119 also amends thedefinition of short term employee benefitsto employee benefits that are expectedto be settled wholly within twelve monthsafter reporting date. As a result, wherea portion of the liability is expected to besettled outside of this period, the wholeliability would be classified as other longterm employee benefits.

The recognition requirements fortermination benefits have also beenamended which may result in terminationcosts being recognised earlier in the caseof business combinations.


AASB 2011-10 Amendments to A stralian Acco nting Standardsarising from AAS B 119

September 2011 This Standard makes consequentialamendments to other standards arisingfrom the reissued AASB 119 EmployeeBenefits.


coNSolIdAtIoNOn 29 August 2011 the AASB issueda suite of six related Standardsthat amend the requirements forconsolidated financial statements, jointarrangements and off balance sheetvehicles. The AASB are consideringnot-for-profit (NFP) and public sectoramendments to these standards and,as a result, NFP entities may not earlyadopt. Note that the final Standardsapplicable to public sector entities maydiffer from the requirements discussedbelow.

AASB 10 Consolidated Fin an cialStatements A g st 2011

AASB 10 replaces the consolidationrequirements previously included in

AASB 127 Consolidated and Separate

Financial Statements. One of the majorchanges in AASB 10 is the introductionof a broader concept of control.

When applying AASB 10 the parententity, referred to as the investor, willcontrol an entity where: the investor has power over the

investee; the investor is exposed (or has rights)

to variable returns from the investee;and

the investor has the ability to affectthose returns through its power overthe investee.

AASB 10 also permits an investorto control specific assets within aninvestee where a number of conditionsare met. Where these are met theinvestor treats the specific assets as asubsidiary for consolidation purposes.

Due to the judgemental nature of control, AASB 10 also includessignificant guidance to assist entities

in determining when control exists.However, the current guidance isunlikely to address consolidationmatters unique to the public sector.


AASB 11 Join t Arrangements A g st 2011

AASB 11 supersedes AASB 131

Interests in Joint Ventures andInterpretation 13 Jointly Controlled Entities Non-Monetary Contributions

by Venturers.

AASB 11 adopts the broader controlconcept introduced by AASB 10 andnotes that joint control exists onlywhere decisions about the relevantactivities require unanimous consent.

This amended definition may affectthe accounting for some joint venturearrangements.

Under AASB 11 jointly controlledassets and joint operations are knownsolely as joint operations; however the
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StANdARdS ANd INteRPRetAtIoNS (coNtINued)

accounting for these arrangementsremains relatively unchanged.

Where a joint arrangement is considereda joint venture, entities are now restrictedto use of the equity method. Previously,proportionate consolidation was alsopermitted. This change is unlikely toimpact entities applying the FinanceMinisters Orders, because these require

entities to apply the equity method whenaccounting for joint ventures.


AASB 12 Disclos re of Interestsin Ot er Entities A g st 2011

AASB 12 contains the disclosurerequirements for a reporting entitys

interests in other entities. Thesedisclosures have been increasedcompared to previous standards in aneffort to provide greater transparencyaround the entitys exposure to riskand the assumptions it applies inconsolidating other entities.

AASB 12 also introduces the conceptof structured entities. These entitiesare similar to special-purpose entitiesas defined in Interpretation 112 Consolidation Special Purpose

Entities .

Where the investor has an interest in astructured entity, significant disclosurerequirements exist to provide informationon the nature of assets contributed toand received from the entity and theinvestors exposure to risk.


AASB 127 Separate Financ ial Statements A g st 2011

The consolidation requirementspreviously included in AASB 127have been replaced by AASB 10 Consolidated Financial Statements.

The title of AASB 127 is changed to Separate Financial Statements and itretains the measurement and disclosurerequirements that apply to parent entitiespreparing separate financial statements.

These requirements are substantiallyunchanged from the previous AASB 127requirements.


AASB 128 Investments in Associates a nd Joint Vent res A g st 2011

AASB 128 has been amended as partof the IASB project to improve theaccounting for joint ventures.

The scope of AASB 128 has beenbroadened to include both associatesand joint ventures accounted for usingthe equity method. Previously thestandard only applied to accountingfor associates. To reflect this change,the title of the standard has alsobeen amended from Investments

in Associates to Investments in Associates and Joint Ventures .

AASB 128 previously scoped outinvestments held by venture capitalorganisations or mutual funds that,upon initial recognition, designatedinvestments at fair value through profitor loss. This measurement option is stillavailable but AASB 128 now clarifies thisis a measurement exception, rather thanan exemption from all the requirementsof AASB 128.

The Standard is applicable to

reporting periods beginning on or after1 January 2013.

AASB 2011-7 Amendments to A stralian Acco nting Standards Arising from t e Consolidationand Joint ArrangementsStandards A g st 2011

AASB 2011-7 makes changes to anumber of Standards and Interpretationsresulting from the issue of the suite of new consolidation standards.

http://www.aasb.gov.au/admin/file/content105/c9/AASB12_08-11.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/AASB127_08-11.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/AASB128_08-11.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/AASB2011-7_08-11.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/AASB128_08-11.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/AASB127_08-11.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/AASB12_08-11.pdf


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exPoSuRe dRAftS (edS), INVItAtIoNS to coMMeNt (ItcS)ANd coNSultAtIoN PAPeRS

Exposure Drafts, Invitations to Comment and Consultation Papers mentioned below can be downloaded from the AASB website at www.aasb.gov.au or by clicking on the links below.

ED 212 Not-for-Profit Entitieswit in t e General GovernmentSector (proposed AASB 10XX,incl ding proposals relating toTier 2 discl os re req irements) J ne 2011

ED 212 represents the second phaseof the AASBs project to harmoniseGenerally Accepted Accounting Principles(GAAP) and Government FinanceStatistics (GFS) reporting within thepublic sector. ED 212 proposes reportingrequirements for not-for-profit entities,including government departments andstatutory authorities, within the GeneralGovernment Sectors of the state, territoryand federal governments.

This phase of the AASBs projectbegan in 2009 with the release of ED174 which focused primarily on GFS/ GAAP harmonisation of GGS entityreports. These proposals were eventuallyabandoned due to respondents concernsover cost-benefit and relevance tofinancial statement users.

To address these concerns, ED 212adopts a broader approach focusing onimproving financial reporting within the

GGS, as well as ensuring GFS/GAAPharmonisation where practicable.

Under the proposals, each entitywithin the GGS would be deemed aninstitutional unit for the purposes of applying GFS principles. Where a numberof options are available within GAAP,entities would be required to apply theoption which most aligns with GFS.Entities would also need to disclose withintheir accounting policies that the financialstatements were prepared in accordancewith the proposed Standard, and to

reference the version of the GFS manualadopted.

As recently amended for whole-of-government and GGS financialstatements, entities would be permittedto apply an earlier version of the GFSmanual provided it was effective afterthe beginning of the comparative period.Where an earlier manual is applied,disclosure of this fact and the potentialimpact on the financial statements is alsorequired.

ED 212 also proposes that entitiespresent GAAP/GFS harmonisedinformation, separately for controlled andadministered items, in the face statementsor the notes. This would include: a statement of financial position

prepared consistent with AASB 101; a statement of comprehensive income

which classifies income and expensesbetween transactions and othereconomic flows. This statementshould also present the net result fromtransactions as the net operatingbalance and

a statement of cash flows consistentwith AASB 107, with classificationsdetermined in a manner consistent withGFS rules and principles.

Where budgeted financial statementsare presented to parliament, ED 212proposes the budgeted information forthe current year be disclosed. Entitieswould also need to disclose explanationsof major variances between actual andbudgeted amounts.

The AASB seeks comments by31 October 2011.

ED 213 Im pr ovements to IFRSs J ly 2011

ED 213 proposes a number of minoramendments arising from the IASBsannual improvements process. Underthe proposed changes, entities wouldno longer be required to provideadditional comparative information in notedisclosures where a third balance sheet isincluded in the financial statements.

Other proposed changes impact theclassification of servicing equipment,disclosure of segment information ininterim financial reports and income taxrecognition on dividend distributions.

The AASB sought comments by6 September 2011.
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exPoSuRe dRAftS (edS), INVItAtIoNS to coMMeNt (ItcS)ANd coNSultAtIoN PAPeRS (coNtINued)

ED 214 Extending Related PartyDisclos res to t e Not-fo r-P rofitP blic Sector J ly 2011

ED 214 proposes to apply AASB 124 Related Party Disclosures to generalpurpose financial statements of not-for-profit (NFP) public sector entities.Currently, NFP public sector entities arespecifically exempted from that Standardby paragraph Aus1.3; the ED proposesdeleting this paragraph.

The ED is not proposing any amendmentto the specific disclosure requirements of

AASB 124.

The AASB seeks comments by31 January 2012.

ED 215 Mandatory Effective Dateof IFRS 9 (proposed amendmentto AASB 9 (December 2009)and AASB 9 ( De cember 2010))

A g st 2011

The first phase of the AASBs project toreplace AASB 139, which addressedthe classification and measurement of financial instruments, resulted in the issueof AASB 9 Financial Instruments . Themandatory effective date for AASB 9 isfor annual periods beginning on or after1 January 2013.

Due to a delay in completing theremaining phases of the financialinstruments standard, ED 215 proposeschanging the effective date of AASB 9 toannual reporting periods beginning on orafter 1 January 2015.

The AASB seeks comments by7 October 2011.

ITC 25 Req est for Comment

on IASB Req est for Views on Agenda Con s l tation 2011 A g st 2011

The objective of ITC 25 is to provide achannel for formal public input on thebroad aspects of the standard-settingprocess of the IASB.

The ITC asks two main questions.

What do you think should be the IASBsstrategic priorities, and how should itbalance them over the next three years?

What do you see as the most pressingfinancial reporting needs for standard-setting action from the IASB?

The AASB seeks comments by10 November 2011.

ED 220 Investme nt Entities September 2011

ED 220 proposes criteria and guidancefor determining whether an entity qualifiesas an investment entity. Among thesecriteria is the requirement that the entitysonly substantive activities are investingin multiple investments for capitalappreciation, investment income or both.

Under the proposed changes, investment

entities would be exempt from theconsolidation requirements and wouldrecognise all investments at fair valuethrough profit or loss in accordancewith AASB 9 Financial Instruments. However, this exemption would not beavailable at a consolidated level, unlessthe parent entity was also considered aninvestment entity.

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the Reduced dIScloSuRe ReGIMe

From 1 July 2013, a two-tiered reportingframework will exist in Australia, due to theintroduction of the Reduced DisclosureRegime (RDR). Tier 1 entities will berequired to comply with all requirementsof Australian Accounting Standards(AASs). Tier 2 entities will be requiredto comply with the recognition andmeasurement requirements of AASs butwith substantially reduced disclosurerequirements.

For-profit private sector reportingentities with public accountabilityand federal, state, territory, and localgovernments must report in accordancewith Tier 1. Other entities, including allgovernment-controlled entities, mayreport in accordance with Tier 1 or Tier2, depending on the decisions of theirrespective regulators.

NEW, REVISED AND AMENDING ACCOuNTING STANDARDS AND

INTERPRETATIONSThe following standards amend the

requirements of the Reduced DisclosureRegime applicable for reporting periodson or after 1 July 2013.

AASB 2011-6 Amendmentsto A stralian Acco ntingStandards - Extending Relief fromConsolidation, t e Eq ity Met odand Propo rti onate Consolidation -J ly 2011

Similar to AASB 2011-5 (see above), AASB 2011-6 further extendsconsolidation relief to all Tier 2 governmentcontrolled entities reporting under thereduced disclosure regime. These entities

would be permitted to prepare separatefinancial statements only and would notbe required to apply the consolidationrequirements of AASB 127.

AASB 2011-5 also extends the relief available under AASB 128 Investments

in Associates and AASB 131 Interests in Joint Ventures, to the same entities.

The Standard is applicable toreporting periods beginning on or after1 July 2013.

AASB 2011-11 Amendmentsto AASB 119 (September 2011)arising from Red ced Disclos reRe q irements - September 2011

AASB 2011-11 amends AASB119 Employee Benefits disclosurerequirements for Tier 2 entities.

The Standard is applicable to reportingperiods beginning on or after 1 July 2013.

EXPOSuRE DRAFTS (EDS),INVITATIONS TO COMMENT(ITCS) AND CONSuLTATIONPAPERS

The following exposure drafts proposechanges to the Reduced DisclosureRegime applicable for reporting periodson or after 1 July 2013.

Tier 2 S p ple ment to ED 201J ly 2011

This supplement proposes Tier 2 entitiesreceive no exemption from the proposeddisclosures in ED 201 InsuranceContracts .

The AASB sought adverse comments by30 September 2011.

ED 216 AASB 12 Disclos re ofInterests in Ot er Entitie s: T ier 2proposals - A g st 2011

ED 216 proposes Tier 2 amendments tothe new disclosures required by AASB 12Disclosure of Interests in Other Entities .

http://www.aasb.gov.au/admin/file/content105/c9/AASB2011-6_07-11.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/AASB2011-11_09-11.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/ACCED201_07-11_Tier2Supp.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/ACCED216_08-11.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/ACCED216_08-11.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/ACCED201_07-11_Tier2Supp.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/AASB2011-11_09-11.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/AASB2011-6_07-11.pdf


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EXPOSuRE DRAFTS (EDS),INVITATIONS TO COMMENT

(ITCS) AND CONSuLTATIONPAPERS (CONTINuED)

ED 217 AASB 127 SeparateFinancial Statements: Tie r 2 proposals - A g st 2011

ED 217 proposes Tier 2 amendmentsto the disclosures required by AASB127 Separate Financial Statements .


ED 218 Presentation of Items ofOt er Compre ensive Income:Tier 2 p roposals - September2011

ED 218 proposes Tier 2 entities receiveno exemption from the proposeddisclosures introduced by AASB2011-9 Amendments to Australian

Accounting Standards Presentationof Items of Other ComprehensiveIncome.

The AASB seeks comments by5 December 2011.

ED 219 Fair Val e Meas rementand AASB 2011-8 Amendmentsto A stralian Acco ntingStandards arising from

AASB 13: Tier 2 p ro posals -September 2011

ED 219 proposes Tier 2 amendmentsto the new fair value disclosuresrequired by AASB 13 Fair Value

Measurement. The AASB seeks comments by5 December 2011.

dePARtMeNt offINANce ANd

deReGulAtIoNCopies of Finance Ministers Orders,Finance Circulars, FinanceBriefs and

Accounting Guidance Notes are available from the Department of Finance and Deregulation website

at www.finance.gov.au or by clicking onthe links below.

fINANcecIRculARS

Finance Circ lar 2011/4Repayments by and to t eCommonwealt (S ect ions 28 and30 of t e FMA Act)

This circular provides guidance onthe financial framework requirementsthat apply to sections 28 and 30of the Financial Management and

Accountability Act 1997 . Those sectionsdeal with repayments to and by the

Commonwealth. The circular replaces Finance Circular2004/08 Appropriation for Repaymentsunder Section 28 of the FMA Act andFinance Circular 2005/08 Section 30of the FMA Act Reinstatement of

appropriations for amounts repaid .

Finance Circ lar 2011/5 C iefExec tives Instr ctions

This circular provides guidance on thedevelopment and operation of Chief Executives Instructions (CEIs), whichform a key part of an agencys internalcontrols and operational framework.

This circular also provides guidanceon the adoption of the Model CEIs ,which have been developed by theDepartment of Finance and Deregulationin consultation with agencies.

AccouNtING

GuIdANce NoteS There were no Accounting GuidanceNotes issued by the Department of Finance and Deregulation in the periodJuly to September 2011.

fINANce Briefs There were no Finance Briefs issuedby the Department of Finance andDeregulation in the period July toSeptember 2011.
http://www.aasb.gov.au/admin/file/content105/c9/ACCED217_08-11.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/ACCED218_09-11.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/ACCED219_09-11.pdfhttp://www.finance.gov.au/http://www.finance.gov.au/publications/finance-circulars/2011/docs/fc_2011_04_repayments.pdfhttp://www.finance.gov.au/publications/finance-circulars/2011/docs/model_ceis.pdfhttp://www.finance.gov.au/publications/finance-circulars/2011/ceis.htmlhttp://www.finance.gov.au/publications/finance-circulars/2011/ceis.htmlhttp://www.finance.gov.au/publications/finance-circulars/2011/docs/model_ceis.pdfhttp://www.finance.gov.au/publications/finance-circulars/2011/docs/fc_2011_04_repayments.pdfhttp://www.finance.gov.au/http://www.aasb.gov.au/admin/file/content105/c9/ACCED219_09-11.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/ACCED218_09-11.pdfhttp://www.aasb.gov.au/admin/file/content105/c9/ACCED217_08-11.pdf


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coNtAct uSOpinions is published by:

The Australian National Audit OfficeGPO Box 707Canberra ACT 2601

and is available on our website at:www.anao.gov.au

Please contact: [email protected]

ANAO signing officers and audit managersare your first point of contact for technicalaccounting matters. The ProfessionalServices Branch in the ANAO providestechnical and policy advice to financial andperformance auditors and also conductsyearly client seminars.

DISCLAIMER

This publication has been prepared by the Australian National Audit Office. While every effort has been made to ensure its accuracy,

neither the Australian National Audit Office nor any of its employees shall be liable on any ground whatsoever to any party in respect of decisions or actions they may take as a result of using this Bulletin.

The information in this publication is of a general nature only and is not intended to be relied upon as, or as a substitute for, specific professional advice.
http://www.anao.gov.au/mailto:webmaster%40anao.gov.au?subject=ANAO%20Audit%20Opinionmailto:webmaster%40anao.gov.au?subject=ANAO%20Audit%20Opinionhttp://www.anao.gov.au/

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46841 ANAO Opinions Spring 2011_04