Accountable authorities and chief finance officers should ensure employees are aware of requirements in the new and amended Treasurer’s instructions.
Here is a summary of the latest amendments in the latest Financial Administration Bookcase update.
Financial Management Act 2006
The Act has been updated to mirror the current version as at 18 September 2019 as published by the State Law Publisher. Schedule 1 has been amended by the addition of Infrastructure WA under the Infrastructure Western Australia Act 2019 section 75.
State Trading Concerns (Authorisation) Regulations 1998
The Regulations have been updated to mirror the current version as at 18 October 2019 as published by the State Law Publisher. The Notes to the Regulations have been updated to include the Alteration of Statutory Designations Order 2017.
Treasurer’s Instructions
- TI 304 Authorisation of Payments
- TI 520 Transfer of Employees
- TI 807 Write-offs
- TI 916 Leases
- TI 954 Revaluation of Non-Current Physical Assets
- TI 955 Contributions by Owners Made to Wholly Owned Public Sector Entities
- TI 1101 Application of Australian Accounting Standards and Other Pronouncements
- TI 1102 Statements of Comprehensive Income
- TI 1103 Statements of Financial Position
- TI 1201 Internal Audit now includes the Independent Audit Committee Chair Services Agreement template.
Model Annual Report
A new Tier 2 (Reduced Disclosure Requirements) Model Annual Report has been compiled for the annual reporting period 31 December 2019. This Model is intended to provide preparers with a guide to understand the financial reporting obligations of a Tier 2 agency and to assist in reducing the costs of preparing an annual report.
In particular, the Model provides the illustrative disclosures in relation to the application of AASB 15 Revenue from Contracts with Customers, AASB 1058 Income of Not-for-Profit Entities and AASB 16 Leases.
Accounting Policy Guidelines
- APG 6 Leasing
Treasury Circulars
- AASB 1059 Service Concession Arrangements: Grantors
