Australian Capital Territory
Financial Management (Budget Financial Statements) Guidelines 2011
Disallowable instrument DI2011–168
made under the
Financial Management Act 1996, s133 (Guideline-making power)
EXPLANATORY STATEMENT

Outline
These guidelines are issued in accordance with section 133 of the Financial Management Act 1996 (the Act).
This instrument, Financial Management (Budget Financial Statements) Guidelines 2011 prescribes the level of reporting required in the budget financial statements.
The guidelines have been updated to substitute all references to ‘department’ with ‘directorate’.  This is consistent amendments to the Financial Management Act 1996.
The guidelines have also been clarified in relation to the requirement for directorates and prescribed territory authorities to produce operating statements for each appropriation unit and each class of outputs.  These operating statements need only disclose income and expenses which are included in the operating result.  Other comprehensive income need not be disclosed in these statements.
Other comprehensive income relates to movements in balance sheet items which are not reflected in the operating result.  An example of comprehensive income is the movement in an agency’s asset revaluation surpluses.  
These movements have never been disclosed below the agency level and are not required by accounting standards to be disclosed below the agency level.  This clarification requires agencies to continue to produce the same level of information as previously reported.  It does not result in less information being provided at appropriation unit and class of output level.  
This guideline replaces Financial Management (Budget Financial Statements) Guidelines 2009, notified on the legislation register on 24 April 2009.

Details of the Financial Management (Budget Financial Statements) Guidelines 2011
Clauses 1 and 2 are formal requirements.  They refer to the name and the commencement date.
Clauses 3 to 6 prescribes the level of reporting required by the Territory, directorates, territory authorities.
Clause 7 revokes the Financial Management (Budget Financial Statements) Guidelines 2009, which is replaced by provisions made under this guideline.
End