Performance information
Outcome and output information
Outcome and output structure
In 2006-07 the Panel’s functions contributed to Treasury’s Outcome 4. ‘Well functioning markets’
The Panel has characterised the output of its functions as being: dispute resolution (including industry liaison and consultation)
The best fit for Treasury’s output to which the Panel’s outputs contribute is the Treasury Output ‘Financial System and Corporate Governance Policy Advice’.
Chart 2: Outcome and Output flowchart
Table 1: Resources for outcomes and corporate governance.
Performance information
Treasury output 4.1.2 — Financial system and corporate governance policy advice
Dispute resolution decisions are timely, consistent, procedurally fair and based on the correct application of accounting standards.
2006-07 outcomes
The existence of the Panel as a fair, timely and inexpensive dispute resolution provider has contributed to well functioning markets by assisting in the resolution of disputes on accounting standards.
Financial Reporting Panel — Financial information
Table 2: Schedule of Revenues and Expenditures unaudited — for the year ended 30 June 2007
Notes to the schedule of revenue and expenditures for the year ended 30 June 2007
Statement of Accounting Policies
The significant accounting policies, which have been adopted in the preparation of this financial information, are:
Basis of preparation
The financial information is special purpose financial information, prepared for inclusion in the Financial Reporting Panel (the Panel) Annual Report for the year ended 30 June 2007. The financial information has been prepared on an accruals basis and on the basis of historical costs.
Revenue recognition
Government appropriations
Revenues from Government appropriations are recognised when received or declared by the Treasurer in the Federal Budget (Budget Paper No. 2, Part II Expense Measures, Treasury). Revenue appropriated from Government includes $1.0 million as classified revenue.
Expenses
Expenses are recognised as they accrue. The Panel’s expenses for 2006-07 are also recorded in Treasury’s audited financial statements for the period 1 July 2006–30 June 2007.
Balance of allocation after operating expenditure
The balance of allocation after operating expenditure for the period 1 July 2006–30 June 2007 was a surplus of $361,589.
Salaries and members annual sitting fees
Salaries and members sitting fees are recognised as they accrue.
Acquisition of assets
Assets
All assets greater than $2,000 including property, plant and equipment are initially capitalised at their cost at the date of acquisition, being the fair value of the consideration provided plus incidental costs directly attributable to the acquisition.
Return to Contents
Next - Management and accountability
Previous - Corporate governance