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Last updated: March 2008
Financial management and budget frameworks
Financial reporting framework
Monthly financial statements for the Australian Government
skip further information boxInformation supplied by:
For more information:
- Financial Management and Accountability Act 1997 - Section 50, Section 54
- Commonwealth Authorities and Companies Act 1997 - Section 41
The Financial Management and Accountability Act 1997 (FMA Act) requires the Minister for Finance and Administration to publish monthly financial statements in a form consistent with the Budget Estimates, as soon as practicable after the end of each month (Section 54).
Chief executives of FMA Act agencies and the directors of relevant CAC Act bodies are required to provide the Finance Minister with any information required about the financial affairs of the Agency, including financial statements covering a period of less than a financial year ( FMA Act Section 50 and CAC Act Section 16 and 41 ).
Accordingly, agencies and non-commercial authorities are required to present monthly financial statements to the Department of Finance and Deregulation by the 10th day of each month. If the 10th of the month falls on a weekend or public holiday, agencies will be required to present monthly financial statements on the preceding workday.
Consolidated financial statements for the Australian Government
skip further information boxFor more information:
- Financial Management and Accountability Act 1997– Section 49, Section 55
- Annual reporting under the Financial Management and Accountability Act
- Commonwealth Authorities and Companies Act 1997 - Section 41
The Financial Management and Accountability Act 1997 (FMA Act) requires the Minister for Finance and Administration to publish annual financial statements for the Commonwealth as soon as practicable after the end of each financial year (Section 55).
These financial statements are known as the Consolidated Financial Statements for the Australian Government. Agency input into these statements is derived from their audited annual financial statements, prepared in accordance with Section 49 of the FMA Act, Section 41 of the CAC Act and the Finance Minister's Orders.
