Objective of the APSC
The APSC is an Australian Government controlled entity and is a not-for-profit entity. The objective of the APSC is to position the APS workforce for the future.
The basis of preparation
The financial statements are general purpose financial statements and are required by section 42 of the Public Governance, Performance and Accountability Act 2013.
The Financial Statements have been prepared in accordance with:
- Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR); and
- Australian Accounting Standards and Interpretations – Reduced Disclosure Requirements issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period.
The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets and liabilities at fair value. Except where stated, no allowance is made for the effect of changing prices on the operating result or the financial position.
The financial statements are presented in Australian dollars and values are rounded to the nearest thousand dollars unless otherwise specified.
The COVID-19 pandemic has had an impact on the APSC’s activities. A number of staff were seconded to and were received from other Australian Government entities to assist with the COVID-19 response. No major outlays to date were required to deal with the impact and there was a small reduction in revenue from contracts with customers. Management has assessed that there was no impact on the fair value of non-financial assets or recoverability of receivables.
New accounting standards
The APSC has adopted all of the new and revised standards, interpretations and amending standards that were issued prior to the sign-off date and are applicable to the current reporting period.
The impact of accounting standards AASB 15 Revenue from Contracts with Customers, AASB 1058 Income of Not‐For‐Profit Entities and AASB 16 Leases to the APSC’s financial statements is described below.