Page 1313 - Week 04 - Thursday, 21 April 1994
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THE OBJECTIVE OF WHOLE OF GOVERNMENT REPORTING IS MET BY L HE PRESENTATION OF INFORMATION USING GOVERNMENT FINANCE STATISTICS CONCEPTS. THE A.C.T. HAS PRESENTED SUMMARY INFORMATION IN G.F.S. TERMS SINCE 1989-90, AND STATES AND TERRITORIES AGREED AT THE 1991 PREMIERS CONFERENCE TO PRESENT A COMMON CORE OF FINANCIAL INFORMATION IN BUDGET PAPERS AND TO MOVE TO FULL G.F.S. REPORTING BY 1995-96.
THE AUDITOR GENERAL RECOMMENDED CONTINUED DEVELOPMENT OF PRESENTATION OF THE BUDGET IN G.F.S. TERMS. BUDGET PAPER 2 INCREASED THE EMPHASIS ON G.F.S. INFORMATION AND PROVIDED DATA ON FINANCIAL ASSETS AND LIABILITIES AND A SUMMARY OF THE A.C.T.S CONTRIBUTION TO THE COMMONWEALTHS NATIONAL FISCAL OUTLOOK EXERCISE. THE G.F.S. FORMAT PROVIDES BUDGET INFORMATION IN A MANNER WHICH IS USEFUL FOR ASSESSING THE ECONOMIC IMPACT OF GOVERNMENT OUTLAYS, AND PROVIDES COMPARABLE DATA BETWEEN JURISDICTIONS. THE GOVERNMENT IS CONTINUING DEVELOPMENT OF APPROPRIATE SYSTEMS WITH THE AIM OF IMPLEMENTATION OF FULL G.F.S. REPORTING IN 1995-96.
INFORMATION BASED ON G.F.S. CONCEPTS IS PRESENTED USING INTERNATIONALLY AGREED STATISTICAL STANDARDS WHICH WILL OVERCOME THE AUDITOR GENERALS CONCERNS THAT THE CONSOLIDATED FUND PRESENTATION IS NOT BASED ON GENERALLY ACCEPTED PRINCIPLES.
THE AUDITOR GENERAL ALSO NOTED THE IMPORTANCE OF A COMPARISON OF ACTUAL CONSOLIDATED FUND CASH RESULTS WITH PREVIOUS BUDGET TIME ESTIMATES. THE 1993-94 BUDGET PAPERS CONTAINED A FULL RECONCILIATION OF THE 1992-93 OUTCOME, INCLUDING SUPPLEMENTATION, WITH ORIGINAL ESTIMATES.
WHILE THE 1994-95 BUDGET PAPERS WILL, AS FAR AS POSSIBLE,
CONTINUE THE ABOVE IMPROVEMENTS AND THE GOVERNMENT WILL
CONTINUE TO MAKE EVERY EFFORT TO FURTHER INCREASE
USABILITY OF THE BUDGET PAPERS, THE EARLY PRESENTATION OF
SHE BUDGET WILL MEAN THAT NO INFORMATION ON THE 1993-94
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