Document Index Portfolio Budget Statements Australian Competiton and Consumer Commission

Section 3: Budget Financial Statements

• Budget Statement of Revenues and Expenses (Budget Operating Statement)
• Budget Statement of Assets and Liabilities (Budget Balance Sheet)
• Budget Cash Flow Statement
• Capital Budget
• Non-financial Assets -- Summary of Movement

The budget financial statements will form the basis of the financial statements that will appear in the Australian Competition and Consumer Commission's 1999-2000 Annual Report, and form the basis for the input into the Whole of Government Accounts.

Budget Statement of Revenues and Expenses (Budget Operating Statement)

This statement provides a picture of the expected financial results for the ACCC by identifying full accrual expenses and revenues, which highlights whether the ACCC is operating at a sustainable level.

Budget Statement of Assets and Liabilities (Budget Balance Sheet)

This statement shows the financial position of the ACCC. It enables decision makers to track the management of the ACCC's assets and liabilities.

Budget Cash Flow Statement

This statement identifies expected cash flows from operating activities, investing activities and financing activities.

Capital Budget

This statement shows all proposed capital expenditure funded through the Budget as appropriations or from internal sources.

Non-financial Assets -- Summary of Movement

This statement shows the movement in the ACCC's non-financial assets over the Budget year 1999-2000.

Table 3.1: Budget Statement of Revenue and Expenses

Table 3.2: Budget Statement of Assets and Liabilities

Table 3.3: Budget Cash Flow Statement

CAPITAL BUDGET

The ACCC will not receive a Capital Appropriation in the form of an equity injection or a loan but will internally fund the purchase of non-current assets, including finance leases from its Agency resources.

Table 3.4: Capital Budget

Table 3.5: Non-financial Assets -- Summary of Movement

Budget Year 1999-2000

NOTES TO THE FINANCIAL STATEMENTS

The ACCC's 1998-99, 1999-2000, 2000-2001, 2001-02, 2002-03 Financial Statements have been prepared in accordance with the accounting principles adopted in preparing the 1997-98 Financial Statements as published in the 1997-98 ACCC Annual Report. It should be noted that the accounting policies remain consistent as those published in the Annual Report.

The only significant variation relates to Non-financial Assets, principally computer hardware and software. The ACCC is a member of Cluster Group 5 as part of the Government's initiative for the outsourcing of information technology (IT) services. These outsourcing initiatives, including the uncertainty of the timing for the disposal of the IT assets, etc have implications for the financial statements.

The ACCC has assumed that the sale would not be finalised until early 1999-2000. This outsourcing initiative has the potential to bring about a loss situation for the ACCC relating to the sale of the IT hardware and software. The magnitude of the potential loss is dependent solely upon the value of the sale price of the IT assets.

Appendix 1

Non-Appropriation Agency and Administered Revenue