Page Header
Home | Search | Site Map | Help

Previous PageTable Of ContentsNext Page

Australian Competition and Consumer Commission

Horizontal Line

Horizontal Line

Section 3: Budgeted Financial Statements

The budgeted financial statements will form the basis of the financial statements that will appear in the Australian Competition and Consumer Commission's (ACCC) 2000-01 Annual Report, and form the basis for the input into the Whole of Government Accounts. The financial statements should be read in conjunction with the accompanying notes.

The budgeted financial statements have been prepared in accordance with the GST accounting guidelines of the Urgent Issues Group (UIG) of the Australian Accounting Research Foundation. The UIG consensus requires that expenses and assets be accounted for net of recoverable GST, revenues be accounted for net of GST payable and that cash flows and accounts payable and receivable be reported gross. Appropriations are thus net of recoverable GST amounts.

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 Statement

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 2000-01.

Table 3.1: Agency Budget Statement of Revenues and Expenses
(for the period ended 30 June)

Table 3.1:  Agency Budget Statement of Revenues and Expenses (for the period ended 30 June)

Table 3.2: Agency Budget Statement of Assets and Liabilities
(as at 30 June)

Table 3.2: Agency Budget Statement of Assets and Liabilities (as at 30 June)

Table 3.3: Agency Budget Cash Flow Statement
(for the period ended 30 June)

Table 3.3: Agency Budget Cash Flow Statement (for the period ended 30 June)

Table 3.4: Agency Capital Budget Statement (for the period ended 30 June)

 

Estimated Actual
1999-00

$
'000

Budget Estimate
2000-01

$
'000

Forward Estimate
2001-02

$
'000

Forward Estimate
2002-03

$
'000

Forward Estimate
2003-04

$
'000

Funded by capital appropriations

81

-

-

-

-

Funded internally by agency resources

1,000

3,769

750

750

750

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

 

Land



$
'000

Buildings



$
'000

Total Land and Buildings


$
'000

Other Infrastructure, Plant and Equipment
$
'000

Total Infrastructure, Plant and Equipment
$
'000

Intangibles



$
'000

Total



$
'000

Gross value

 
 
 
 
 
 
 

As at 1 July 2000 (opening)

-

2,837

2,837

2,293

2,293

425

5,555

Additions

-

400

400

350

350

-

750

Disposals

-

-

-

-80

-80

-10

-90

Other movements

-

-

-

-

-

-

-

As at 30 June 2001 (closing)

-

3,237

3,237

2,563

2,563

415

6,215

Accumulated depreciation

 
 
 
 
 
 
 

As at 1 July 2000 (opening)

-

1,383

1,383

1,289

1,289

240

2,912

Disposals

-

-

-

-65

-65

-5

-70

Charge for the reporting period

-

335

335

303

303

137

775

Other movements

-

-

-

-

-

-

-

As at 30 June 2001 (closing)

-

1,718

1,718

1,527

1,527

372

3,617

Net book value as at 30 June 2001 (Closing book value)

-

1,519

1,519

1,036

1,036

43

2,598

Net book value as at 1 July 2000 (Opening book value)

-

1,454

1,454

1,004

1,004

185

2,643

Total additions

Funded internally by Agency resource

-

400

400

350

350

-

750

Total

-

400

400

350

350

-

750

Table 3.6: Statement of Administered Revenues and Expenses
(for the period ended 30 June)

 

Estimated Actual
1999-00

$
'000

Budget Estimate
2000-01

$
'000

Forward Estimate
2001-02

$
'000

Forward Estimate
2002-03

$
'000

Forward Estimate
2003-04

$
'000

Operating revenues

 
 
 
 
 

Non-taxation

 
 
 
 
 

Other sources of non-taxation revenues

9,995

9,975

9,975

9,975

9,975

Other

5

25

25

25

25

Total non-taxation

10,000

10,000

10,000

10,000

10,000

Total operating revenues

10,000

10,000

10,000

10,000

10,000

Transfers to the official public account

 
 
 
 
 

Amount remitted from administered revenues

10,000

10,000

10,000

10,000

10,000

Net surplus or deficit

-

-

-

-

-

Table 3.7: Administered Budget Cash Flow Statement
(as at 30 June)

 

Estimated Actual
1999-00

$
'000

Budget Estimate
2000-01

$
'000

Forward Estimate
2001-02

$
'000

Forward Estimate
2002-03

$
'000

Forward Estimate
2003-04

$
'000

Operating activities

 
 
 
 
 

Cash received

 
 
 
 
 

Other taxes, fees and fines

9,995

9,975

9,975

9,975

9,975

Other

5

25

25

25

25

Total cash received

10,000

10,000

10,000

10,000

10,000

Cash used

 
 
 
 
 

Cash to official public account

10,000

10,000

10,000

10,000

10,000

Total cash used

10,000

10,000

10,000

10,000

10,000

Net cash from operating activities

-

-

-

-

-

Net increase in cash held

 
 
 
 
 

Cash at beginning of reporting period

-

-

-

-

-

Cash at end of reporting period

-

-

-

-

-

Notes to the Financial Statements

Summary of Significant Accounting Policies

The financial statements have been prepared on an accrual basis and are in accordance with the historical cost convention. No allowance is made for the effect of changing prices on the results or the financial position.

Agency and Administered Items

Agency assets, liabilities, revenues and expenses are those items that are controlled by the Commission including:

Administered items are those items which are controlled by the Government and managed by the Commission on behalf of the Government. These items include fees, fines and costs.

The purpose of the separation of agency and administered items is to enable the assessment of administrative efficiency of the Commission in providing its outcome and outputs.

Revenues from Government

Revenues from Government are revenues relating to the core operating activities of the Commission, except to the extent that they represent the receipt of assets arising from a restructuring of administrative arrangements, as shown in the following tables.

Sources of Departmental Revenue

Departmental Operating Revenue

Estimated Actual

1999-00

$'000

Budget Estimate 2000-01
$'000

Forward Estimate 2001-02
$'000

Forward Estimate 2002-03
$'000

Forward Estimate 2003-04
$'000

Appropriations - Ordinary Services Bill No. 1

47,380

67,198

48,362

35,574

36,235

Appropriations - Other Services Bill No. 1

3,492

8,429

3,684

3,640

3,640

Appropriations - Ordinary Services Bill No. 3

5,000

 
 
 
 

Departmental Items - Adjustments & Borrowings (Section 9 of Appropriation Act No. 1 1999-2000)

1,500

 
 
 
 

Revenue from Government

57,372

75,627

52,046

39,214

39,875

Appropriations - Capital Budget Bill No. 4

81

 
 
 
 

Total revenue from Government

57,453

75,627

52,046

39,214

39,875

Sources of Administered Revenue

Administered revenue

Estimated Actual
1999-00
$'000

Budget Estimate 2000-01
$'000

Forward Estimate 2001-02
$'000

Forward Estimate 2002-03
$'000

Forward Estimate 2003-04
$'000

Fines and costs

9,520

9,775

9,775

9,775

9,775

Authorisation fees

475

200

200

200

200

Other

5

25

25

25

25

Total administered revenue

10,000

10,000

10,000

10,000

10,000

Recognition of Assets

Purchases of property, plant and equipment are recognised initially at cost in the Balance Sheet except for purchases costing less than $1,000 which are expensed in the year of acquisition, other than where they form part of a group of similar items which are significant in total.

Leases

A distinction is made between finance leases which effectively transfer from the lessor to the lessee substantially all the risks and benefits incidental to ownership of leased non-current assets and operating leases under which the lessor effectively retains substantially all such risks and benefits.

Where a non-current asset is acquired by means of a finance lease, the asset is capitalised at the present value of minimum lease payments at the inception of the lease and a liability recognised for the same amount. Leased assets are amortised over the period of the lease. Lease payments are allocated between the principal component and the interest expense.

Operating lease payments are charged to the statement of agency revenues and expenses on a basis which is representative of the pattern of benefits derived from the lease assets.

Depreciation and Amortisation

Depreciable property, plant and equipment assets are written off to their estimated residual values over their estimated useful lives to the Commission using in all cases the straight line method of depreciation. Leasehold improvements are amortised on a straight line basis over the lesser of the estimated life of the improvements or the unexpired period of the lease.

Asset Class

Total useful life

Fitout

Lesser of the term of the lease or 10 years

Furniture

5 years

Office equipment

5 years

Computer hardware and software

3 years

Horizontal Line

Previous PageTable Of ContentsNext Page