Australian Securities and Investments Commission

Section 1: Overview, variations and measures

Overview

There has been no change to the overview included in the 2002-03 Portfolio Budget Statements (page 141).

Additional estimates and variations to outcomes

The Australian Securities and Investments Commission (ASIC) is seeking an additional $2.385 million in agency outputs for an increase in depreciation due to a revaluation of assets ($2.235 million) and a parameter adjustment ($0.150 million).

Explanations for these variations are detailed below.

Measures

ASIC has no measures since the 2002-03 Budget.

Other variations to appropriations

ASIC is seeking additional funding of $2.385 million. The increase is a result of:

• $2.235 million supplementation for additional depreciation following a revaluation of property, plant and equipment in accordance with the principles of accrual accounting.
• $0.150 million for a revision to the Government parameters used to restate the forward estimates.

·

Map 2: Outcomes and output groups

Breakdown of additional estimates by appropriation bill

Table 1.2: Appropriation Bill (No. 3) 2002-03

Summary of staffing changes

Table 1.4: Average Staffing Level (ASL)

 

Section 2: Revisions to outcomes and outputs

Outcomes and output groups

The Australian Securities and Investments Commission (ASIC) has not made any changes to its outcome or outputs since the 2002-03 Portfolio Budget Statements.

Revised performance information and level of achievement - 2002-03

ASIC has not made any changes to its performance information since the 2002-03 Portfolio Budget Statements.

 

Section 3: Budgeted Financial Statements

Budgeted agency statement of financial performance

This statement provides the expected financial results for the Australian Securities and Investments Commission (ASIC) by identifying full accrual expenses and revenues which highlight its financial performance.

Budgeted agency statement of financial position

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

Budgeted agency statement of cash flows

Budgeted cash flows as reflected in the statement of cash flows, provide important information on the extent and nature of cash flows by categorising them into expected cash flows from operating activities, investing activities and financial activities.

Agency capital budget statement

This statement shows all proposed capital expenditure funded from internal sources.

Agency non-financial assets - summary of movement

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

Notes of Administered Activity

Details of transactions administered by ASIC on behalf of the Commonwealth are shown in the following notes.

Note of budgeted administered financial performance

This note identifies revenues and expenses administered on behalf of the Government. It also discloses administered revenues from government and transfers to the Public Account.

Note of budgeted administered financial position

This note shows the assets and liabilities administered on behalf of the Government.

Note of budgeted administered cash flows

This note shows cash flows administered on behalf of the Government.

Table 3.1: Budgeted agency statement of financial performance (for the period ended 30 June)

Table 3.2: Budget agency statement of financial position (as at 30 June)

Table 3.3: Budgeted agency statement of cash flows (for the period ended 30 June)

Table 3.4: Agency capital budget statement

Table 3.5: Agency non-financial assets - summary of movement (Budget year 2002-03)

Table 3.6: Note of budgeted administered financial performance (for the period ended 30 June)

Table 3.7: Note of budgeted administered financial position (as at 30 June)

Table 3.8: Note of budgeted administered cash flows (for the period ended 30 June)

Notes to the Financial Statements

Basis of accounting

The agency budget statements have been prepared on an accrual basis in accordance with the historical cost convention, except for certain assets, which are at valuation.

Agency and administered financial statements

Under the Commonwealth's accrual budgeting framework, and consistent with Australian Accounting Standards, transactions that agencies control (agency transactions) are budgeted and reported separately from transactions agencies do not have control over (administered transactions). This ensures that agencies are only held fully accountable for the transactions over which they have control.

Agency

Agency assets, liabilities, revenues and expenses are those that are controlled by ASIC. Employee and supplier expenses are incurred by ASIC in providing its goods and services.

Administered

Administered items are revenues, expenses, assets and liabilities that are managed by ASIC on behalf of the Government according to set Government directions.

Revenue

ASIC collects and administers revenue under the Corporations Act 2001, the Corporations (Fees) Act 2001 and Corporations (Fees) Regulations. The revenues from these fees are not available to ASIC and are remitted to the Commonwealth's Official Public Account. Transactions and balances relating to these fees are reported as Administered Items.

Special Appropriations for payments to be made under the Banking Act 1959 are also reported as part of the Administered Financial Statements.

Expenses

Estimated payments made under the Banking Act 1959 and the Life Insurance Act 1995 are included in the Administered Financial Statements.

 

Appendices 1 and 2

Appendix 1

Agency and administered revenue

 

Appendix 2

Estimates of expenses from special appropriations