Section 5: Budgeted financial statements

The budgeted financial statements will form the basis of the financial statements that will appear in the Corporations and Markets Advisory Committee (CAMAC) 2004-05 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 goods and services tax (GST) accounting guidelines of the Urgent Issues Group (UIG) of the Australian Accounting Standards Board. 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.

5.1: Analysis of budgeted financial statements

Budgeted departmental statement of financial performance

The estimated financial operating result for 2004-05 is an operating loss of $0.1 million, which is attributable to increases in expenses arising from activity levels and in the cost of outputs. These costs will be reviewed during 2005-06. The loss will be funded from CAMAC's accumulated surpluses from prior years.

CAMAC's ‘employee expenses’ include Advisory Committee and Legal Committee members’ sitting fees and superannuation as well as staff costs.

Budgeted departmental statement of financial position

This statement shows the financial position of CAMAC. It helps decision-makers to track the management of CAMAC’s assets and liabilities. CAMAC’s budgeted equity (or net asset position) for 2005-06 is expected to be $0.5 million.

Budgeted departmental statement of cash flows

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

Departmental capital budget statement

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

Departmental property, plant, equipment and intangibles — summary of movement

This statement shows the movement in CAMAC’s non-financial assets during the budget year.

5.2: Budgeted financial statements tables

Table 5.1: Budgeted departmental statement of financial performance
for the period ended 30 June

Table 5.2: Budgeted departmental statement of financial position
as at 30 June

* ‘Equity’ is the residual interest in assets after deduction of liabilities.

Table 5.3: Budgeted departmental statement of cash flows
for the period ended 30 June

Table 5.4: Departmental capital budget statement

Table 5.5: Departmental property, plant, equipment and intangibles — summary of movement (Budget year 2005‑06)

Table 5.6: Schedule of budgeted revenues and expenses administered on behalf of Government for the period ended 30 June

This table is not applicable to CAMAC.

Table 5.7: Schedule of budgeted assets and liabilities administered on behalf of Government as at 30 June

This table is not applicable to CAMAC.

Table 5.8: Schedule of budgeted administered cash flows
for the period ended 30 June

This table is not applicable to CAMAC.

Table 5.9: Schedule of administered capital budget

This table is not applicable to CAMAC.

Table 5.10: Schedule of property, plant, equipment and intangibles — summary of movement (Budget Year 2005‑06)

This table is not applicable to CAMAC.

5.3: Notes to the financial statements

Basis of accounting

The financial statements have been prepared on an accrual basis in accordance with the historical cost convention.

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