Section 5: Budgeted financial statements

5.1: Analysis of budgeted financial statements

The budgeted financial statements will form the basis of the financial statements that will appear in the Productivity Commission’s (the Commission) 2005-06 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 contain estimates prepared in accordance with the requirements of the Australian Government’s financial budgeting and reporting framework, including the principles of Australian Accounting Standards and Statements of Accounting Concepts, as well as specific guidelines issued by the Department of Finance and Administration.

Budgeted departmental financial statements

The Commission is budgeting for a break-even operating result in 2005-06 and the forward estimate years compared to operating losses over the three years to 2003-04. The Government provided additional funding in the 2004-05 Additional Estimates to enable the Commission to meet increased demand for its mandated functions at the required standards of quality and timeliness.

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 the Commission.

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

This table is not applicable to the Commission.

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

This table is not applicable to the Commission.

Table 5.9: Schedule of administered capital budget

This table is not applicable to the Commission.

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

This table is not applicable to the Commission.

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, except for certain assets which are at valuation.

---