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) 2007-08 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 2007-08 and the forward estimate years. The increase in revenue in 2007-08 is primarily a consequence of the 2007-08 Budget measure – refer Table 2.2. There is a corresponding increase in operating expenses.
5.2 Budgeted financial statements tables
Table 5.1: Budgeted departmental income statement
(for the period ended 30 June)
Table 5.2: Budgeted departmental balance sheet (as at 30 June)
Table 5.3: Budgeted departmental statement of cash flows
(for the period ended 30 June)
Table 5.4: Departmental statement of changes in equity — summary of movement
(Budget year 2007-08)
Table 5.5: Departmental capital budget statement
Table 5.6: Departmental property, plant, equipment and intangibles — summary of movement (Budget year 2007-08)
Table 5.7: Schedule of budgeted income and expenses administered on behalf of government
(for the period ended 30 June)
The Commission does not have any administered items.
Table 5.8: Schedule of budgeted assets and liabilities administered on behalf of government
(as at 30 June)
The Commission does not have any administered items.
Table 5.9: Schedule of budgeted administered cash flows
(for the period ended 30 June)
The Commission does not have any administered items.
Table 5.10: Schedule of administered capital budget
The Commission does not have any administered items.
Table 5.11: Schedule of administered property, plant, equipment and intangibles — summary of movement
(Budget year 2007-08)
The Commission does not have any administered items.
5.3 Notes to the financial statements
Basis of accounting
The budgeted financial statements have been prepared on an accrual basis in accordance with the historical cost convention, except for certain assets which are at valuation.
This agency section is dedicated to Mr Terry Carrigg.