New South Wales Consolidated Acts

GOVERNMENT SECTOR FINANCE ACT 2018 - SECT 7.17

7.17 Consolidated State Financial Statements

(1) After the end of each annual reporting period for the NSW Government, the Treasurer is to prepare both of the following (the
"Consolidated State Financial Statements" )--

(a) consolidated Total State Sector financial statements for the State as at 30 June in that annual reporting period,

(b) consolidated financial statements for the General Government Sector as at 30 June in that annual reporting period.

(2) The Consolidated State Financial Statements are to be prepared and given to the Auditor-General by the date or dates agreed by the Treasurer and the Auditor-General to enable the Auditor-General to audit the statements.

Note--: Section 34 of the Government Sector Audit Act 1983 provides for the preparation of audit reports by the Auditor-General for the purposes of this Act.

(3) The Consolidated State Financial Statements must--

(a) be prepared in accordance with the Australian Accounting Standards, and

(b) present fairly the financial position, financial performance and cash flows for the Total State Sector or General Government Sector (as the case requires).

(4) The Treasurer must prepare a statement as to whether the Consolidated State Financial Statements comply with subsection (3).

(4A) The statement must be given to the Auditor-General before the Auditor-General prepares the audit report for the Consolidated State Financial Statements.

(4B) The statement is taken to be part of the Consolidated State Financial Statements after it is given to the Auditor-General.

(5) The Consolidated State Financial Statements may be presented in a single report, in the form or manner that the Treasurer may determine.

(6) The Consolidated State Financial Statements must be accompanied by--

(a) commentaries on the statements, and

(b) a report on the Government's financial performance against the object, targets and principles provided by the Fiscal Responsibility Act 2012 .

(7) The Treasurer may include in or with any of the Consolidated State Financial Statements any reports or other information that the Treasurer may determine.