New South Wales Consolidated Acts

GOVERNMENT SECTOR FINANCE ACT 2018 - SECT 7.6

7.6 Annual GSF financial statements

(1) The accountable authority for a reporting GSF agency must--

(a) cause financial statements (
"annual GSF financial statements" ) to be prepared for the annual reporting period for the agency, and

(b) give those statements after they are prepared to the Auditor-General for auditing.

Note--: See also section 7.9 on special purpose financial reports.

(2) Annual GSF financial statements must be prepared and given to the Auditor-General within the period specified by the Treasurer's directions following the end of the annual reporting period concerned to enable the Auditor-General to audit them.

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 annual GSF financial statements must be--

(a) prepared in accordance with the Australian Accounting Standards and any other requirements specified by this Act, the regulations or the Treasurer's directions, and

(b) present fairly the agency's financial position, financial performance and cash flows.

(4) The accountable authority must prepare a statement as to whether the annual GSF 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 annual GSF financial statements.

(4B) The statement is taken to be part of the annual GSF financial statements after it is given to the Auditor-General.

(5) A copy of both the annual GSF financial statements and the audit report for them must be--

(a) for a reporting GSF agency that is required under Division 7.3 to prepare annual reporting information for the period concerned--included in the annual reporting information tabled in Parliament for that period, or

(b) for any other reporting GSF agency--

(i) tabled by the responsible Minister for the agency in each House of Parliament as soon as practicable (but no later than within 5 months or any other period prescribed by the regulations) after the audit report is provided by the Auditor-General, and

(ii) made publicly available by the accountable authority for the agency after it is tabled in the form or forms required by the regulations or the Treasurer's directions.

(6) The Treasurer must consult the Auditor-General in accordance with section 3.5 about any proposed provisions in the regulations or Treasurer's directions for the purposes of this section.

Note--: Nothing in this section prevents GSF agencies from providing draft annual GSF financial statements to the Auditor-General before providing the final statements.