Western Australian Current Acts

GOVERNMENT FINANCIAL RESPONSIBILITY ACT 2000 - SECT 7

7 .         The financial elements

        (1)         For the purposes of this Act, a financial element is —

            (a)         the assets of the State;

            (b)         the liabilities of the State;

            (c)         the net assets of the State;

            (d)         the operating expenses of the State;

            (e)         the operating revenue of the State;

            (f)         the operating balance of the State; or

            (g)         any other significant element of the Government’s financial management or performance.

        (2)         For the purposes of this Act, the amount or value of a financial element is to be calculated in accordance with the principles of the external reporting standards.