26 September 2023

Treasury issues guidance for annual reports

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The Department of Treasury and Finance has released a report to assist Government Departments, and other public sector entities with the planning and preparation of disclosures in their 2021 annual reports.

Assistant Treasurer, Danny Pearson said the Department’s 2020-21 Model Report for Victorian Government Departments prescribed a consistent approach to the preparation of both the financial and non-financial reporting requirements of Departmental annual reports.

Mr Pearson said the Model contained additional guidance material and appendices to assist Government preparers with their reports.

“This publication serves as the State’s primary compliance guide under Standing Direction 5.2. Annual Reporting in facilitating the provision of high quality and accurate information through annual reports, which is an essential part of open, accountable, and effective government,” Mr Pearson said.

“This version of the Model contains further enhancements based on user feedback, and revisions consistent with the relevant Australian Accounting Standards (AAS),” he said.

“The Model will also assist with the preparation of, and the information collected for, the State’s consolidated Annual Financial Report.”

Mr Pearson said all Victorian Government Departments were required to comply with the Model.

He said many public sector entities, which operated as stand-alone business enterprises, also used the public sector Model as a guide to assist them in the preparation of their annual reports.

“I strongly encourage all Victorian public sector entities to follow this Model where relevant and appropriate for their users,” he said.

“This Model will enable preparers to readily identify applicable legislative and accounting reporting requirements, and to view related illustrative examples.”

Mr Pearson said the Model included guidance and commentaries highlighting the minimum disclosure requirements; convenient references and interpretations of relevant authoritative pronouncements; and illustrative AAS and Financial Reporting Directions (FRD) disclosures related to common Departmental activities.

The Department’s 273-page Model can be accessed at this PS News link.

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