Note1Statementofsignificantaccountingpolicies.docVIP

Note 1: Statement of significant accounting policies Purpose The purpose of this note is to disclose the significant accounting policies applied in the financial report of the Australian Government (whole of government) and the general government sector (GGS). Except as otherwise noted, the accounting policies detailed in this note are applicable at both the whole of government level and for the GGS. Statement of compliance The Australian Government Consolidated Financial Statements (CFS) are required by section?55 of the Financial Management and Accountability Act 1997 (FMA Act), and the regulations of that Act. The CFS is a general purpose financial report that has been prepared for the whole of government and the GGS in accordance with Australian Accounting Standards (AASs) including AASB 1049 Whole of Government and General Government Sector Financial Reporting (AASB 1049). AASB 1049 stipulates that the GGS financial statements are not to be made available prior to the whole of government financial statements being made available. The GGS financial statements have therefore been included in the CFS and can be found in the Sector statements and the Notes to the financial statements. Under the Charter of Budget Honesty Act 1998, the Australian Government is also required to publicly release and table a Final Budget Outcome (FBO) report. The 201213 Final Budget Outcome (FBO) for the Australian Government showed GGS budget aggregates for 201213 together with an analysis of the outcome against the revised budget prepared as part of the 201314 Budget update. The FBO was released by the Treasurer on 27?September 2013. The FBO is unaudited but is derived from materially auditcleared financial statements. Under the Charter of Budget Honesty Act?1998, the FBO must be based on external reporting standards; including AASs and the concepts and classifications set out in Government Finance Statistics (GFS), with any departures from those standards to be documented. These