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4 Budget Guide 2001-02
The 2001-2002 Budget Papers are consistent with the prior years presentation. Accrual
Government Financial Statistics (GFS) reporting was introduced in last years Budget
Papers and some amendments have been made in the current year to improve disclosure.
♦ The Budget Operating Statement discloses an accrual operating result and the Budget
Result (formerly the GFS Net Lending Result). The main Budget focus will be the
Budget Result. The new report removes the distinction between normal and abnormal
transactions and eliminates the GFS operating result subtotal. Separate disclosure of
abnormal transactions have been removed for consistency with current amendments
to accounting standards.
♦ The Budget Result shows by how much the Government can reduce its financial liabilities
- debt, unfunded superannuation and other liabilities.
♦ The Statement of Financial Position adopts the GFS approach and classifies assets and
liabilities as financial or non-financial rather than current and non-current as in
accounting statements. The key focus is Net Financial Liabilities. Net Financial Liabilities
is equal to total liabilities less financial assets. The report is consistent with last year.
♦ The Statement of Cash Flows adopts a GFS format and classification approach with
the key focus being the cash surplus/(deficit). The cash surplus/(deficit) result is
broadly the same as the cash result under the old GFS system. The report is consistent
with last year.
♦ A full GFS presentation, in accordance with the uniform presentation framework, is
outlined in Chapter 9 of Budget Paper 2.
♦ An accrual presentation in accordance with Australian Accounting Standards and
principles is disclosed in Appendix A of Budget Paper No. 2.
♦ Agency based financial information contained in Budget Paper No. 3 is still based on
an accounting format.
Budget Presentation