Exemption from complying with financial and performance management standard
59 Exemption from complying with financial and performance management standard
The Treasurer may, wholly or partly, exempt a department or statutory body from complying with a financial and performance management standard.
The exemption must—
be in writing; and
state—
the day the exemption ends; or
the day by which the Treasurer must review the exemption to decide whether it is appropriate for the exemption to continue.
Before granting the exemption, the Treasurer must consult with the auditor-general and, to the extent the proposed exemption relates to planning or performance management, the Premier.
The Treasurer may impose conditions on the exemption.
If the exemption relates to prescribed accounting standards, the department or statutory body must disclose the extent and financial implications of noncompliance with the prescribed accounting standards in its annual financial statements.
In this section—
prescribed accounting standards means the following documents published by the Australian Accounting Standards Board—
Australian Accounting Standards;
Statements of Accounting Concepts;
Interpretations;
Framework for the Preparation and Presentation of Financial Statements.
Note—
The documents mentioned in the definition prescribed accounting standards are available on the website of the Australian Accounting Standards Board at www.aasb.gov.au.
This Act’s bill:Explanatory memorandumSecond reading speech
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