Financial reporting—when redistribution of public business of department takes effect

In force

(1)

If the public business of a department (the transferor department) is redistributed on a day other than the first day of a month, this section applies for preparing annual financial statements for the transferor department or the department to which the public business is transferred.

(2)

If the transferor department is not abolished, the redistribution is taken to have happened on the first day of the month immediately after the month in which the redistribution happened.

(3)

If the transferor department is abolished—

(a)

final financial statements for the transferor department are to be prepared as at the day the department is abolished; and

(b)

the redistribution is taken to have happened on the day following the day on which the transferor department is abolished.

This Act’s bill:Explanatory memorandum Second reading speech

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80 Financial reporting—when redistribution of public business of department takes effect