Financial Management Act 1994

The Governor in Council may make regulations for or with respect to—

financial governance and oversight, including financial risk management and internal audit;

structures, systems and procedures in authorities and public bodies to ensure proper financial management;

matters relating to financial planning for authorities and public bodies;

policies, systems and procedures for managing the financial performance of authorities and public bodies;

policies, systems and procedures for the management of public resources by authorities and public bodies;

policies, systems and procedures for implementing a response to an audit conducted under the Audit Act 1994;

policies, systems and procedures for recording and reporting on the application of appropriations;

subject to consultation with the Minister responsible for the administration of Part 4 of the Project Development and Construction Management Act 1994, policies, systems and procedures for the procurement of any public construction by or on behalf of the State or by or on behalf of departments or public bodies;

the issue, control and disbursement of money applied temporarily from the Public Account;

financial reporting, including the form and content of reports of operations, financial statements and information required under Part 7;

prescribing any matter for the purposes of Part 7C, including, but not limited to, the following—

matters to be considered before a decision is made on waiver, deferral, refund or reduction under Part 7C;

when waiver, deferral, refund or reduction under Part 7C is appropriate or not appropriate;

communication regarding waiver, deferral, refund or reduction under Part 7C;

additional requirements in relation to collection of certain types of fees or charges or fees and charges above or below a specified monetary threshold;

any procedural matters relating to waiver, deferral, refund or reduction under Part 7C;

policies and procedures to ensure that authorities and public bodies comply with obligations imposed on them by or under this Act;

the management and disposal or writing off of the assets (other than money) and liabilities of the State and the recording of and accounting for those assets and liabilities;

prescribing forms for the purposes of this Act or the regulations;

the method of dealing with and accounting for securities coming into the possession of an accountable officer or other person;

systems and procedures for the purchase and supply of goods and services for or on behalf of the State;

statements of the gender impacts of budgets prepared under Division 4A of Part 5;

gender impact assessments under section 40AA;

without limiting paragraphs (ia) and (ib), prescribing any other matter for the purposes of Division 4A of Part 5 or section 40AA, including, but not limited to, the form, content of, or requirements (including timing) in relation to, statements of the gender impacts of budgets or gender impact assessments;

generally prescribing any other matter or thing required or permitted by this Act to be prescribed or necessary to be prescribed to give effect to this Act.

For the avoidance of doubt, the power to make regulations under subsection (1) extends to regulations with respect to money in a Trust Account in the Trust Fund that is established by or under another Act.

The regulations—

may be of a general or limited application;

may differ according to differences in time, place or circumstances;

may confer a discretionary authority or impose a duty on a specified person or class of person;

may provide in a specified case or class of case for the exemption of persons or things or class of persons or things from any of the provisions of the regulations, whether unconditionally or on specified conditions and either wholly or to such an extent as is specified;

may impose a penalty not exceeding 5 penalty units for a contravention of the regulations.

Any regulation may adopt, apply or incorporate the whole or any part of any statement of accounting standards or statement of accounting practice issued at any time before the regulation is made by all or any of the following—

CPA Australia;

Institute of Chartered Accountants in Australia;

Australian Securities and Investments Commission;

Australian Accounting Standards Board;

Australian Bureau of Statistics;

any other prescribed person or body.