Financial Management Act 2006

In this section and section 61 —

a body —

that is formed or incorporated by an instrument under a written law or by administrative action; and

that is financially dependent on the agency; and

that is not subject to the operational control of the agency as a consequence of the independent exercise of control over its operations under authority provided for in the instrument that formed or created the body or by subsequent amendment of that instrument; and

that is not a subsidiary body or a related body of an agency nor itself an agency;

a body that is determined by the Treasurer, by written notice given to the agency, to be an affiliated body of the agency;

a body —

that is formed or incorporated under a written law or by administrative action taken independently of the agency; and

that is financially dependent on the agency; and

that is subject to the operational control of the agency; and

that is not a subsidiary body of an agency nor itself an agency;

a body that is determined by the Treasurer, by written notice given to the agency, to be a related body of the agency;

a body —

that is a company as defined in the Commonwealth Corporations Act 2001 section 9 or formed or incorporated under equivalent laws of a place other than a State or Territory; and

in respect of which the agency has the capacity to dominate decision making, directly or indirectly, in relation to the financial and operating policies of the body so as to enable the body to operate with the agency in pursuing the agency’s objectives; and

that is not itself an agency;

a body that is declared under an Act to be a subsidiary of the agency and is not itself an agency; or

a body that is determined by the Treasurer, by written notice given to the agency, to be a subsidiary of the agency.

Despite the definitions of affiliated body and related body in subsection (1), the regulations may prescribe that, for the purposes of this Part, a specified body is taken not to be an affiliated body or a related body of a specified agency.

In subsection (2) —

After the end of each financial year the accountable authority of an agency is to prepare an annual report that contains —

financial statements for the financial year; and

unless otherwise directed in writing by the Treasurer, key performance indicators; and

a report on the operations of the agency during the financial year; and

any information prescribed by the Treasurer’s instructions; and

if applicable, the reports referred to in subsections (2) and (3); and

any other information required by a written direction given by the Minister.

The accountable authority of an agency is to include in the annual report for a financial year covered by a resource agreement a report on the extent to which the agency achieved any targets described in the resource agreement.

An agency that —

is a department or statutory authority; and

has an affiliated body or a related body,

Unless an Act provides otherwise, the financial year of an agency ends on 30 June.

An agency that has a subsidiary body is to exercise its control over that subsidiary body so as to ensure that the accountable authority of the agency is provided with all the information relating to the subsidiary body that the accountable authority needs to comply with this section, section 62 and the Treasurer’s instructions.

Unless the Treasurer approves otherwise, the financial statements referred to in section 61(1)(a) are to be prepared in accordance with the accounting standards and other requirements issued by the Australian Accounting Standards Board.

Without limiting subsection (1), the financial statements referred to in section 61(1)(a) —

are to include —

any financial statements and information prescribed by the Treasurer’s instructions; and

any other financial information required by a written direction given by the Minister;

are to be certified in the manner prescribed by the Treasurer’s instructions.

In subsection (1) —