7
CurrentThe financial elements
Part 1Preliminary
7 The financial elements
(1)
For the purposes of this Act, a financial element is —
(a)
the assets of the State;
(b)
the liabilities of the State;
(c)
the net assets of the State;
(d)
the operating expenses of the State;
(e)
the operating revenue of the State;
(f)
the operating balance of the State; or
(g)
any other significant element of the Government’s financial management or performance.
(2)
For the purposes of this Act, the amount or value of a financial element is to be calculated in accordance with the principles of the external reporting standards.
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