s 7

The financial elements

In force

(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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