Committee Details

Government Financial Reporting

The committee resolved to conduct an inquiry into whether stakeholders can readily assess the integrity, economy, efficiency and effectiveness of government financial management through the current financial reporting regime. Issues to be considered include:

• clarity and utility of financial reports for decision making
• Auditor-General's reports to Parliament
• impact of implementation of accrual accounting
• evolution and application of accounting standards including implementation of international accounting standards
• convergence of Government Finance Statistics and Generally Accepted Accounting Principles reporting.

For the purpose of this inquiry, the financial reporting regime includes information published in public sector annual reports (both audited and unaudited financial information), ministerial portfolio statements, consolidated whole-of-government reports and matters reported to Parliament by the Auditor-General.