Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For subsection 55 (1) of the Act, the Finance Minister must prepare annual financial statements in relation to the Commonwealth that include the following:
(a) an operating statement;
(b) a statement of financial position;
(c) a statement of cash flows;
(d) notes to the financial statements.
(2) The annual financial statements mentioned in subregulation (1) must give a true and fair view of:
(a) the Commonwealth's financial position at the end of the financial year for which the statements are prepared; and
(b) the results of the Commonwealth's operations and cash flows for that financial year.
(3) If the annual financial statements would not otherwise give a true and fair view of the matters mentioned in subregulation (2), the Finance Minister must add to the financial statements such information and explanations as will give a true and fair view of those matters.
(4) The Finance Minister must state in the annual financial statements whether, in the Finance Minister's opinion, the financial statements give a true and fair view of the matters mentioned in subregulation (2).