Victorian Consolidated Legislation

Financial Management Act 1994 - SECT 23K

Accompanying statement

23K. Accompanying statement



(1) The Minister must prepare an accompanying statement in association with
each set of estimated financial statements.

(2) An accompanying statement comprises-

   (a)  a statement of the material economic and other assumptions that have
        been used in preparing the estimated financial statements;

   (b)  a discussion of the sensitivity of the estimated financial statements
        to changes in those economic and other assumptions;

   (c)  an overview of the estimated tax expenditures for the financial years
        covered by the estimated financial statements;





   (d)  a statement of the risks, quantified where feasible, that may have a
        material effect on the estimated financial statements, including-

   (i)  contingent liabilities;

   (ii) publicly announced Government commitments that are not yet included in
        the estimated financial statements.

(3) The information in an accompanying statement must take into account
Government decisions and other circumstances that may have a material effect
on the estimated financial statements.

(4) An accompanying statement must be laid before each House of the Parliament
with the estimated financial statements to which it relates in accordance with
section 27E.