Victorian Consolidated Legislation

Financial Management Act 1994 - SECT 59

Regulations

59. Regulations



(1) The Governor in Council may make regulations for or with respect to-

   (a)  financial governance and oversight, including financial risk
        management and internal audit;

   (b)  structures, systems and procedures in authorities and public bodies to
        ensure proper financial management;

   (c)  the issue, control and disbursement of money applied temporarily from
        the Public Account;

   (d)  financial reporting, including the form and content of reports of
        operations, financial statements and information required under
        Part 7;



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   (e)  policies and procedures to ensure that authorities and public bodies
        comply with obligations imposed on them by or under this Act;





   (f)  the management and disposal or writing off of the assets (other than
        money) and liabilities of the State and the recording of and
        accounting for those assets and liabilities;

   (g)  prescribing forms for the purposes of this Act or the regulations;

   (h)  the method of dealing with and accounting for securities coming into
        the possession of an accountable officer or other person;

        (i)    systems and procedures for the purchase and supply of goods and
               services for or on behalf of the State;



   (j)  generally prescribing any other matter or thing required or permitted
        by this Act to be prescribed or necessary to be prescribed to give
        effect to this Act.

(1A) For the avoidance of doubt, the power to make regulations under
subsection (1) extends to regulations with respect to money in a Trust Account
in the Trust Fund that is established by or under another Act.

(2) The regulations-

   (a)  may be of a general or limited application;

   (b)  may differ according to differences in time, place or circumstances;

   (c)  may confer a discretionary authority or impose a duty on a specified
        person or class of person;





   (d)  may provide in a specified case or class of case for the exemption of
        persons or things or class of persons or things from any of the
        provisions of the regulations, whether unconditionally or on specified
        conditions and either wholly or to such an extent as is specified;

   (e)  may impose a penalty not exceeding 5 penalty units for a contravention
        of the regulations.

(3) Any regulation may adopt, apply or incorporate the whole or any part of
any statement of accounting standards or statement of accounting practice
issued at any time before the regulation is made by all or any of the
following-

   (a)  CPA Australia;





   (b)  Institute of Chartered Accountants in Australia;

   (c)  Australian Securities and Investments Commission;



   (d)  Australian Accounting Standards Board;

   (e)  Australian Bureau of Statistics;





   (f)  any other prescribed person or body.



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