Financial reporting guidance for Commonwealth entities

Guidance for preparing financial statements for reporting periods ending on or after 1 July 2018

The Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR) external link is a legislative instrument made under the Public Governance, Performance and Accountability Act (PGPA) that sets out the financial reporting requirements for all Commonwealth Reporting entities in preparing their financial statements.

The FRR and the supporting guide and tools below aim to ensure consistency of accounting policy choices across entities where Australian Accounting Standards external link allow choices. Consistency is important to ensure comparability of financial reports across entities and to facilitate the consolidation of these reports when preparing the Consolidated Financial Statements. The FRR and the guide aim to enhance the usefulness of information presented in financial reports to Government and major external users.

For guidance on specific accounting and financial reporting policies, refer to the Accounting Policy Guides.

Commonwealth Entities Financial Statements Guide

Exemptions to the FRR

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PRIMA Documents

The Primary Reporting and Information Management Aid (PRIMA) documents assist entities to prepare their annual statutory financial reports. PRIMA:

  • aims to address the reporting requirements of different Commonwealth entities
  • is not mandatory, entities must ensure their financial reports can enable whole-of-government consolidation and comply with all applicable AASs and the FRR
  • is designed to be used in conjunction with the Guide (see Part 3) above
  • is available below.

Note: Some functions of PRIMA are not available and may cause errors if opened from the browser. It is recommended that PRIMA is downloaded using the Save function after clicking on the link.

Previous versions of PRIMA documents are available in the Finance archive.

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Last updated: 15 May 2019