Notes to the Financial Statements
Objectives of the Australian Renewable Energy Agency
The Australian Renewable Energy Agency (ARENA) is an Australian Government controlled entity under the Public Governance, Performance and Accountability Act 2013 (PGPA Act). It is a not-for-profit entity. The objective of ARENA is to improve the competitiveness of renewable energy technologies and increase the supply of renewable energy in Australia.
ARENA is structured to meet the following outcome:
Outcome 1: To support improvements in the competitiveness of renewable energy and related technologies and the supply of renewable energy by administering financial assistance, developing analysis and advice about and sharing information and knowledge with regard to renewable energy and related technologies.
ARENA operates under the following legislation:
- Australian Renewable Energy Agency Act 2011 (as amended);
- Australian Renewable Energy Agency (Consequential Amendments and Transitional Provisions) Act 2011;
- Australian Renewable Energy Agency (Consequential Amendments and Transitional Provisions) Act 2012;
- Australian Renewable Energy Agency Determination No 1 of 2013; and
- Australian Renewable Energy Agency Regulation 2016.
ARENA is governed by an independent, decision-making Board. The members of the Board draw together skills in renewable energy technology, commercialisation, business investment and corporate governance to provide expert administration of ARENA funds.
Basis of preparation
The financial statements are general purpose financial statements and are required by section 42 of the PGPA Act. The financial statements have been prepared in accordance with:
- Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR); and
- Australian Accounting Standards and Interpretations - Reduced Disclosure Requirements issued by the Australian Accounting Standards Board that apply for the reporting period.
The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets and liabilities at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position. The financial statements are presented in Australian dollars and values are rounded to the nearest thousand dollars unless otherwise specified.
New Australian Accounting Standards
All new and revised standards and interpretations that were issued prior to the sign-off date and are applicable to the current reporting period did not have a material effect, and are not expected to have a material effect, on ARENA's financial statements for the current and future reporting periods.
ARENA is exempt from all forms of taxation except Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST).
Events after the reporting period
ARENA is not aware of any subsequent events that have a potential to significantly affect its ongoing structure or financial activities.