Administered Reconciliation Schedule
For the period ended 30 June 2020
2020 | 20191 | |
$'000 | $'000 | |
Opening assets less liabilities as at 1 July | 3,564,839 | 5,220,831 |
Adjustment for changes in accounting policies | 0 | -3,141 |
Adjustment on initial application of AASB 162 | -1 | 0 |
Adjusted opening assets less liabilities | 3,564,838 | 5,217,690 |
Net cost of services | ||
Income | 683 | 78,402 |
Expenses | ||
Payments to entities other than Corporate Commonwealth entities and | ||
companies | -27,239 | -1,541,173 |
Payments to Indigenous Land and Sea Corporation | 0 | -53,290 |
Payments to Corporate Commonwealth entities and companies | -119,184 | -111,105 |
Other comprehensive income | ||
Revaluations transferred to reserves | 26,638 | 93,053 |
Actuarial (loss) through equity | -593 | -3,257 |
Transfers (to)/from the Australian Government | ||
Appropriation transfers from Official Public Account | ||
Annual appropriation for administered expenses (non-corporate | ||
Commonwealth entities and companies) | 29,446 | 1,404,210 |
Annual appropriation for payment to Corporate Commonwealth entities | ||
and companies | 119,184 | 111,105 |
Special appropriations (non-Corporate Commonwealth entities and | ||
companies) | 0 | 533,839 |
Special account | 0 | 1,433 |
Transfers to Official Public Account | -17,005 | -181,376 |
Transfers to Official Public Account Special accounts | 0 | -1,433 |
Transfer of investment funds to Government3 | 0 | -2,007,609 |
Equity injection to Corporate Commonwealth entities and companies | 25,035 | 24,913 |
Restructuring1 | -972,238 | 0 |
Other4 | 0 | -563 |
Closing assets less liabilities as at 30 June | 2,629,565 | 3,564,839 |
1 The National Indigenous Australian Agency (NIAA) was established in the PM&C portfolio as at 1 July 2019. Prior year comparative information presented in these financial statements contain balances that have since transferred to NIAA. Refer Note 8.2 Restructuring.
2 PM&C applied AASB 16 Leases on 1 July 2019.
3 The Aboriginal and Torres Strait Islander Land Account transferred to the Finance Portfolio on 1 February 2019.
4 Adjustment to opening balance for reversal of accrued interest.
Accounting Policy Administered cash transfers to and from the Official Public Account Revenue collected by PM&C for use by the Government rather than for PM&C is administered revenue. Collections are transferred to the Official Public Account (OPA), maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of Government. These transfers to and from the OPA are adjustments to the administered cash held by PM&C on behalf of the Government and reported as such in the Administered Cash Flow Statement and in the Administered Reconciliation Schedule. |
Visit
https://www.transparency.gov.au/annual-reports/department-prime-minister-and-cabinet/reporting-year/2019-20-46