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Note 7: Budget variances

The comparison of the unaudited original budget as presented in the 2017-18 Portfolio Budget Statements to the 2017-18 final outcome as presented in accordance with Australian Accounting Standards and Interpretations – Reduced Disclosure Requirements is included in the statement of comprehensive income, the statement of financial position, the statement of changes in equity and the cash flow statement. Explanations of major variances are those within the control of the department.

Major variances

During 2017-18, the Clerk of the Senate agreed to the transfer of ownership of:

(a) intangible software assets, and

(b) a portion of the department’s heritage furniture

to the Department of Parliamentary Services, by way of equity transfer.

This transfer is reflected in the lower balances of intangibles and property, plant and equipment, and equity.