Portfolio Budget Statements 2008-09 

• 3.1 Explanatory tables
• 3.2 Budgeted Financial Statements

This section presents budgeted financial statements which provide a comprehensive snapshot of agency finances for the Budget year 2008–09. It explains how budget plans are incorporated into the financial statements and provides further details of movements in administered funds and special accounts, and Government Indigenous expenditure.

3.1 Explanatory Tables

Table 3.1.1: Reconciliation of total available appropriation and outcomes

The Agency Resource Statement (Table 1.1) details the total available appropriation available to an agency from all sources.

3.1.2 Movement of administered funds between years

EOWA does not have any administered expenses.

3.1.3 Special Accounts

EOWA does not have any special accounts.

3.1.4 Australian Government Indigenous Expenditure

EOWA has no 2008–09 Australian Government Indigenous Expenditure to report.

3.2 Budgeted Financial Statements

3.2.1: Differences in Agency Resourcing and Financial Statements

EOWA has no differences in agency resourcing and financial statements.

3.2.2: Analysis of budgeted financial statements

EOWA’s income statement shows a balanced budget for 2007–08 and each of the forward years.

Employee and supplier expenses make up the majority of EOWA’s operating expenses. Employee expenses are forecast to average 55 per cent and suppliers approximately 38 per cent across the forward years, the total being EOWA’s cost in relation to the administration of the Act.

Depreciation and amortisation expenses (7 per cent) are made up predominantly of amortisation of the reporting database and fit-out expense. All information technology equipment is out-sourced under a Memorandum of Understanding with FaHCSIA.

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3.2.3: Budgeted financial statements tables

Prepared on Australian Accounting Standards basis Assets held for sale

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*Note: 'equity' is the residual interest in assets after deduction of liabilities
Prepared on Australian Accounting Standards basis

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Prepared on Australian Accounting Standards basis

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Prepared on Australian Accounting Standards basis

3.2.4 Notes to the financial statements Accounting Policy

The budgeted financial statements have been prepared in accordance with the requirements of the Finance Minister’s Orders issued by the Minister for Finance and Deregulation.

The statements have been prepared:

• on an accrual accounting basis
• in compliance with Australian Accounting Standards and Australian Equivalents to International Financial Reporting Standards (AEIFRS) and other authoritative pronouncements of the Australian Accounting Standards Boards and the Consensus Views of the Urgent Issues Group
• having regard to Statements of Accounting Concepts.

Agency items

Agency assets, liabilities, revenues and expenses are those items controlled by the Agency including:

• computers, plant and equipment used in providing goods and services
• liabilities for employee entitlements
• revenues from other appropriations for resources used in providing goods and services
• revenues from user charging and other sources. where proceeds are deemed appropriated under section 31 of the Financial Management and Accountability Act 1997
• employee expenses and other administrative expenses incurred in providing goods and services.

Agency revenue from Government – ordinary annual appropriations

Revenue from Government represents the purchase of outputs from EOWA by the Government. EOWA is dependent on appropriations from Parliament.

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Resources received free of charge

This item represents the nominal amount payable to the Australian National Audit Office in relation to their annual audit of EOWA’s financial statements and Australian Industry Group sponsorship in kind and in alternate years from a research partner for the Census for Women in Management research.

Agency expenses – employees

This item represents payments and net increases in entitlements to employees’ services rendered in the financial year.

Agency expenses – depreciation

Property, plant and equipment assets are written–off to their estimated residual values over their estimated useful lives to the department using, in all cases, the straight-line method of depreciation.

EOWA has a Memorandum of Understanding with FaHCSIA for the supply and use of computers. Computing equipment and software assets are depreciated over five years (20 per cent). Office machines are depreciated over five years (20 per cent).

Agency expenses – suppliers

This item represents payments to suppliers or goods and services.

Agency assets and liabilities – provisions and payables – employees

Provisions have been made for EOWA’s liability for employee entitlements arising from services rendered by employees to balance date. The liability encompasses unpaid leave and long service leave. No provision is made for sick leave.

Agency assets and liabilities - financial assets – cash

Cash includes petty cash held and deposits at call.

Agency assets and liabilities – financial assets – receivables

Receivables represent amounts owing to EOWA for goods and services it has provided to external parties. The estimated level of receivables is based on the 2006–07 audited financial statements amount.

Agency assets and liabilities – non-financial assets

These items represent future economic benefits EOWA will consume in producing outputs. The reported value represents the purchase price less depreciation incurred to date in using that asset.

Infrastructure, plant and equipment are brought to account, except for purchases costing less than $2,000, which are expensed in the year of acquisition (other than where they form part of a group of similar items which are significant in total).

Agency assets and liabilities – non–financial assets – other

This item primarily represents amounts paid for goods and services that will be received in the following periods (prepayments).