Australian Maritime Safety Authority

Section 3: Explanatory tables and budgeted financial statements

3.1: Explanatory tables

Special Accounts

AMSA does not maintain Special Accounts.

3.2: Budgeted financial statements

3.2.1: Analysis of budgeted financial statements

AMSA has revised its budgeted zero operating result in 2011–12 to a budgeted surplus of $1.921m in 2011–12. The surplus is due to Government increases to Outcome 1 funding for AMSA's Community Service Obligation search and rescue response activities. The increased funding will eliminate the previous operating deficit for this activity.

AMSA's budgeted financial statements over the forward estimates have been adjusted to take into account the effect of the one-off increase in the Government's efficiency dividend. AMSA has absorbed the increase in the efficiency dividend within those affected activities and has maintained budgeted financial statements over the forward estimates as per the portfolio budgeted financial statements 2011–12.

There are no other changes to AMSA's budgeted financial statements, as reflected in the portfolio budgeted financial statements 2011-12. Accordingly AMSA's revised budgeted financial statements should be read in conjunction with the Budget Papers and Portfolio Budget Statements for 2011–12.

3.2.2: Budgeted financial statements tables

Table 3.2.1: Comprehensive income statement (showing net cost of services) (for the period ended 30 June)

Table 3.2.2: Budgeted departmental balance sheet (as at 30 June)

Table 3.2.3: Departmental statement of changes in equity—summary of movement (Budget year 2011–12)

Table 3.2.4: Budgeted departmental statement of cash flows (for the period ended 30 June)

Table 3.2.5: Departmental capital budget statement

Table 3.2.6: Statement of asset movements (2011–12)

3.2.3: Notes to the financial statements

1. Accounting policy

The budgeted financial statements have been prepared on an accrual accounting basis, having regard to Statements of Accounting Concepts, and in accordance with:

  • the Finance Minister's Orders;
  • Australian Accounting Standards;
  • other authoritative pronouncements of the Australian Accounting Standards Board; and
  • the Consensus Views of the Urgent Issues Group.

2. Departmental and administered items

Agency assets, liabilities, revenues and expenses are those items that are controlled by AMSA that are used in producing its outcomes and include:

  • infrastructure, plant and equipment used in providing goods and services;
  • liabilities for employee entitlements;
  • revenue from appropriations or independent sources in payment for outcomes; and
  • employee, supplier and depreciation expenses incurred in providing agency outcomes.

AMSA has no administered items.

3. Departmental expenses—employees

Payments and net increases in entitlements to employees for services rendered in the financial year.

4. Departmental expenses—suppliers

Payments to suppliers for goods and services used in providing agency outcomes.

5. Departmental expenses—depreciation and amortisation

Depreciable infrastructure, plant and equipment, buildings and intangible assets are written-off to their estimated residual values over their estimated useful life to AMSA, using the straight-line calculation method.

6. Departmental revenue

Revenue from government represents the purchase of outcomes from AMSA by the government and is recognised to the extent that it has been received into AMSA's bank account.

Revenue from other sources, representing sales from goods and services, is recognised when:

  • the risks and rewards of ownership have been transferred to the buyer;
  • the seller retains no managerial involvement nor effective control over the goods;
  • the revenue and transaction costs incurred can be reliably measured; and
  • it is probable that the economic benefits associated with the transaction will flow to the entity.

7. Departmental assets—financial assets

The primary financial asset relates to receivables. Financial assets are used to fund AMSA's capital program, employee entitlements, creditors and to provide working capital.

8. Departmental assets—non-financial assets

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

9. Departmental liabilities—provisions and payables

Provision has been made for AMSA's liability for employee entitlements arising from services rendered by employees. This liability includes unpaid annual leave and long service leave.

Provision has also been made for unpaid supplier expenses as at balance date.

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