Streamlining our financial statements

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CASE STUDY

 
 
 
 
 
 
 
 
 
45% reduction

Streamlining our financial statements

 

The department produced streamlined financial statements this year, making them less technical and more accessible to non-accountants.

This is in line with guidance provided by the Australian National Audit Office , Finance’s whole-of-government reporting requirements including the PRIMA forms of financial statements, and Australian Accounting Standards.

The changes are based on research and stakeholder consultation on the accounting trends adopted by other entities to build the most efficient and effective financial statement template.

The streamlined template has reduced the length and complexity of the financial statements, the time it takes to deliver them, and retained the capture of relevant information. Removing duplicate and surplus information has reduced the size of the department’s financial statements from around 150 pages in prior years to 79 pages in 2015–16, without losing transparency of information or detail.

The Australian National Audit Office commended the innovative approach, which achieved efficiencies for the department without affecting the quality of information. Departmental staff also appreciate the change to the way information is collected.

By introducing an innovative approach for streamlined financial statements, the department is leading the way for the public sector in delivering more modern and future-focused information.

 

Last updated: 24 October 2016