| Accrual accounting |
System of accounting where items are brought to account and included in the financial
statements as they are earned or incurred, rather than as they are received or
paid. |
| Accumulated depreciation | The aggregate depreciation
recorded for a particular depreciable asset. |
| Administered items
| Expenses, revenues, assets or liabilities managed by agencies on behalf
of the Commonwealth. Agencies do not control administered items. Administered
expenses include grants, subsidies and benefits. In many cases, administered expenses
fund the delivery of third party outputs. |
| Additional estimates
| Where amounts appropriated at Budget time are insufficient, Parliament
may appropriate more funds to portfolios through the Additional Estimates Acts.
This is the Additional Estimates process. |
| Additional estimates
Bills or Acts | These are Appropriation Bills Nos. 3 and 4, and a separate
Bill for the Parliamentary Departments (Appropriations (Parliamentary Departments)
Bill (No. 2). These Bills are introduced into Parliament after the Budget Bills.
In 1999-2000, the Budget was introduced in May 1999, and the Additional Estimates
Bills will be introduced in November 1999. |
| Appropriation |
An authorisation by Parliament to spend moneys from the Consolidated Revenue Fund. |
| Annual appropriation | Two appropriation Bills are introduced into
Parliament in May and comprise the Budget. Further Bills are introduced later
in the financial year as part of the additional estimates. Parliamentary departments
have their own appropriations. |
| Assets | Future economic
benefits controlled by an entity as a result of past transactions or other past
events |
| Capital expenditure | Expenditure by an agency
on capital projects, for example purchasing a building. |
| Capital
Use Charge | The Capital Use Charge is a dividend requirement levied on
Commonwealth General Government Sector agencies and authorities. The Capital-Use
Charge payment is based on those agencies and authorities Departmental net assets
at financial year-end. Funding for the Capital Use Charge is included in agencies
and authorities departmental price of outputs appropriation. |
|
Departmental items | Assets, liabilities, revenues and expenses which
are controlled by the agency in providing it's outputs. Departmental items would
generally include computers, plant and equipment assets used by agencies in providing
goods and services and most employee expenses, supplier costs and other administrative
expenses incurred. |
| Depreciation | An expense recognised
systematically for the purpose of allocating the depreciable amount of a depreciable
asset over its useful life. |
| Deprival asset valuation |
Values non-financial assets according to the current cost of their replacement.
That is, non-financial assets are valued at the lowest cost of replacing the gross
'service potential' of those assets. |
| Equity or Net assets |
Residual interest in the assets of an entity after deduction of its liabilities. |
| Expense | Total value of all of the resources consumed in producing
goods and services. |
| Historical cost | The original
cost of acquisition of an asset, including any costs associated with acquisition.
Under Australian Accounting Standard 10 'Acquisition of Non Current Assets' assets
need to be reported initially at acquisition (historical cost). The Commonwealth's
financial reporting requirements issued under the Finance Minister's Orders require
the subsequent revaluation of non current assets to their deprival value within
every three years. |
| Liabilities | Future sacrifices of
economic benefits that an entity is presently obliged to make to other entities
as a result of past transactions or other past events. |
| Measure |
A decision by the Cabinet or Ministers that has been finalised since the 2000-01
Budget and has resulted in a change in expenditure in the years 2001-02 to 2004-05 |
| Operating results | Equals revenue less expense. |
|
Outcomes | The results, impacts or consequences of actions by the Commonwealth
on the Australian community. Outcomes are the results or impacts that the Government
wishes to achieve. Actual outcomes are the results or impacts actually achieved. |
| Output groups | The aggregation based on homogeneity, type of product
or beneficiary target group, of outputs. Aggregation may also be needed for the
provision of adequate information for performance monitoring; or based on a materiality
test |
| Outputs | The goods and services produced by agencies
on behalf of government for external organisations or individuals. Outputs include
goods and services for other areas of government external to the agency. |
| Price | The amount the government or the community pays for the delivery
of agreed outputs. |
| Quality | Relates to the characteristics
by which customers or stakeholders judge an organisation, product or service.
Assessment of quality involves use of information gathered from interested parties
to identify differences between user's expectations and experiences |
| Quantity | Size of an output. Count or volume measures. How many
or how much |
| Revenue | Total value of resources earned
or received to cover the production of goods and services |
|
Special appropriations | Moneys appropriated by Parliament in an Act separate
to an annual Appropriation Act, where the payment is for a specified amount. Special
appropriations are not subject to Parliaments annual budget control, unlike the
annual appropriations. |
