Families, housing, community services and indigenous affairs portfolio
Section 3: Explanatory tables and budgeted financial statements
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- 3.1.1 Movement of administered funds between years
- 3.2 Budgeted financial statements
- Budgeted agency income statement
- Statement of changes in equity
- 3.2.4 Notes to the financial statements
- Expenses – depreciation and amortisation
- Concessional Loan discount
- Financial assets – receivables
Section 3: Explanatory tables and budgeted financial statementsSection 3 presents explanatory tables and budgeted financial statements that provide a comprehensive snapshot of agency finances for the 2013–14 budget year. It explains how budget plans are incorporated into the financial statements and provides further details of the reconciliation between appropriations and program expenses, movements in administered funds, special accounts and government Indigenous expenditure. 3.1 Explanatory tables3.1.1 Movement of administered funds between yearsIndigenous Business Australia has no administered funds. 3.1.2 Special accountIndigenous Business Australia has no special accounts. 3.1.3 Australian Government Indigenous ExpenditureTable 3.1.3: Australian Government Indigenous Expenditure 
3.2 Budgeted financial statements3.2.1 Differences in agency resourcing and financial statementsThere are no differences between IBA’s Agency Resourcing and Financial Statements. 3.2.2 Analysis of budgeted financial statementsAn analysis of the primary causes of movements in the budgeted financial statements is provided below. The 2012–13 estimated actual results are used as the comparative year in the analysis. IBA budgets are prepared on a consolidated basis for the agency and its 37 subsidiaries. On consolidation, assets, liabilities, income and expenditure of all subsidiaries flow through to individual line items in the consolidated budget. Budgeted agency income statementIBA is budgeting for an operating surplus of $9.7 million in 2012–13 and an estimated surplus of $3.9 million in 2013–14. Budgeted agency balance sheetBudgeted net assets as at 30 June 2014 of $1,140 million represent an increase of $41 million over the net assets of $1,099 million as at 30 June 2013. The main drivers are: continuing capital injections from government of $37.2 million the estimated operating surplus of $3.9 million.
Statement of cash flowsNet lending activity is expected to increase from $92.5 million in 2012–13 to $94.3 million in 2013–14. Net lending is the access of new loan disbursements over loan repayments and discharges. Statement of changes in equityTotal equity is expected to increase by $41 million to $1,140 million as at 30 June 2014, with the additional equity injection of $37.2 million from the Commonwealth and the budget year surplus of $3.9 million. 3.2.3 Budgeted financial statements tablesTable 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 3.2.2: Budgeted departmental balance sheet (as at 30 June) (continued) 
Table 3.2.3: Departmental statement of changes in equity – summary of movement (budget year 2013–14) 
Table 3.2.4: Budgeted departmental statement of cash flows (for the period ended 30 June) 
Table 3.2.4: Budgeted departmental statement of cash flows (for the period ended 30 June) (continued) 
Table 3.2.5: Departmental capital budget statement 
Table 3.2.6: Statement of asset movements (2013–14) 
3.2.4 Notes to the financial statementsThe 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 and other authoritative pronouncements of the Australian Accounting Standards Boards and the Consensus Views of the Urgent Issues Group. Revenue from governmentRepresents appropriation from government to Indigenous Business Australia for the delivery of IBA‘s three programs in pursuit of its single outcome. Increases in the ordinary annual appropriations are a result of new measures and variations explained in Section 2. Expenses – depreciation and amortisationProperty, plant and equipment assets are written off to their estimated residual values over their estimated useful lives using, in all cases, the straight-line method of depreciation. Depreciation/amortisation rates (useful lives) and methods are reviewed at each balance date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate. Concessional Loan discountIBA continues to designate its loan portfolio at fair value through profit and loss per paragraph 11A of AASB 139, which provides for contracts with embedded derivatives, such as prepayment options, to be designated at fair value through profit and loss. The variation in the loan portfolio under fair value basis is written directly to the Income Statement. Financial assets – receivablesThis includes loans and advances made by IBA to clients in the delivery of its outputs, in addition to amounts owing to IBA for delivery of goods and services, and dividends owed to IBA from subsidiaries, associates and investments. Loans receivable are carried at fair value under AASB 139. Assets – non-financialExcept for any revalued assets, reported value of plant and equipment represents the purchase price paid less depreciation incurred. Land and building held for investment are carried at fair value. Indigenous Land Corporation Agency Resources and Planned Performance Indigenous Land Corporation Section 1: Agency overview and resources 259 1.1 Strategic direction statement 259 1.2 Agency resource statement 261 1.3 Budget measures 262 Section 2: Outcomes and planned performance 263 2.1 Outcomes and performance information 263 Section 3: Explanatory tables and budgeted financial statements 269 3.1 Explanatory tables 269 3.2 Budgeted financial statements 270
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