Objective
1
The objective of this Standard is to specify requirements for whole of government general purpose financial statements and General Government Sector (GGS) financial statements of each government. This Standard requires compliance with other applicable Australian Accounting Standards except as specified in this Standard. It also requires disclosure of additional information such as reconciliations to key fiscal aggregates determined in accordance with the ABS GFS Manual and, for the whole of government, sector information (GGS, Public Non-Financial Corporations (PNFC) sector and Public Financial Corporations (PFC) sector). Whole of government financial statements and GGS financial statements prepared in accordance with this Standard provide users with:
(a) information about the stewardship by each government and accountability for the resources entrusted to it;
(b) information about the financial position, performance and cash flows of each government and its sectors; and
(c) information that facilitates assessments of the macro-economic impact of each government and its sectors.