5501.6.55.001 - Government Financial Estimates, Tasmania, Electronic Delivery, 2002-03  
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Australian Accounting Standard 31 (Financial reporting by governments) is the principal accounting standard applicable to the Commonwealth and state governments.

Abnormal/extraordinary items

Abnormal items are transactions that occur within the normal operations of an enterprise but are abnormal due to their size. Extraordinary items are transactions that occur outside ordinary operations and are not of a recurring nature.

Accrued recording

A recording method in which revenues, expenses, lending and borrowing are recorded as they are earned, accrued or incurred regardless of when payment is made or received.

Advances paid (net)

Lending by public authorities with the aim of achieving government policy objectives less repayment of past lending.

Advances received (net)

Borrowing, net of repayments, from other public authorities.


Instruments or entities over which ownership rights are enforced by institutional units and from which economic benefits may be derived by holding them, or using them, over a period of time. Assets are distinguished between non-financial and financial.

Balance sheet

A statement of an entity's financial position at a specific point in time. Contains information on assets, liabilities and owners' equity at a specific date. Also called Statement of Financial Position or Statement of Assets and Liabilities.

Benefits to households in goods and services

Expenditure by government on goods and services produced by market producers that are provided directly to households as social transfers in kind.

Borrowing (net)

Net borrowing by public authorities from public and private bodies and individuals within Australia and from abroad. Net borrowing is gross borrowing less the repayment of past borrowing.

Capital grant expenses

Unrequited payments by government to finance the acquisition of non-financial capital assets by the recipient, or compensate the recipient for damage or destruction of capital assets, or increase the financial capital of the recipient.

Change in net worth (CNW)

This is the change in net worth between two periods. Change in net worth due to transactions is also equivalent to the net operating balance and excludes the impact of revaluations and other changes in volume of assets and liabilities.

Current grant expenses

Direct provision of goods and services of a current nature by general government and public corporations.

Current monetary transfers to households

Monetary transfers by government to individuals or households, who are not required to provide any significant amount of goods or services in return, e.g. old age pensions and unemployment benefits. ‘Work for the dole’ schemes are included as the main purpose of such schemes is the transfer of monetary benefits and acquisition of employment skills. Also refers to personal benefit payments to Australian citizens resident overseas.

Deposits received (net)

Net increase in cash held by a government unit as a result of a net change to its liabilities generated by taking deposits from a private body or other government unit.

Depreciation and amortisation

Allocations of the cost of assets over their useful life. Depreciation usually relates to non-current tangible assets which are written off because they wear out or become obsolete. Amortisation usually relates to assets on a fixed lease, non-current intangible assets or natural resources which are no longer available for use at the end of the period.

Distributions paid

Cash transfers by public enterprises to their parent entities and other shareholders in the form of dividends, transfer of profits or other similar distributions.

Expenditure on non-financial assets (net)

Net expenditure on new and second-hand fixed assets, land and intangible assets excluding capitalised interest. Fixed assets are durable goods intended to be employed in the production process for longer than a year.

Finance leases

Leases and other arrangements which effectively transfer most of the risks and benefits associated with ownership of the leased property from the lessor to the lessee.

GFS net lending/borrowing (NLB)

This is defined as the NOB less net acquisition of non-financial assets.

GFS net worth (NW)

This is assets less liabilities and shares/contributed capital. For the general government sector, net worth is assets less liabilities since shares and contributed capital is zero.

Grants and subsidies received

Cash received from voluntary transfers by government and other entities.

Gross domestic product (GDP)

Total market value of goods and services produced in Australia within a given period after deducting the cost of goods used up in the process of production, but before deducting allowances for the consumption of fixed capital (depreciation).

Interest expense

This is made up of nominal interest on unfunded superannuation and interest other than nominal interest on unfunded superannuation. Nominal interest on unfunded superannuation is the imputed interest accrued during the period on unfunded superannuation liabilities. See 'Superannuation expense' below.

Interest income

Income accrued by owners of financial assets such as deposits, securities other than shares, loans and accounts receivable in return for providing funds to other entities.


Obligations to provide economic value to other institutional units.

Net debt

Net debt, previously published in the now discontinued publication Public Sector Financial Assets and Liabilities, Australia (cat. no. 5513.0), is included in the balance sheet presentation for information. It is equal to (deposits held plus proceeds from advances plus borrowing) minus (cash and deposits plus investments plus advances outstanding).

Net financial worth

Net financial worth is equal to financial assets minus liabilities. It is a broader measure than net debt in that it incorporates provisions made (such as superannuation, but excluding depreciation and bad debts) as well as holdings of equity. Net financial worth includes all classes of financial assets and liabilities, only some of which are included in net debt.

Net operating balance (NOB)

This is calculated as GFS revenue minus GFS expenses. It is equivalent to the change in net worth arising from transactions.

Other financing transactions

Total financing less advances received (net), less borrowing (net), less deposits received (net) plus distributions paid. This is a residual calculation within cash flow statements and hence encompasses any errors and omissions in the components used to derive it.

Sales of goods and services

Revenue from the direct provision of goods and services by general government and public corporations.


Equal to NOB minus capital revenue (capital grants and assets acquired below fair value) and capital transfer expenses.

Superannuation expense

In statistical terms, superannuation expense is a component of 'compensation of employees'. Superannuation expense in a period represents the increase in superannuation liability due to services provided by employees in that period.


Net cash flows from operating activities plus net cash flows from investments in non-financial assets, less distributions paid, less assets acquired under finance leases and similar arrangements.

Unrequited payments

Payments made for which nothing is received directly in return.