GLOSSARY
Accrual 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.
Cash Flow Statement
The GFS financial statement that records cash flows from operating, investing and financing activities.
Consolidation
The process of elimination of all within-sector asset-liability positions, and all transactions between two units of the same sectors. Consolidation can be applied to the statistics of any group of units of analytical interest.
General government sector
Institutional sector comprising all government units and non-profit institutions controlled and mainly financed by government.
GFS net lending/borrowing (NLB)
The financing requirement of government, calculated as the GFS net operating balance less the net acquisition of non-financial assets. A positive result reflects a net lending position and a negative result reflects a net borrowing position.
Jurisdiction
The public sector units over which the Commonwealth Government or an individual state or territory government has direct control or, in the case of local government authorities, the government which administers the legislation under which the authority was established.
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.
Operating Statement
The operating statement presents details of transactions in GFS revenues, GFS expenses and the net acquisition of non-financial assets for an accounting period. GFS revenues are broadly defined as transactions that increase net worth and GFS expenses as transactions that decrease net worth. Net acquisition of non-financial assets equals gross fixed capital formation, less depreciation, plus changes in inventories plus other transactions in non-financial assets. Two key GFS analytical balances in the operating statement are GFS Net Operating Balance (NOB) and GFS Net Lending(+)/Borrowing(-).
Surplus(+)/Deficit(-)
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.
Quality Declaration 
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