5519.0.55.001 - Government Finance Statistics, Australia, March Quarter 2010 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 01/06/2010   
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AASB 1049

Australian Accounting Standard Board 1049 Whole of Government and General Government Sector Financial Reporting is the principal accounting standard applicable to the Commonwealth and State governments in the preparation of their financial reports. From January 2009 Australian Accounting Standard Board 1049 replaced Australian Accounting Standard 31 Financial Reporting by Government.

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.

Chain volume measures

These measures are annually-reweighted chain Laspeyres indexes referenced to the current price values in a chosen reference year.


The process of elimination of all within-sector asset-liability positions, and all transactions between two units of the same sector. 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.

Government final consumption expenditure

The SNA concept that refers to government use of goods and services for the satisfaction of individual or collective human needs or wants.

Gross fixed capital formation

The value of acquisitions of new and existing produced assets, other than inventories, less the value of disposals of new or existing produced assets, other than inventories.


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.

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.

GFS 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(-).

Public non-financial corporations

Resident government controlled corporations and quasi-corporations mainly engaged in the production of market goods and/or non-financial services.

Seasonal adjustment - chain volume measures

Seasonally adjusted chain volume estimates are calculated from seasonally adjusted estimates expressed in the prices of the previous year.