Summary
Further to the accrual budgeting and reporting framework introduced by the
Financial Management Legislation Amendment Act 1999
, the bill amends 112 Acts, including the
Commonwealth Authorities and Companies Act 1997
and
Financial Management and Accountability Act 1997
, to: update, clarify and align financial management and reporting provisions applying to Commonwealth entities; expand information requirements for special account determinations; and transfer from the Treasurer to the Finance Minister powers and functions to approve investments, money raising and guarantees for certain bodies (including power to delegate these powers and functions). Also repeals 28 redundant Acts and contains saving provisions.