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Budget 2007 Home Page Budget Economic and Fiscal Update [2007]

5 Generally Accepted Accounting Practice (GAAP) Series Tables

Forecast Financial Statements

These forecasts have been prepared in accordance with the Public Finance Act 1989.

They are based on the accounting policies and assumptions that follow. As with all such assumptions, there is a degree of uncertainty surrounding them. This uncertainty increases as the forecast horizon extends.

The forecasts have been prepared in accordance with the Statement of Responsibility and reflect the judgements and information known at the time they were prepared. They reflect all Government decisions and circumstances communicated to 9 May 2007.

Finalisation dates and key assumptions that underpin the preparation of the GAAP tables are outlined at the start of the Fiscal Outlook chapter on page 80.

Statement of Accounting Policies and Forecast Assumptions

Significant Accounting Policies

These Forecast Financial Statements have been prepared in accordance with the accounting policies expected to be used in the comparable audited actual Financial Statements of the Government.

These Forecast Financial Statements comply with generally accepted accounting practice (GAAP) as required by the Public Finance Act 1989.

Forecasts for the year ending 30 June 2008 and beyond have been prepared in accordance with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS), as appropriate for public benefit entities. These are the standards to be adopted by the Crown from 1 July 2007. These forecasts are identified as “New GAAP” in the financial statements that follow. Historical information prepared under current accounting standards has not been restated and is identified as “Old GAAP”.

Forecasts for the year ending 30 June 2007 have been prepared under both “New GAAP” and “Old GAAP” and are provided in these following statements to help communicate the transition to NZ IFRS.

All forecasts use the accrual basis of accounting. Forecasts have been prepared for the consolidated financial statements of the government reporting entity, including all entities controlled by the Government (as defined by applicable financial reporting standards).

Changes in accounting policies

From 1 July 2007 the financial statements of the Government will adopt NZ IFRS as appropriate for public benefit entities. As a consequence, there have been a number of changes accounting policies to reflect the requirements of these new standards.

Chapter 7 NZ IFRS Transition on page 191 reconciles forecasts for the year ending 30 June 2007 prepared under “Old GAAP” and “New GAAP”.

Forecast Policies

These Forecast Financial Statements have been prepared on the basis of Treasury’s best professional judgment. Key assumptions used are set out on page 80.

For the purposes of the Forecast Financial Statements, no revaluations of property, plant and equipment are projected beyond the current year.

Detailed accounting and forecasting policies

Detailed accounting and forecasting policies are reproduced in full on Treasury’s website at www.treasury.govt.nz/budget2007/.

Government Reporting Entity as at 9 May 2007

These forecast financial statements are for the Government reporting entity as specified in section 26Q(4) of the Public Finance Act 1989. This comprises Ministers of the Crown and the following entities:

Departments

  • Agriculture and Forestry
  • Archives New Zealand
  • Building and Housing
  • Conservation
  • Corrections
  • Crown Law
  • Culture and Heritage
  • Customs
  • Defence
  • Economic Development
  • Education
  • Education Review Office
  • Environment
  • Fisheries
  • Foreign Affairs and Trade
  • Government Communications Security Bureau
  • Health
  • Inland Revenue
  • Internal Affairs
  • Justice
  • Labour
  • Land Information New Zealand
  • Māori Development
  • National Library
  • New Zealand Defence Force
  • Office of the Clerk
  • Pacific Island Affairs
  • Parliamentary Counsel Office
  • Parliamentary Service
  • Police
  • Prime Minister and Cabinet
  • Research, Science and Technology
  • Security Intelligence Service
  • Serious Fraud Office
  • Social Development
  • State Services Commission
  • Statistics
  • Transport
  • Treasury
  • Women’s Affairs

State-owned enterprises

  • AgriQuality Limited
  • Airways Corporation of New Zealand Limited
  • Animal Control Products Limited
  • Asure New Zealand Limited
  • Electricity Corporation of New Zealand Limited
  • Genesis Power Limited
  • Kordia Group Limited
  • Landcorp Farming Limited
  • Learning Media Limited
  • Meridian Energy Limited
  • Meteorological Service of New Zealand Limited
  • Mighty River Power Limited
  • New Zealand Post Limited
  • New Zealand Railways Corporation
  • Quotable Value Limited
  • Solid Energy New Zealand Limited
  • Terralink Limited (in liquidation)
  • Timberlands West Coast Limited
  • Transpower New Zealand Limited

  • Air New Zealand Limited (included for disclosure purposes as if it were a SOE)

Others

  • Government Superannuation Fund
  • New Zealand Superannuation Fund
  • Reserve Bank of New Zealand

Offices of Parliament

  • Office of the Controller and Auditor-General
  • Office of the Ombudsmen
  • Parliamentary Commissioner for the Environment

Crown entities

  • Accident Compensation Corporation
  • Accounting Standards Review Board
  • Alcohol Advisory Council of New Zealand
  • Arts Council of New Zealand Toi Aotearoa
  • Broadcasting Commission
  • Broadcasting Standards Authority
  • Career Services
  • Charities Commission
  • Children’s Commissioner
  • Civil Aviation Authority of New Zealand
  • Commerce Commission
  • Crown Health Financing Agency
  • Crown research institutes (9)
  • District health boards (21)
  • Earthquake Commission
  • Electoral Commission
  • Electricity Commission
  • Energy Efficiency and Conservation Authority Environmental Risk Management Authority
  • Families Commission
  • Foundation for Research, Science and Technology
  • Government Superannuation Fund Authority
  • Guardians of New Zealand Superannuation
  • Health and Disability Commissioner
  • Health Research Council of New Zealand
  • Health Sponsorship Council
  • Housing New Zealand Corporation
  • Human Rights Commission
  • Land Transport New Zealand
  • Law Commission
  • Legal Services Agency
  • Maritime New Zealand
  • Mental Health Commission
  • Museum of New Zealand Te Papa Tongarewa Board
  • New Zealand Antarctic Institute
  • New Zealand Artificial Limb Board
  • New Zealand Blood Service
  • New Zealand Film Commission
  • New Zealand Fire Service Commission
  • New Zealand Historic Places Trust (Pouhere Taonga)
  • New Zealand Lotteries Commission
  • New Zealand Qualifications Authority
  • New Zealand Sports Drug Agency
  • New Zealand Symphony Orchestra
  • New Zealand Teachers Council
  • New Zealand Tourism Board
  • New Zealand Trade and Enterprise
  • New Zealand Venture Investment Fund Limited
  • Office of Film and Literature Classification
  • Pharmaceutical Management Agency
  • Police Complaints Authority
  • Privacy Commissioner
  • Public Trust
  • Radio New Zealand Limited
  • Retirement Commissioner
  • School boards of trustees (2,465)
  • Securities Commission
  • Social Workers Registration Board
  • Sport and Recreation New Zealand
  • Standards Council
  • Takeovers Panel
  • Te Reo Whakapuaki Irirangi (Te Māngai Pāho)
  • Te Taura Whiri i te Reo Māori (Māori Language Commission)
  • Television New Zealand Limited
  • Tertiary Education Commission
  • Tertiary education institutions (TEIs) (31)
  • Testing Laboratory Registration Council
  • Transit New Zealand
  • Transport Accident Investigation Commission

Crown entity subsidiaries are consolidated by their parents and not listed separately in this table

Organisations named or described in Schedule 4 to the Public Finance Act 1989

  • Agriculture and Marketing Research and Development Trust
  • Asia New Zealand Foundation
  • Fish and game councils (12)
  • Leadership Development Centre Trust
  • New Zealand Fish and Game Council
  • New Zealand Game Bird Habitat Trust Board
  • New Zealand Government Property Corporation
  • New Zealand Lottery Grants Board
  • Ngāi Tahu Ancillary Claims Trust
  • Pacific Co-operation Foundation
  • Pacific Islands Business Development Trust
  • Research and Education Advanced Network New Zealand Limited
  • Reserves boards (24)
  • Road Safety Trust
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