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Budget 2016 Home Page Budget Economic and Fiscal Update 2016

Statement of Accounting Policies

Significant Accounting Policies

The Forecast Financial Statements have been prepared in accordance with the accounting policies that are expected to be used in the comparable audited actual Financial Statements of the Government. They comply with generally accepted accounting practice (GAAP) as required by the Public Finance Act 1989 and have been prepared in accordance with Public Benefit Entity Financial Reporting Standard 42: Prospective Financial Statements.

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

The specific accounting policies are included within the 2016 Budget Economic and Fiscal Update Additional Information document which can be found on the Treasury's website at www.treasury.govt.nz/budget/forecasts/befu2016/094.htm

Forecast Policies

The Forecast Financial Statements have been prepared on the basis of the Treasury's best professional judgement. Actual financial results for the periods covered are likely to vary from the information presented in these forecasts. Factors that may lead to a material difference between information in these Forecast Financial Statements and the actual reported results in future years are set out in the Specific Fiscal Risks chapter on pages 67 to 90.

Key forecast assumptions are set out on pages 29 and 52.

Reporting and Forecast Period

The reporting periods for these Forecast Financial Statements are the years ended 30 June 2016 to 30 June 2020. The “2015 Actual” figures reported in the statements are the audited results reported in the Financial Statements of the Government for the year ended 30 June 2015. The “2016 Previous Budget” figures are the original forecasts to 30 June 2016 as presented in the 2015 Budget.

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