The Public Finance Act 1989, as amended by the Public Finance Amendment Act 2004, provides that the Crown or an Office of Parliament must not incur expenses except as authorised by an appropriation or other statutory authority. However, remeasurements, as defined by section 2 of the Act, are not included in the meaning of expenses (s4). The purpose of this paper is to establish guidance for making judgments as to whether an item is a remeasurement or an expense requiring appropriation.
Formats and related files
Table of contents
- 1 Introduction
- 2 The Legislative Context
- 3 Objective of Excluding Remeasurements from Appropriations
- 4 Making Judgements on Remeasurements
- 4.1 Key judgements required to determine if an item is a remeasurement
- 4.2 Examples of Remeasurements and Expenses requiring appropriation
- 4.3 Particular Example 1: Losses on Sale or Disposal of Assets
- 4.4 Particular Example 2: Distinguishing between Forgiveness, Provisions and Write-offs
- 4.5 Particular Example 3: Asset impairments included in Output Costs
- 4.6 Particular Example 4: Movements in Value of Working Capital Items
- 4.7 Particular Example 5: Changes in Accounting Policy
- 5 Managing Remeasurements
- 5.1 Non-departmental Remeasurements
- 5.2 Departmental Remeasurements
- 5.3 Revaluations That Are Not Remeasurements
- 5.4 Realising Revaluation Gains and Losses
- 6 Reporting Remeasurements
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