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Summary of Briefing by Queensland Treasury

Summary of Briefing by Queensland Treasury. Role & Function of Queensland Treasury Financial Management & Accounting Practices Harmonisation with IFRS 2 March 2005. Speakers. Mr. Ken Sedgwick Asst Under Treasurer Queensland Treasury

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Summary of Briefing by Queensland Treasury

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  1. Summary of Briefing by Queensland Treasury Role & Function of Queensland Treasury Financial Management & Accounting Practices Harmonisation with IFRS 2 March 2005

  2. Speakers • Mr. Ken SedgwickAsst Under TreasurerQueensland Treasury • Mary ScanlonSue Highland & Judy Dudurovic,Financial Management BranchQueensland Treasury

  3. Role & Function • Distinguish between functions of Australian Commonwealth (welfare payments, public health, defence & higher education) and State (health, education & policing) • Queensland Treasury – provide core financial & economic policy advice to state so as to meet objectives & priorities outlined in Charter of Social & Fiscal Responsibility

  4. Activities, Functions & Services • Budget preparation & oversight; fiscal advice; financial policies; economic development • Other office functions eg. Superannuation, motor accident insurance, revenue, gaming regulation, statistical, shared service, govt owned corporations

  5. Public Sector Reform • New Legislative Framework – Policies for Financial Management including Managing for Outcomes & Accrual Budgeting and IFRS • Charter of Social & Fiscal Responsibility – broad social & fiscal objectives of government & establish framework for assessing government’s performance in achieving objectives

  6. Financial Management Framework • Whole Government Outcomes & Priorities • Agency Strategic Planning – (min 4 years) • Resource Allocation – • Review with Minister • Agencies funded for full accrual cost for delivering outputs • Service Delivery • Monitoring Outcomes • Financial Reporting based on IFRS

  7. Differences Brunei & Queensland • National (self funding) vs State (funding depending on federal (80%) and own taxes) • Budgeting process • similarity – consultation; submission of strategic planning or annual planning for budget • Differences – line budgeting vs block budgeting; outcomes; accrual vs cash; annual vs longer term; monitoring systems; reporting structures

  8. Issues in implementing Queensland System in Brunei • Will provide more accountability & flexibility to agencies • Can plan for longer period • Still controlled by Treasury – less line item but now on overall outcome of agencies • Need to strengthen Treasury support and strengthen Agencies infrastructure especially in planning & financial reporting

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