Notes Overview
Objectives of the Asbestos Safety and Eradication Agency
The Asbestos Safety and Eradication Agency (the Entity) is an Australian Government controlled entity. It is a not-for-profit entity. The objective of the Entity is to provide a national focus on asbestos issues which go beyond workplace safety to encompass environmental and public health issues.
The entity is structured to meet the following outcome:
Outcome 1: To Assist in the prevention of exposure to asbestos fibres and the elimination of asbestos-related disease in Australia through implementing the National Strategic Plan for Asbestos Awareness and Management in Australia.
The Entity is a statutory authority established on 1 July 2013 following the assent of the Asbestos Safety and Eradication Act 2013 and is responsible through its Chief Executive Officer to the Australian Government Minister for Employment.
The continued existence of the Entity in its present form and with its present programmes is dependent on Government policy and on continuing funding by Parliament for the entity’s administration and programmes.
Entity activities contributing toward these outcomes are classified as departmental. Departmental activities involve the use of assets, liabilities, income and expenses controlled or incurred by the entity in its own right.
The Basis of Preparation
The financial statements are general purpose financial statements and are required by section 42 of the Public Governance, Performance and Accountability Act 2013.
The financial statements have been prepared in accordance with:
- Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR) for reporting periods ending on or after 1 July 2015; and
- Australian Accounting Standards and Interpretations – Reduced Disclosure Requirements issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period.
The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets and liabilities at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position. The financial statements are presented in Australian dollars and values are rounded to nearest thousand dollars unless otherwise specified.
New Accounting Standards
All other new/revised/amending standards and/or interpretations that were issued prior to the sign-off date and are applicable to future reporting period(s) are not expected to have a future material impact on the entity’s financial statements.
Taxation
The entity is exempt from all forms of taxation except Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST).
Revenues, expenses and non-financial assets are recognised net of GST except:
- where the amount of GST incurred is not recoverable from the Australian Taxation Office; and
- for receivables and payables.
Events After the Reporting Period
There have been no events after balance date that have the potential to significantly affect the ongoing structure and financial activities of the agency.
