
Section 1: Agency overview and resources
1.1 Strategic direction
There has been no significant change to the strategic direction of the Australian Competition and Consumer Commission from that outlined in the Portfolio Budget Statements 2011-12 (pages 83-84).
The Australian Competition and Consumer Commission is seeking an additional $2.2 million in departmental outputs through Appropriation Bill (No. 3) 2011-12 for the Clean Energy Future — Compliance measure as outlined in the Mid-Year Economic and Fiscal Outlook 2011-12 (page 287).
1.2 Agency resource statement
Table 1.1 shows the total resources from all origins. The table summarises how resources will be applied by outcome and departmental classification.
Table 1.1: Australian Competition and Consumer Commission resource statement — additional
estimates for 2011-12 as at Additional Estimates February 2012
1. Appropriation Bill (No. 3) 2011-12
2. Includes $2.5 million in 2011-12 for the departmental capital budget (also refer to Table 3.2.5).
1.3 Agency measures table
Table 1.2 summarises new Government measures taken since the 2011-12 Budget.
Table 1.2: Agency measures since Budget
1.4 Additional estimates and variations
Table 1.3 details the additional estimates and variations resulting from new measures since the 2011-12 Budget.
Table 1.3: Additional estimates and variations to outcomes from measures since
2011-12 Budget
Table 1.4: Additional estimates and variations to outcomes from other variations
The Australian Competition and Consumer Commission do not have any other variations since the 2011-12 Budget that affect Appropriation Bills No. 3 and No. 4.
1.5 Breakdown of additional estimates by Appropriation Bill
Table 1.5 details the additional estimates sought for the Australian Competition and Consumer Commission through Appropriation Bill No. 3. There are no additional estimates sought for the Australian Competition and Consumer Commission through Appropriation Bill No. 4.
Table 1.5: Appropriation Bill (No. 3) 2011-12
Section 2: Revisions to agency outcomes and planned performance
2.1 Resources and performance information
There has been no change to outcomes or the outcome strategy for the Australian Competition and Consumer Commission from that included in the Portfolio Budget Statements 2011-12 (pages 86-87).
Table 2.1: Budgeted expenses and resources for Outcome 1
Program 1.1: Australian Competition and Consumer Commission
There has been no change to the program objective, deliverables or key performance indicators from that included in the Portfolio Budget Statements 2011-12.
Table 2.2: Program expenses
Section 3: Explanatory tables and budgeted financial statements
3.1 Explanatory tables
3.1.1 Estimates of special account flows
There has been no change to special account flows that affect Appropriation Bills No. 3 and No. 4.
3.2 Budgeted financial statements
3.2.1 Analysis of budgeted financial statements
The Australian Competition and Consumer Commission is budgeting for a departmental breakeven operating result for 2011-12 after adjusting for non-appropriated expenses of depreciation and amortisation.
The Australian Competition and Consumer Commission has a sound financial position and currently has sufficient cash reserves to fund provisions and payables, and asset replacement, as they fall due.
3.2.2 Budgeted financial statements tables
Table 3.2.1: Budgeted departmental comprehensive income statement
(for the period ended 30 June)
Prepared on Australian Accounting Standards basis.
Table 3.2.2: Budgeted departmental balance sheet
(as at 30 June)
Prepared on Australian Accounting Standards basis.
Table 3.2.3: Budgeted departmental statement of cash flows
(for the period ended 30 June)
Prepared on Australian Accounting Standards basis.
Table 3.2.4: Departmental statement of changes in equity — summary of movement
(budget year 2011-12)
Prepared on Australian Accounting Standards basis.
Table 3.2.5: Departmental capital budget statement
Prepared on Australian Accounting Standards basis.
Table 3.2.6: Statement of asset movements — Departmental (2011-12)
Prepared on Australian Accounting Standards basis.
Table 3.2.7: Schedule of budgeted income and expenses administered on behalf of
Government (for the period ended 30 June)
Prepared on Australian Accounting Standards basis.
Table 3.2.8: Schedule of budgeted assets and liabilities administered on behalf of
Government (as at 30 June)
Prepared on Australian Accounting Standards basis.
Table 3.2.9: Schedule of budgeted administered cash flows
(for the period ended 30 June))
Prepared on Australian Accounting Standards basis.
3.2.4 Notes to the financial statements
Accounting policy
The budgeted financial statements have been prepared on an accrual accounting basis having regard to statements of accounting concepts, and in accordance with:
- the Government's financial budgeting and reporting framework; and
- Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board.
Departmental and administered items
Agency assets, liabilities, revenues and expenses are those items that are controlled by the ACCC that are used by the ACCC in producing its program and include:
- computers, plant and equipment and building fitout used in providing goods and services;
- liabilities for employee entitlements;
- revenue from appropriations or independent sources in payment for the departmental program; and
- employee, supplier and depreciation expenses incurred in providing agency program.
Administered items are those items incurred in providing programs that are controlled by the Government and managed, or oversighted by the ACCC on behalf of the government. Administered revenues include fees and fines.
Departmental revenue
Revenue from government represents the purchase of outputs from the ACCC by the Government and is recognised to the extent that it has been received into the ACCC's bank account.
Revenue from other sources, representing sales from goods and services, is recognised at the time that it is imposed on customers.
Departmental expenses — employees
Payments and net increases in entitlements to employees for services rendered in the financial year.
Departmental expenses — suppliers
Payments to suppliers for goods and services used in providing agency programs.
Departmental expenses — depreciation and amortisation
Depreciable property, plant and equipment, buildings and intangible assets are written-off to their estimated residual values over their estimated useful life, using the straight-line calculation method.
Departmental assets — financial assets
The primary financial asset relates to receivables. Financial assets are used to fund the ACCC's capital program, employee entitlements, creditors and to provide working capital.
Departmental assets — non-financial assets
These items represent future benefits that the ACCC will consume in producing outputs. The reported value represents the purchase paid less depreciation incurred to date in using the asset.
Departmental liabilities — provisions and payables
Provision has been made for the ACCC's liability for employee entitlements arising from services rendered by employees. The liability includes unpaid annual leave and long service leave.
Provision has also been made for unpaid expenses as at balance date.