Section 1: Agency overview and resources
1.1 Strategic direction
There has been no significant change to the strategic direction of the Australian Securities and Investments Commission (ASIC) from that outlined in the Treasury Portfolio Budget Statements 2012-13 (pages 153-154).
ASIC is seeking $9.0 million in departmental funding through Appropriation Bill (No. 3) 2012-13. This comprises an additional $12.6 million which is offset by a reduction of $3.6 million.
The additional $12.6 million relates to $0.7 million for the reallocation of funding from the Department of the Treasury for Helping Our Kids Understand Finances, and the following measures outlined in the Mid-Year Economic and Fiscal Outlook 2012-13:
- Australian Securities and Investments Commission — additional operational funding ($10.0 million);
- Bank accounts and life insurance policies — reform of arrangements relating to transfer of unclaimed monies to ASIC ($1.0 million); and
- Company monies — reform of arrangements relating to transfer of unclaimed monies ($0.9 million).
This funding is offset by a reduction of $3.6 million that relates to:
- $0.04 million for the Fire Service Levy — reduction measure outlined in Budget Paper No. 2, Budget Measures 2012-13; and
- $2.0 million for the Future of Financial Advice Reform — accountant’s exemption — transitional relief and $1.6 million for the Targeted savings — public service efficiencies measures outlined in the Mid-Year Economic and Fiscal Outlook 2012-13.
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.
| Estimates as at Budget 2012-13 $'000 |
+ | Proposed additional Estimates 2012-13 $'000 |
= | Total estimate at Additional Estimates 2012-13 $'000 |
Total available appropriation 2011-12 $'000 |
||
|---|---|---|---|---|---|---|---|
| Ordinary annual services | |||||||
| Departmental appropriation | |||||||
| Prior year departmental appropriation | 80,999 | - | 80,999 | - | |||
| Departmental appropriation | 363,674 | 1 | 9,003 | 2 | 372,677 | 386,911 | |
| Receipts from other sources (s31) | 3,536 | 246 | 3,782 | 39,927 | |||
| Total | 448,209 | 9,249 | 457,458 | 426,838 | |||
| Administered expenses | |||||||
| Assetless Administration fund | 3,566 | - | 3,566 | 3,471 | |||
| Section 28 of the FMA Act | - | 7,188 | 7,188 | - | |||
| Ordinary annual services | - | 4,619 | 4,619 | - | |||
| Total | 3,566 | 11,807 | 15,373 | 3,471 | |||
| Total ordinary annual services | A | 451,775 | 21,056 | 472,831 | 430,309 | ||
| Other services | |||||||
| Departmental non-operating | |||||||
| Equity injections | 13,934 | - | 13,934 | 2,212 | |||
| Total other services | B | 13,934 | - | 13,934 | 2,212 | ||
| Total available annual appropriations (A+B) | 465,709 | 21,056 | 486,765 | 432,521 | |||
| Special appropriations | |||||||
| Banking Act 1959 | 39,693 | 13,684 | 53,377 | 32,769 | |||
| Life Insurance Act 1995 | 4,115 | 1,307 | 5,422 | 4,602 | |||
| Total special appropriations | C | 43,808 | 14,991 | 58,799 | 37,371 | ||
| Total appropriations excluding special accounts (A+B+C) | 509,517 | 36,047 | 545,564 | 469,892 | |||
| Special accounts | |||||||
| Opening balance | 39,596 | - | 39,596 | 99,794 | |||
| Appropriation receipts | 30,000 | - | 30,000 | 30,000 | |||
| Non-appropriation receipts to special accounts | 109,000 | 163,560 | 272,560 | 305,924 | |||
| Total special account | D | 178,596 | 163,560 | 342,156 | 435,718 | ||
| Total resourcing (A+B+C+D) | 688,113 | 199,607 | 887,720 | 905,610 | |||
| Less receipts from other sources and credited to special accounts | 30,000 | - | 30,000 | 30,000 | |||
| Total net resourcing for ASIC | 658,113 | 199,607 | 857,720 | 875,610 |
1. Includes $15.8 million in 2012-13 for the Departmental Capital Budget (also refer to Table 3.2.5).
2. Appropriation Bill (No. 3) 2012-13.
1.3 Agency measures table
Table 1.2 summarises new Government measures taken since the 2012-13 Budget.
| Program | 2012-13 $'000 |
2013-14 $'000 |
2014-15 $'000 |
2015-16 $'000 |
|
|---|---|---|---|---|---|
| Expense measures | |||||
| Australian Securities and Investments Commission - additional operational funding | |||||
| Departmental expenses | 1.1 | 10,000 | 10,000 | - | - |
| Bank accounts and life insurance policies - reform of arrangements relating to transfer of unclaimed monies to ASIC | |||||
| Departmental expenses | 1.1 | 1,041 | 343 | 346 | 350 |
| Administered expenses | 1.2 | 14,965 | - | - | - |
| 16,006 | 343 | 346 | 350 | ||
| Company monies - reform of arrangements relating to transfer of unclaimed monies | |||||
| Departmental expenses | 1.1 | 921 | 1,856 | 1,872 | 1,890 |
| Departmental revenue | 1.1 | (750) | (1,500) | (1,500) | (1,500) |
| Administered expenses | 1.2 | 4,086 | - | - | - |
| 4,257 | 356 | 372 | 390 | ||
| Fire Service Levy — reduction(a) | |||||
| Departmental expenses | 1.1 | (39) | (41) | (43) | (43) |
| Future of Financial Advice Reform - accountant's exemption - transitional relief | |||||
| Departmental expenses | 1.1 | (1,993) | (5,885) | (1,430) | 2,808 |
| Targeted savings — public service efficiencies | |||||
| Departmental expenses | 1.1 | (1,598) | (1,559) | (1,581) | (1,570) |
| Total expense measures | 26,633 | 3,214 | (2,336) | 1,935 | |
| Related capital measures | |||||
| Future of Financial Advice Reform - accountant's exemption - transitional relief | 1.1 | (988) | - | 988 | - |
| Total related capital measures | (988) | - | 988 | - | |
| Revenue measures | |||||
| Australian Charities and Not-for-profits Commission - removal of Australian Securities and Investments Commission fee | |||||
| Departmental revenue | 1.1 | - | (160) | (164) | (168) |
| Total revenue measures | - | (160) | (164) | (168) | |
| Related revenue measures | |||||
| Bank accounts and life insurance policies - reform of arrangements relating to transfer of unclaimed monies to ASIC | |||||
| Administered revenue | 1.2 | 109,411 | - | - | - |
| Company monies - reform of arrangements relating to transfer of unclaimed monies | |||||
| Departmental revenue | 1.1 | 750 | 1,500 | 1,500 | 1,500 |
| Administered revenue | 1.2 | 97,509 | 11,395 | 6,695 | 3,034 |
| 98,259 | 12,895 | 8,195 | 4,534 | ||
| Future of Financial Advice Reform - accountant's exemption - transitional relief | |||||
| Administered revenue | 1.1 | (2,817) | (8,422) | 54 | 6,713 |
| Total related revenue measures | 204,853 | 4,473 | 8,249 | 11,247 |
Note: Details of these measures, except those denoted (a), are in the Mid-Year Economic and Fiscal Outlook 2012-13.
(a) This measure was included in Budget Paper No. 2, Budget Measures 2012-13.
1.4 Additional estimates and variations
Table 1.3 details the additional estimates resulting from new measures since the 2012-13 Budget. Table 1.4 details the additional estimates resulting from other variations since the 2012-13 Budget.
| Program impacted |
2012-13 $'000 |
2013-14 $'000 |
2014-15 $'000 |
2015-16 $'000 |
|
|---|---|---|---|---|---|
| Outcome 1 | |||||
| Increase in estimates (departmental) | |||||
| Australian Securities and Investments Commission - additional operational funding | 1.1 | 10,000 | 10,000 | - | - |
| Bank accounts and life insurance policies - reform of arrangements relating to transfer of unclaimed monies to ASIC | 1.1 | 1,041 | 343 | 346 | 350 |
| Company monies - reform of arrangements relating to transfer of unclaimed monies | 1.1 | 921 | 1,856 | 1,872 | 1,890 |
| Fire Service Levy — reduction | 1.1 | (39) | (41) | (43) | (43) |
| Future of Financial Advice Reform - accountant's exemption - transitional relief | 1.1 | (1,993) | (5,885) | (1,430) | 2,808 |
| Targeted savings — public service efficiencies | 1.1 | (1,598) | (1,559) | (1,581) | (1,570) |
| Net impact on estimates for Outcome 1 (departmental) | 8,332 | 4,714 | (836) | 3,435 |
| Program impacted |
2012-13 $'000 |
2013-14 $'000 |
2014-15 $'000 |
2015-16 $'000 |
Outcome 1 |
|---|---|---|---|---|---|
| Increase in estimates (departmental) | |||||
| Reallocation of funding from the Department of the Treasury for Helping Our Kids Understand Finances | 1.1 | 671 | - | - | - |
| Net impact on estimates for Outcome 1 (departmental) | 671 | - | - | - |
1.5 Breakdown of additional estimates by Appropriation Bill
The following table details the additional estimates sought for ASIC through Appropriation Bill No. 3. ASIC is not seeking funding through Appropriation Bill No. 4.
| 2011-12 available $'000 |
2012-13 budget $'000 |
2012-13 revised $'000 |
Additional estimates $'000 |
Reduced estimates $'000 |
|
|---|---|---|---|---|---|
| DEPARTMENTAL PROGRAMS | |||||
| Outcome 1: Improved confidence in Australia's financial markets through promoting informed investors and financial consumers, facilitating fair and efficient markets and delivering efficient registry systems | 386,911 | 363,674 | 372,677 | 9,003 | - |
| Total | 386,911 | 363,674 | 372,677 | 9,003 | - |
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 ASIC from that included in the Portfolio Budget Statements 2012-13 (page 158).
| Outcome 1: Improved confidence in Australia’s financial markets through promoting informed investors and financial consumers, facilitating fair and efficient markets and delivering efficient registry systems | 2011-12 Actual expenses $'000 |
2012-13 Revised estimated expenses $'000 |
|---|---|---|
| Program 1.1: Australian Securities and Investments Commission | ||
| Departmental expenses | ||
| Departmental appropriation | 338,823 | 363,595 |
| Expenses not requiring appropriation in the budget year | 45,665 | 45,484 |
| Administered expenses | ||
| Ordinary annual services (Appropriation Bill No. 1) | 1,823 | 3,566 |
| Expenses not requiring appropriation in the budget year | 43,040 | 34,090 |
| Total for Program 1.1 | 429,351 | 446,735 |
| Program 1.2: Banking Act 1959, Life Insurance Act 1995, unclaimed monies and special accounts | ||
| Administered expenses | ||
| Companies unclaimed monies - section 28 of the FMA Act | - | 7,188 |
| Ordinary annual services (Appropriation Bill No. 1) |
- | 4,619 |
| Special appropriations | ||
| Banking Act 1959 - Banking unclaimed monies | 32,769 | 53,377 |
| Life Insurance Act 1995 - Life unclaimed monies | 4,602 | 5,422 |
| Total for Program 1.2 | 37,371 | 70,606 |
| Outcome 1 totals by appropriation type | ||
| Departmental expenses | ||
| Departmental appropriation | 338,823 | 363,595 |
| Expenses not requiring appropriation in the budget year | 45,665 | 45,484 |
| Administered expenses | ||
| Companies unclaimed monies - section 28 of the FMA Act | - | 7,188 |
| Ordinary annual services (Appropriation Bill No. 1) | - | 4,619 |
| Special appropriations | 37,371 | 58,799 |
| Ordinary annual services (Appropriation Bill No. 1) | 1,823 | 3,566 |
| Expenses not requiring appropriation in Budget year | 43,040 | 34,090 |
| Total expenses for Outcome 1 | 466,722 | 517,341 |
| 2011-12 | 2012-13 | |
| Average staffing level (number) | 1,814 | 1,831 |
Program 1.1: Australian Securities and Investments Commission
There has been no change to the program objective, deliverables or key performance indicators from that included in the Portfolio Budget Statements 2012-13.
| 2011-12 Actual $'000 |
2012-13 Revised budget $'000 |
2013-14 Forward year 1 $'000 |
2014-15 Forward year 2 $'000 |
2015-16 Forward year 3 $'000 |
|
|---|---|---|---|---|---|
| Annual departmental expenses: | |||||
| Departmental items | 338,823 | 363,595 | 354,005 | 346,306 | 346,743 |
| Expenses not requiring appropriation | 45,665 | 45,484 | 40,726 | 33,256 | 28,769 |
| Annual administered expenses: | |||||
| Ordinary annual services | 1,823 | 3,566 | 3,551 | 3,573 | 3,605 |
| Expenses not requiring appropriation | 43,040 | 34,090 | 34,499 | 34,913 | 35,332 |
| Total program expenses | 429,351 | 446,735 | 432,781 | 418,048 | 414,449 |
Program 1.2: Banking Act 1959, Life Insurance Act 1995, unclaimed monies and special accounts
There has been no change to the program objective, deliverables or key performance indicators from that included in the Portfolio Budget Statements 2012-13.
| 2011-12 Actual $'000 |
2012-13 Revised budget $'000 |
2013-14 Forward year 1 $'000 |
2014-15 Forward year 2 $'000 |
2015-16 Forward year 3 $'000 |
|
|---|---|---|---|---|---|
| Annual administered expenses: | |||||
| Special appropriations | 37,371 | 58,799 | 47,750 | 52,047 | 56,731 |
| Ordinary annual services | - | 4,619 | - | - | - |
| Section 28 of the FMA Act | - | 7,188 | 7,683 | 8,571 | 5,386 |
| Total program expenses | 37,371 | 70,606 | 55,433 | 60,618 | 62,117 |
Section 3: Explanatory tables and budgeted financial statements
3.1 Explanatory tables
3.1.1 Estimates of special account flows
Special accounts provide a means to set aside and record amounts used for specific purposes. Table 3.1.1 shows the expected additions (receipts) and reductions (payments) for each account used by ASIC.
| Outcome | Opening balance 2012-13 2011-12 $'000 |
Receipts non- appropriated 2012-13 2011-12 $'000 |
Receipts appropriated 2012-13 2011-12 $'000 |
Payments 2012-13 2011-12 $'000 |
Closing balance 2012-13 2011-12 $'000 |
|
|---|---|---|---|---|---|---|
| ASIC Deregistered Companies Trust Monies Special | 1 | 1,011 | 1,000 | - | 2,011 | - |
| Account (D) | 774 | 941 | - | 704 | 1,011 | |
| ASIC Investigations, Legal Proceedings, Settlements and Court Orders Special | 1 | 11,019 | - | - | 11,019 | - |
| Account (D) | 68,700 | 1,581 | - | 59,262 | 11,019 | |
| ASIC Security Deposits | 1 | 384 | - | - | 384 | - |
| Special Account (D) | 368 | 16 | - | - | 384 | |
| Companies and Unclaimed | 1 | 7,096 | 271,560 | - | 278,656 | - |
| Monies Special Account (A) | 25,458 | 303,386 | - | 321,748 | 7,096 | |
| Enforcement Special | 1 | 20,086 | - | 30,000 | 30,000 | 20,086 |
| Account (D) | 4,494 | - | 30,000 | 14,408 | 20,086 | |
| Total special accounts 2012-13 Budget estimate | 39,596 | 272,560 | 30,000 | 322,070 | 20,086 | |
| Total special accounts 2011-12 actual | 99,794 | 305,924 | 30,000 | 396,122 | 39,596 |
(A) Administered.
(D) Departmental.
3.2 Budgeted financial statements
3.2.1 Analysis of budgeted financial statements
Budgeted departmental Comprehensive income statement
ASIC is currently budgeting for a break-even operating result for 2012-13 and for the remainder of the forward estimates.
Total revenue and expenses (excluding depreciation) are estimated to be $365.8 million for 2012-13. The expenditure will be used to fund activities that contribute towards achieving the outcome and program objectives outlined in Section 2.
Budgeted departmental balance sheet
This statement shows the financial position of ASIC. It helps decision makers to track the management of ASIC’s assets and liabilities.
ASIC’s budgeted equity (or net asset position) for 2012-13 is $141.4 million.
The 2012-13 equity position reflects the cumulative effect of capital injections of $29.7 million received during 2012-13.
Budgeted departmental statement of cash flows
The budgeted statement of cash flows provides important information on the extent and nature of cash flows by categorising them into expected cash flows from operating activities, investing activities and financing activities.
Departmental statement of changes in equity — summary of movement
This statement shows the changes in the equity position of ASIC. It helps decision-makers to track the management of ASIC’s equity.
Departmental capital budget statement
This statement shows details of capital appropriations received by ASIC. It helps decision-makers to track the acquisition of new non-financial assets.
Statement of Asset Movements — Departmental
This statement shows details of gross asset movements during the year. It helps decision-makers to analyse movements of non-financial assets.
Schedule of administered activity
Schedule of budgeted income and expenses administered on behalf of government
The schedule of budgeted income and expenses administered on behalf of government shows the revenue and expenses associated with the collection of revenue under the Corporations Act 2001 and ASIC’s responsibilities in administering unclaimed monies under the Banking Act 1959, the Life Insurance Act 1995 and section 28 of the Financial Management and Accountability Act 1997 (FMA Act).
Prior to 5 December 2012, unclaimed company monies were held in ASIC’s Companies and Unclaimed Monies Special Account (CUMSA) for six years before being transferred to the Consolidated Revenue Fund (CRF). From 5 December 2012, the Government closed the CUMSA and unclaimed company monies are transferred to the CRF on a daily basis. In addition to the above reform, the Government will pay interest from 1 July 2013 on all reclaimed monies. ASIC will receive $6.5 million over the forward estimates to continue to administer unclaimed monies and associated interest payments.
Other non-taxation revenue represents the amount of fees and charges budgeted to be levied under the Corporations Act 2001 and estimated receipts of unclaimed monies under the Banking Act 1959, the Life Insurance Act 1995 and the Corporations Act 2001.
Expenses represent budgeted payments of unclaimed monies, refund of overpaid fees and charges levied under the Corporations Act 2001, bad debt expense and payments to registered insolvency practitioners to investigate breaches of directors’ duties and fraudulent conduct.
Schedule of budgeted assets and liabilities administered on behalf of government
The amount shown for receivables in 2012-13 and in the forward estimates is the estimated amount of fees and charges under the Corporations Act 2001 remaining unpaid at 30 June.
The amounts shown in other payables for 2012-13 and the forward estimates represent the estimated amount of refunds relating to the over payments of annual review fees, other fees under the Corporations Act 2001, claims payable under the Banking Act 1959, the Life Insurance Act 1995 and companies unclaimed monies under section 28 of the FMA Act.
Schedule of budgeted administered cash flows
Budgeted administered cash flows, provide important information on the extent and nature of cash flows by categorising them into expected cash flows from operating activities, investing activities and financing activities.
3.2.2 Budgeted financial statements
Departmental financial statements
| Actual 2011-12 $'000 |
Revised budget 2012-13 $'000 |
Forward estimate 2013-14 $'000 |
Forward estimate 2014-15 $'000 |
Forward estimate 2015-16 $'000 |
|
|---|---|---|---|---|---|
| EXPENSES | |||||
| Employee benefits | 217,848 | 229,432 | 219,411 | 216,755 | 223,828 |
| Supplier | 120,078 | 133,663 | 134,094 | 129,051 | 122,415 |
| Finance costs | 897 | 500 | 500 | 500 | 500 |
| Depreciation and amortisation | 45,665 | 45,484 | 40,726 | 33,256 | 28,769 |
| Total expenses | 384,488 | 409,079 | 394,731 | 379,562 | 375,512 |
| LESS: | |||||
| OWN-SOURCE INCOME | |||||
| Revenue | |||||
| Sale of goods and rendering of services | 3,559 | 2,015 | 1,188 | 1,204 | 1,282 |
| Other revenue | 31,031 | 5,768 | 835 | 840 | 865 |
| Total revenue | 34,590 | 7,783 | 2,023 | 2,044 | 2,147 |
| Gains | |||||
| Other | 181 | 172 | 172 | 172 | 172 |
| Total gains | 181 | 172 | 172 | 172 | 172 |
| Total own-source income | 34,771 | 7,955 | 2,195 | 2,216 | 2,319 |
| Net cost of (contribution by) services | 349,717 | 401,124 | 392,536 | 377,346 | 373,193 |
| Appropriation revenue | 304,259 | 358,023 | 354,100 | 346,380 | 346,714 |
| Surplus (deficit) attributable to the Australian Government | (45,458) | (43,101) | (38,436) | (30,966) | (26,479) |
| 2011-12 $'000 |
2012-13 $'000 |
2013-14 $'000 |
2014-15 $'000 |
2015-16 $'000 |
|
|---|---|---|---|---|---|
| Total Comprehensive Income (loss) less depreciation/amortisation expenses previously funded through revenue appropriations | 207 | 93 | - | - | - |
| plus depreciation/amortisation expenses previously funded through revenue appropriations | (45,665) | (43,194) | (38,436) | (30,966) | (26,479) |
| Total Comprehensive Income (loss) - as per the Statement of Comprehensive Income | (45,458) | (43,101) | (38,436) | (30,966) | (26,479) |
Prepared on Australian Accounting Standards basis.
| Actual 2011-12 $'000 |
Revised budget 2012-13 $'000 |
Forward estimate 2013-14 $'000 |
Forward estimate 2014-15 $'000 |
Forward estimate 2015-16 $'000 |
|
|---|---|---|---|---|---|
| ASSETS | |||||
| Financial assets | |||||
| Cash and equivalents | 8,777 | 5,016 | 6,170 | 6,170 | 6,170 |
| Trade and other receivables | 89,481 | 87,165 | 81,299 | 78,838 | 80,200 |
| Total financial assets | 98,258 | 92,181 | 87,469 | 85,008 | 86,370 |
| Non-financial assets | |||||
| Land and buildings | 55,612 | 49,485 | 45,042 | 40,251 | 42,503 |
| Infrastructure, plant and equipment | 26,428 | 30,477 | 27,770 | 25,593 | 30,949 |
| Intangibles | 130,977 | 117,450 | 111,795 | 102,500 | 91,359 |
| Other | 8,799 | 8,894 | 8,991 | 9,090 | 9,191 |
| Total non-financial assets | 221,816 | 206,306 | 193,598 | 177,434 | 174,002 |
| Total assets | 320,074 | 298,487 | 281,067 | 262,442 | 260,372 |
| LIABILITIES | |||||
| Provisions | |||||
| Employees | 51,684 | 49,189 | 49,079 | 49,658 | 52,027 |
| Other | 19,242 | 18,526 | 18,818 | 18,481 | 18,791 |
| Total provisions | 70,926 | 67,715 | 67,897 | 68,139 | 70,818 |
| Payables | |||||
| Suppliers | 48,324 | 51,988 | 49,208 | 49,206 | 48,823 |
| Other | 46,043 | 37,380 | 33,073 | 28,919 | 25,796 |
| Total payables | 94,367 | 89,368 | 82,281 | 78,125 | 74,619 |
| Total liabilities | 165,293 | 157,083 | 150,178 | 146,264 | 145,437 |
| Net assets | 154,781 | 141,404 | 130,889 | 116,178 | 114,935 |
| EQUITY | |||||
| Contributed equity | 202,425 | 232,149 | 260,070 | 276,325 | 301,561 |
| Reserves | 9,213 | 9,213 | 9,213 | 9,213 | 9,213 |
| Retained surpluses or accumulated deficits | (56,857) | (99,958) | (138,394) | (169, 360) |
(195,839) |
| Total equity | 154,781 | 141,404 | 130,889 | 116,178 | 114,935 |
| Current assets | 107,057 | 101,075 | 96,460 | 94,098 | 95,561 |
| Non-current assets | 213,017 | 197,412 | 184,607 | 168,344 | 164,811 |
| Current liabilities | 80,798 | 76,971 | 73,587 | 71,669 | 71,264 |
| Non-current liabilities | 84,495 | 80,112 | 76,591 | 74,595 | 74,173 |
Prepared on Australian Accounting Standards basis.
| Actual 2011-12 $'000 |
Revised budget 2012-13 $'000 |
Forward estimate 2013-14 $'000 |
Forward estimate 2014-15 $'000 |
Forward estimate 2015-16 $'000 |
|
|---|---|---|---|---|---|
| OPERATING ACTIVITIES | |||||
| Cash received | |||||
| Goods and services | 8,895 | 2,015 | 1,188 | 1,204 | 1,282 |
| Appropriations | 319,312 | 359,903 | 358,830 | 348,066 | 345,352 |
| GST received | 19,221 | 12,555 | 15,986 | 15,309 | 15,608 |
| Other | 31,032 | 1,767 | 835 | 840 | 865 |
| Total cash received | 378,460 | 376,240 | 376,839 | 365,419 | 363,107 |
| Cash used | |||||
| Employees | 211,883 | 232,643 | 219,229 | 216,513 | 221,149 |
| Suppliers | 109,118 | 134,608 | 140,470 | 132,609 | 126,350 |
| GST paid | 19,889 | 12,555 | 15,986 | 15,309 | 15,608 |
| Other | 36,042 | 40 | - | 250 | - |
| Total cash used | 376,932 | 379,846 | 375,685 | 364,681 | 363,107 |
| Net cash from or (used by) operating activities | 1,528 | (3,606) | 1,154 | 738 | - |
| INVESTING ACTIVITIES | |||||
| Cash used | |||||
| Purchase of property, plant and equipment | 56,346 | 29,879 | 27,921 | 16,993 | 25,236 |
| Total cash used | 56,346 | 29,879 | 27,921 | 16,993 | 25,236 |
| Net cash from or (used by) investing activities | (56,346) | (29,879) | (27,921) | (16,993) | (25,236) |
| FINANCING ACTIVITIES | |||||
| Cash received | |||||
| Appropriations - contributed equity | 58,861 | 29,724 | 27,921 | 16,255 | 25,236 |
| Total cash received | 58,861 | 29,724 | 27,921 | 16,255 | 25,236 |
| Net cash from or (used by) financing activities | 58,861 | 29,724 | 27,921 | 16,255 | 25,236 |
| Net increase or (decrease) in cash held | 4,043 | (3,761) | 1,154 | - | - |
| Cash at the beginning of the reporting period | 4,734 | 8,777 | 5,016 | 6,170 | 6,170 |
| Cash at the end of the reporting period | 8,777 | 5,016 | 6,170 | 6,170 | 6,170 |
Prepared on Australian Accounting Standards basis.
| Retained earnings $'000 |
revaluation reserve $'000 |
Other reserves $'000 |
equity/ capital $'000 |
Total equity $'000 |
|
|---|---|---|---|---|---|
| Opening balance as at 1 July 2012 | |||||
| Balance carried forward from previous period | (56,857) | 9,213 | - | 202,425 | 154,781 |
| Adjusted opening balance | (56,857) | 9,213 | - | 202,425 | 154,781 |
| Comprehensive income | |||||
| Surplus (deficit) for the period | (43,101) | - | - | - | (43,101) |
| Transactions with owners | |||||
| Appropriation (equity injection) | - | - | 13,934 | 13,934 | |
| Appropriation (departmental capital budget) | - | - | - | 15,790 | 15,790 |
| Subtotal transactions | - | - | - | 29,724 | 29,724 |
| Estimated closing balance as at 30 June 2013 | (99,958) | 9,213 | - | 232,149 | 141,404 |
Prepared on Australian Accounting Standards basis.
| Actual 2011-12 $'000 |
Revised budget 2012-13 $'000 |
Forward estimate 2013-14 $'000 |
Forward estimate 2014-15 $'000 |
Forward estimate 2015-16 $'000 |
|
|---|---|---|---|---|---|
| NEW CAPITAL APPROPRIATIONS | |||||
| Capital budget - Bill 1 - DCB | 39,065 | 15,790 | 18,741 | 10,305 | 24,795 |
| Equity injections - Bill 2 | 17,281 | 13,934 | 9,180 | 5,950 | 441 |
| Total new capital appropriations | 56,346 | 29,724 | 27,921 | 16,255 | 25,236 |
| Provided for: | |||||
| Purchase of non-financial assets | 56,346 | 29,724 | 27,921 | 16,255 | 25,236 |
| Other items | |||||
| Total Items | 56,346 | 29,724 | 27,921 | 16,255 | 25,236 |
| PURCHASE OF NON-FINANCIAL ASSETS | |||||
| Funded by capital appropriations | 17,281 | 12,946 | 9,180 | 5,950 | 441 |
| Funded by capital appropriation - DCB | 39,065 | 15,750 | 18,741 | 10,055 | 24,795 |
| Funded internally from departmental resources | - | 1,183 | - | 988 | - |
| TOTAL | 56,346 | 29,879 | 27,921 | 16,993 | 25,236 |
| RECONCILIATION OF CASH USED TO ACQUIRE ASSETS TO ASSET MOVEMENT TABLE | |||||
| Total purchases | 56,346 | 29,879 | 27,921 | 16,993 | 25,236 |
| Total cash used to acquire assets | 56,346 | 29,879 | 27,921 | 16,993 | 25,236 |
Prepared on Australian Accounting Standards basis.
| Buildings $'000 |
Other infrastructure, plant and equipment $'000 |
Intangibles $'000 |
Total $'000 |
|
|---|---|---|---|---|
| As at 1 July 2012 | ||||
| Gross book value | 90,707 | 54,895 | 210,118 | 355,720 |
| less Accumulated depreciation/amortisation | 35,095 | 28,467 | 79,141 | 142,703 |
| Opening net book balance | 55,612 | 26,428 | 130,977 | 213,017 |
| Asset movements | ||||
| Additions | 1,000 | 9,551 | 19,328 | 29,879 |
| less Depreciation/amortisation expense | 7,127 | 5,502 | 32,855 | 45,484 |
| Total asset movements | (6,127) | 4,049 | (13,527) | (15,605) |
| As at 30 June 2013 | ||||
| Gross book value | 91,707 | 64,446 | 229,446 | 385,599 |
| less Accumulated depreciation/amortisation | 42,222 | 33,969 | 111,996 | 188,187 |
| Closing net book balance | 49,485 | 30,477 | 117,450 | 197,412 |
Prepared on Australian Accounting Standards basis.
Schedule of administered activity
| Actual 2011-12 $'000 |
Revised budget 2012-13 $'000 |
Forward estimate 2013-14 $'000 |
Forward estimate 2014-15 $'000 |
Forward estimate 2015-16 $'000 |
|
|---|---|---|---|---|---|
| INCOME ADMINISTERED ON BEHALF OF GOVERNMENT | |||||
| Non-taxation | |||||
| Other sources of non-taxation revenues | 733,606 | 1,076,512 | 833,315 | 852,292 | 872,215 |
| Total revenues administered on behalf of Government | 733,606 | 1,076,512 | 833,315 | 852,292 | 872,215 |
| EXPENSES ADMINISTERED ON BEHALF OF GOVERNMENT | |||||
| Grants | 1,823 | 3,566 | 3,551 | 3,573 | 3,605 |
| Write down and impairment of assets | 43,040 | 34,090 | 34,499 | 34,913 | 35,332 |
| Interest expense | - | 19,610 | - | - | - |
| Other | 37,371 | 50,996 | 55,433 | 60,618 | 62,117 |
| Total expenses administered on behalf of Government | 82,234 | 108,262 | 93,483 | 99,104 | 101,054 |
Prepared on Australian Accounting Standards basis.
| Actual 2011-12 $'000 |
Revised budget 2012-13 $'000 |
Forward estimate 2013-14 $'000 |
Forward estimate 2014-15 $'000 |
Forward estimate 2015-16 $'000 |
|
|---|---|---|---|---|---|
| ASSETS ADMINISTERED ON BEHALF OF GOVERNMENT | |||||
| Financial assets | |||||
| Cash and cash equivalents | 1,373 | 1,373 | 1,373 | 1,373 | 1,373 |
| Receivables | 104,716 | 104,345 | 103,705 | 102,919 | 102,045 |
| Total assets administered on behalf of Government | 106,089 | 105,718 | 105,078 | 104,292 | 103,418 |
| LIABILITIES ADMINISTERED ON BEHALF OF GOVERNMENT | |||||
| Payables | |||||
| Grants payable | 761 | 761 | 761 | 761 | 761 |
| Other payables | 14,284 | 354,932 | 220,886 | 146,229 | 105,312 |
| Total liabilities administered on behalf of Government | 15,045 | 355,693 | 221,647 | 146,990 | 106,073 |
Prepared on Australian Accounting Standards basis.
| Actual 2011-12 $'000 |
Revised budget 2012-13 $'000 |
Forward estimate 2013-14 $'000 |
Forward estimate 2014-15 $'000 |
Forward estimate 2015-16 $'000 |
|
|---|---|---|---|---|---|
| OPERATING ACTIVITIES | |||||
| Cash received | |||||
| Other | 688,266 | 1,342,649 | 815,303 | 828,826 | 844,401 |
| Net GST received | 83 | 324 | 323 | 325 | 328 |
| Total cash received | 688,349 | 1,342,973 | 815,626 | 829,151 | 844,729 |
| Cash used | |||||
| Grants | 2,147 | 3,566 | 3,551 | 3,573 | 3,605 |
| GST | - | 324 | 323 | 325 | 328 |
| Other | 37,371 | 29,814 | 205,325 | 145,936 | 109,678 |
| Total cash used | 39,518 | 33,704 | 209,199 | 149,834 | 113,611 |
| Net cash from or (used by) operating activities | 648,831 | 1,309,269 | 606,427 | 679,317 | 731,118 |
| FINANCING ACTIVITIES | |||||
| Cash received | |||||
| Cash from Official Public Account | 41,146 | 69,380 | 215,552 | 156,974 | 121,228 |
| Total cash received | 41,146 | 69,380 | 215,552 | 156,974 | 121,228 |
| Cash used | |||||
| Cash to Official Public Account | 691,771 | 1,378,649 | 821,303 | 834,826 | 850,401 |
| Cash to Agencies (Finance) | - | - | 676 | 1,465 | 1,945 |
| Total cash used | 691,771 | 1,378,649 | 821,979 | 836,291 | 852,346 |
| Net cash from or (used by) financing activities | (650,625) | (1,309,269) | (606,427) | (679,317) | (731,118) |
| Net increase or (decrease) in cash held | (1,794) | - | - | - | - |
| Cash at beginning of reporting period | 3,167 | 1,373 | 1,373 | 1,373 | 1,373 |
| Cash at end of reporting period | 1,373 | 1,373 | 1,373 | 1,373 | 1,373 |
Prepared on Australian Accounting Standards basi
s.
Notes to the financial statements
Basis of accounting
The budgeted financial statements have been prepared on an Australian Accounting Standards basis.
Budgeted agency financial statements
Under the Australian Government’s accrual budgeting framework, and consistent with Australian Accounting Standards, transactions that agencies control (departmental transactions) are separately budgeted for and reported on from transactions that agencies do not have control over (administered transactions). This ensures that agencies are only held fully accountable for the transactions over which they have control.
Departmental items are those assets, liabilities, revenues and expenses in relation to an agency or authority that are controlled by the agency. Departmental expenses include employee and supplier expenses and other administrative costs, which are incurred by the agency in providing its goods and services.
Administered items are revenues, expenses, assets and liabilities that are managed by an agency or authority on behalf of the Australian Government according to set government directions. Administered expenses and administered revenues include fees, fines and expenses that have been earmarked for a specific purpose by the government.
Appropriations in the accrual budgeting framework
Under the Australian Government’s accrual budgeting framework, separate annual appropriations are provided for:
- departmental appropriations representing the Australian Government’s purchase of programs from agencies;
- departmental capital appropriations for investments by the Australian Government for either additional equity or loans in agencies;
- administered expense appropriations for the estimated administered expenses relating to an existing outcome or a new outcome; and
- administered capital appropriations for increases in administered equity through funding non-expense administered payments.
Departmental
Asset valuation
ASIC has adopted fair value as a basis for valuing its leasehold improvements and plant and equipment. Valuation is conducted with sufficient frequency to ensure that the carrying amounts of assets do not differ materially from the assets fair values as at the reporting date.
Asset recognition threshold
Purchases of property, plant and equipment are recognised initially at cost in the balance sheet, except for purchases costing less than $2,000, which are expensed in the year of acquisition.
Leases
A distinction is made between finance leases, which effectively transfer from the lessor to the lessee substantially all the risks and benefits incidental to ownership of leased non-current assets, and operating leases under which the lessor effectively retains substantially all such risks and benefits.
Where a non-current asset is acquired by means of a finance lease, the asset is capitalised at the lower of fair value or the present value of minimum lease payments at the inception of the lease and a liability recognised for the same amount. Leased assets are amortised over the period of the lease. Lease payments are allocated between the principal component and the interest expense.
Operating lease payments are charged to the income statement on a basis that is representative of the pattern of benefits derived from the lease assets.
Depreciation and amortisation
Computer equipment and plant and equipment is depreciated using the straight-line method. Leasehold improvements are amortised on a straight-line basis over the lesser of the estimated life of the improvements or the unexpired period of the lease.
Depreciation/amortisation rates (useful lives) are reviewed at each balance date and necessary adjustments are recognised.
Receivables
A provision is raised for any doubtful debts based on a review of the collectability of all outstanding accounts as at year-end.
Bad debts are written off during the year in which they are identified.
Provisions and payables
Provisions and payables represent liabilities for miscellaneous accruals and employee benefits, including accrued salary and leave entitlements, provisions for making-good leased premises and lease incentives. No provision for sick leave is required as all sick leave is non-vesting.
Administered
Schedule of budgeted revenues and expenses administered on behalf of government
Revenues
Non-taxation revenues are predominately comprised of Corporations Act 2001 fees and charges and collections of unclaimed monies under the Banking Act 1959, the Life Insurance Act 1995 and the Corporations Act 2001.
Write down and impairment of assets
Write down and impairment of assets represents waivers and write-offs of corporation’s law fees.
Schedule of budgeted assets and liabilities administered on behalf of government
Financial assets
The financial assets include corporation’s law debt invoiced and still outstanding at year-end.
Schedule of budgeted administered cash flows
All cash collected by ASIC for corporations law revenue is transferred to the Official Public Account (OPA) at the close of business each day. Cash collected for Banking Act 1959 unclaimed monies and Life Insurance Act 1995 unclaimed monies is transferred to the OPA when received.
From 5 December 2012, cash collected for unclaimed monies under the Corporations Act 2001 is also transferred to the OPA when received.