This Policy is issued as a Treasurer's Direction under section 9 and section 45E of the Public Finance and Audit Act 1983 and therefore applies to entities that are required to prepare general purpose financial reports under the Act. The Policy is also mandatory for statutory State owned corporations. A specific reference to the Policy will be included in the Statements of Corporate Intent of those entities.
This Policy applies to financial years beginning on or after 1 July 2005.