What financial reporting requirements is a statutory State Owned Corporation (SOCs) subject to?
According to the State Owned Corporations Act 1989 (s 24A(1)), statutory SOCs are subject to the statutory body financial reporting requirements in the Public Finance and Audit Act and Regulation. Limited exemptions have been allowed in respect of statutory SOCs based on an assessment of whether they operate in competition with other bodies or not in competition. Statutory SOCs are not subject to Treasurers Directions. However, as part of the Statement of Corporate Intent, statutory SOCs are required to comply with a number of Treasury Circulars listed in Attachment 1 of NSW Treasurys Guidelines for the Development of the Statement of Corporate Intent. The Guidelines are sent to SOCs annually or SOCs may request a copy from Treasury. This is necessary to ensure that the States consolidated accounts are prepared on a consistent basis. It is also recommended that the Corporation adopt all other Treasury Circulars and documents on accounting policy matters, however, this recommendation re
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