Annual Report - COMPLETE - Australian Crime Commission

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Note 2: Adoption of AASB Equivalents to International Financial Reporting Standards from 2005- 2006 The Australian Accounting Standards Board has issued replacement Accounting Standards to apply from 2005-06. The new standards are the AASB Equivalents to International Financial Reporting Standards (IFRS’s) which are issued by the International Accounting Standards Board. The new standards cannot be adopted early. The standards being replaced are to be withdrawn with effect from 2005-06, but continue to apply in the meantime. The purpose of issuing AASB Equivalents to IFRS’s is to enable Australian entities reporting under the Corporations Act 2001 to be able to more readily access overseas capital markets by preparing their financial reports according to accounting standards more widely used overseas. It is expected that the Finance Minister will continue to require compliance with the Accounting Standards issue by the AASB, including the AASB Equivalents to IFRS’s, in his Orders for the Preparation of Agency financial statements for 2005-06 and beyond. The AASB Equivalents contain certain additional provisions which will apply to not-for-profit entities, including Australian Government agencies. Some of these provisions are in conflict with the IFRS’s and therefore the ACC will only be able to assert compliance with the AASB Equivalents to the IFRS’s. Existing AASB standards that have no IFRS equivalent will continue to apply, including in particular AAS 29 Financial Reporting by Government Departments. Changes in accounting policies under AASB Equivalents are applied retrospectively, i.e. as if the new policy had always applied. This rule means that a balance sheet prepared under the AASB Equivalents must be made as at 1 July 2004, except as permitted in particular circumstances by AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards. This will enable the 2005-06 financial statements to report comparatives under the AASB Equivalents also. Accounting Standards AASB 1047 Disclosing the impact of Adopting Australian Equivalents to IFRS’s requires that the financial statements for 2003-04 disclose: • An explanation of how the transition to the AASB Equivalents is being managed; and • A narrative explanation of the key differences in accounting policies arising from the transition Management of the transition to AASB Equivalents to IFRS’s The ACC has taken the following steps in preparing for the transition to AASB Equivalents: Planning has incorporated the following: • Attendance at formal training sessions regarding IFRS’s conducted by the ANAO; and • Discussing the Agency business with ANAO and DoFA in respect of IFRS. The ACC is confident that IFRS will have minimal impact on the agency, no transactions have been identified that require different accounting treatments. The ACC has briefed the Audit Committee and committed to continuously monitor and assess our business to guarantee continuous compliance. Explanation of the key differences in accounting policies arising from the transition The ACC has reviewed the accounting treatment required under IFRS’s and we are confident that we are compliant. 108 I ACC ANNUAL REPORT 2003–04
Note 3: Events Occurring after Reporting Date The host secretariat responsibility for the Asia Pacific Group on Money Laundering is being transferred to the Australian Federal Police effective 11 October 2004. The transfer of the secretariat responsibility will not significantly affect the ongoing workings of the ACC. The transfer is unlikely to significantly affect the financial statements prepared for the ACC for the 2004-2005 financial year. ACC ANNUAL REPORT 2003–04 I 109 6A APPENDIX A: FINANCIAL STATEMENTS
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Guide to this Report This is the Au
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Key Results During 2003-04, the ACC
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CEO Forward I am pleased to present
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8 I ACC ANNUAL REPORT 2003-04 Profi
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The special, coercive powers includ
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on the IGC-ACC, and transmit those
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Table 1.1: Attendance at ACC Board
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ACC Board-Strategic Direction Commi
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The Ombudsman is scheduled to condu
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Senior Executive Team - Directors T
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Local Consultative Committee Local
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This framework also details perform
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Figure 1.3: Business planning and p
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Overview of Key Activities The ACC
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Feedback indicated the disseminatio
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Table 2.2: Output 1.1 - Summary of
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Alerts provide timely information o
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Information Bulletins The ACC Natio
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National Strategic Criminal Intelli
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Determination - Amphetamines and Ot
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A formal working group consisting o
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provided information on the diffi c
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Table 3.4: Output 1.2 - ID Crime us
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Determination - Firearms Traffi cki
Page 57 and 58: Figure 4.3: Firearms Traffi cking D
Page 59 and 60: As at 1 June 2004, operations previ
Page 61 and 62: Results include: • significant di
Page 63 and 64: Determination - Established Crimina
Page 65 and 66: Table 4.10: Output 1.3 - SEAOC use
Page 67 and 68: • Viking Task Force: The ACC prov
Page 69 and 70: Coercive powers under the Money Lau
Page 71 and 72: Table 4.13: Output 1.3 - MIDAS arre
Page 73 and 74: The purpose of referring that matte
Page 75 and 76: In February 2003, the NSW Supreme C
Page 78 and 79: 78 I ACC ANNUAL REPORT 2003-04 The
Page 80 and 81: Intelligence The Intelligence Direc
Page 82 and 83: ACC Media Coordinated by Corporate
Page 84 and 85: Staffing profile The staff of the A
Page 86 and 87: Awards and honours The ACC regularl
Page 88 and 89: Table 5.2 Resources for Outcomes Ou
Page 90 and 91: 90 I ACC ANNUAL REPORT 2003-04 Appe
Page 92 and 93: Appendix A: Financial Statements 92
Page 94 and 95: AUSTRALIAN CRIME COMMISSION Stateme
Page 96 and 97: AUSTRALIAN CRIME COMMISSION STATEME
Page 98 and 99: AUSTRALIAN CRIME COMMISSION SCHEDUL
Page 100 and 101: AUSTRALIAN CRIME COMMISSION NOTES T
Page 102 and 103: 1.3 Changes in Accounting Policy Th
Page 104 and 105: 1.7 Leases A distinction is made be
Page 106 and 107: 1.12 Property, Plant and Equipment
Page 110 and 111: Note 4: Operating Revenues Note 4A:
Page 112 and 113: Note 5E: Write down of assets 112 I
Page 114 and 115: Note 8: Non-Financial Assets (conti
Page 116 and 117: Note 9: Interest Bearing Liabilitie
Page 118 and 119: Note 11: Payables Note 11A: Supplie
Page 120 and 121: Note 13: Cash Flow Reconciliation R
Page 122 and 123: Note 16: Remuneration of Auditors F
Page 124 and 125: Note 18: Financial Instruments Natu
Page 126 and 127: Note 18: Financial Instruments (con
Page 128 and 129: Note 19B: Special Accounts Account
Page 130 and 131: Note 21B: Major Classes of Departme
Page 132 and 133: Appendix B: Staffing Statistics Sta
Page 134 and 135: Table 6B4: Salary bands under the A
Page 136 and 137: Appendix C: Consultants and Counsel
Page 138 and 139: Appendix D: Summary of Charges Tabl
Page 140 and 141: Appendix E: Court Results Table 6E1
Page 142 and 143: Table 6E1: Court Results - 1 July 2
Page 150 and 151: Appendix F: Complaints 2003-04 Natu
Page 152 and 153: Appendix G: FOI Statement Freedom o
Page 154 and 155: In addition the following documents
Page 156 and 157: Appendix H: Other Mandatory Informa
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Indexes to Compliance Index to Comp
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Glossary and abbreviations Glossary
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Special intelligence operation or s
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Acronyms and abbreviations used in
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Cybercrime, 16 open source informat
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Offices of the ACC ACC Headquarters
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Annual Report - COMPLETE - Australian Crime Commission

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