Notes Overview
Objectives of the Asbestos Safety and Eradication Agency
The Asbestos Safety and Eradication Agency (ASEA) is established by the Asbestos Safety and Eradication Agency Act 2013 to provide a national focus on asbestos issues. ASEA is responsible through its Chief Executive Officer to the Minister of Jobs and Small Business.
ASEA has broad responsibilities including workplace health and safety, environmental and public health concerns. ASEA is not a regulator. Its key functions relate to administrating the National Strategic Plan on Asbestos Awareness and Management (NSP) which aims to prevent exposure to asbestos fibres in order to eliminate asbestos-related diseases.
ASEA’s other functions include liaising with Commonwealth, State, Territory, local and other governments, agencies or bodies about asbestos safety; commissioning, monitoring and promoting research about asbestos safety and providing advice to the Minister of Jobs and Small Business, about asbestos safety.
ASEA has a broad range of stakeholders including Commonwealth, state and territory agencies across all levels of government, industry, unions and organisations that advocate asbestos safety in the community.
The ASEA is structured to meet the following outcome:
Outcome 1: To Assist in the prevention of exposure to asbestos fibres and the elimination of asbestos-related disease in Australia through implementing the National Strategic Plan for Asbestos Awareness and Management in Australia.
The ASEA is a statutory authority established on 1 July 2013 by the Asbestos Safety and Eradication Act 2013 and is responsible through its Chief Executive Officer to the Australian Government Minister of Jobs and Small Business.
The continued existence of the ASEA in its present form and with its present programmes is dependent on Government policy and on continuing funding by Parliament for the ASEA’s administration and programmes.
ASEA activities contributing toward these outcomes are classified as departmental. Departmental activities involve the use of assets, liabilities, income and expenses controlled or incurred by the ASEA in its own right.
The Basis of Preparation
The financial statements are general purpose financial statements and are required by section 42 of the Public Governance, Performance and Accountability Act 2013
The financial statements have been prepared in accordance with:
- Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR) for reporting periods ending on or after 1 July 2015; and
- Australian Accounting Standards and Interpretations – Reduced Disclosure Requirements issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period.
The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets and liabilities at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position. The financial statements are presented in Australian dollars and values are rounded to nearest thousand dollars unless otherwise specified.
New Accounting Standards
All new, revised, amending standards and/or interpretations that were issued prior to the sign-off date and are applicable to the current reporting period did not have a material effect on the ASEA’s financial statements.
Future Australian Accounting Standard Requirements
ASEA has assessed AASB15 as a high probability of impacting future reporting requirements in 2018-19 financial year, but currently consider it would be immaterial in nature. ASEA will seek further advice before the end of 2018- 19 financial year. ASEA has also assessed that AASB16 will apply to ASEA commencing from 2019-20 financial year. Materiality cannot be determined as yet due to the current sub lease arrangement expiring in December 2020 and future accommodation arrangements have yet to be discussed. All other new/revised/amending standards and/or interpretations that were issued prior to the sign-off date and are applicable to future reporting period(s) are not expected to have a future material impact on the ASEA’s financial statements.
Taxation
The ASEA is exempt from all forms of taxation except Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST).
Revenues, expenses and non-financial assets are recognised net of GST except:
- where the amount of GST incurred is not recoverable from the Australian Taxation Office; and
- for receivables and payables
Events After the Reporting Period
There have been no events after balance date that have the potential to significantly affect the ongoing structure and financial activities of the agency.
