Financial reporting directions and guidance


Financial reports are prepared in accordance with Australian Accounting Standards and Interpretations (AASs) as issued by the Australian Accounting Standards Board (AASB).

Since 1 January 2005, AASs include the Australian equivalents to International Financial Reporting Standards (IFRSs).

Where an AASB standard provides accounting treatment options, DTF issues Financial Reporting Directions (FRDs) to ensure consistent application of accounting treatment across the Victorian public sector in compliance with that particular standard. FRDs are also issued to impose other government non-financial policy and disclosure requirements.