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).

The following FRDs are applicable to Victorian public sector agencies as at 1 June 2005. Refer to each FRD for its applicable date.

The FRDs comprise two groups:

FRDs numbered 100 and above are Directions issued for AASs in relation to financial policy and disclosures.
FRDs numbered below 100 are Directions issued mainly for non-financial policy and disclosures.

Financial policy and disclosures

FRD 100 Financial Reporting Directions framework

FRD 101 Application of Tiers of Australian Accounting Standards

Guidance on the application of FRD 101 Application of Tiers of Australian Accounting Standards

FRD 102 Inventories

FRD 103 Non-financial physical assets

Guidance on the application of FRD 103 Non-financial physical assets

Guidance on the selection of valuation services under FRD 103

Guidance on depreciation of building components under FRD 103

Fair value measurement indicative expectations

FRD 105 Borrowing costs

FRD 106 Impairment of assets

FRD 107 Investment properties

FRD 108 Classification of Entities as For-profit

FRD 109 Intangible assets

FRD 110 Cash flow statements

FRD 112 Defined benefit superannuation obligations

FRD 113 Investments in subsidiaries joint ventures and associates

FRD 114 Financial instruments

FRD 117 Contributions of existing non-financial assets to third parties

FRD 118 Land under declared roads

FRD 119 Transfers through contributed capital

FRD 120 Accounting and reporting pronouncements applicable to the 2024-25 reporting period

Guidance to FRD 120 Australian Accounting Standards applicable for For-Profit and Not-for-Profit entities

Non-financial policy and disclosures

FRD 3 Accounting for dividends

FRD 7 Early adoption of authoritative accounting pronouncements

FRD 8 Consistency of budget and departmental reporting

FRD 9 Departmental disclosure of administered assets

FRD 10 Disclosure index

FRD 11 Disclosure of ex gratia expenses

FRD 12 Disclosure of major contracts

FRD 13 Disclosure of Parliamentary appropriations

FRD 15 Executive officer disclosures in the Report of Operations

Victorian Public Sector Standard Model for collecting staff gender information

FRD 17 Wage inflation and discount rates for employee benefit

FRD 21 Disclosures of responsible persons and executive officers in the financial report

FRD 22 Standard disclosures in the Report of Operations

Guidance FRD 22 Additional information available on request

Guidance note to financial reporting direction FRD 22

FRD 24 Reporting of environmental data by government entities

Guidance on environmental disclosures under FRD 24

Guidance on the application of reporting tiers under FRD 24

FRD 25 Local Jobs disclosures in the Report of Operations

FRD 27 Presentation and reporting of performance information

FRD 29 Workforce data disclosures in the Report of Operations - Public Service Employees

Guidance on FRD 29 Workforce data disclosures in the Report of Operations

FRD 30 Standard requirements for the publication

Updated 16 February 2026