Page 99 - Week 01 - Tuesday, 16 February 1993
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MINISTER FOR EDUCATION AND TRAINING
LEGISLATIVE ASSEMBLY QUESTION
QUESTION No 498
ACTAID Pty Ltd - Financial Statements
Mr Cornwell - asked the Minister for Education and Training on notice on 17 December 1992:
In relation to the Ministers recent statement on the purchase of shares in ACTAID Pty
Ltd and the additional information that the company recorded a turnover of $1.96 million in 1991
(1) Could a copy of the separate accounts and financial statements of ACTAID (ACT TAFE Annual Report 1991, Appendix 7, page 9) be made available.
(2) Why were these financial details not published separately in the Annual Report instead of being part (,f the consolidated statements.
Mr Wood - the answer to Mr Cornwells question is:
1) ACTAID Pty Ltd prepared and had audited, financial statements for the financial
year 1990/91, and for the six monthly period I July to 31 December 1991. The latter
period was a transitional one to allow alignment with the calendar reporting period of the Institute.
These financial statements, together with unqualified reports from the Auditor General of the ACT, were lodged with the Australian Securities Commission in accordance with the Australian Corporations Law.
Copies of the financial statements for both periods have been provided to the Member or his perusal.
2) ACTAID Pty Ltd is a company incorporated under the authority of the Australian
Corporations Law, and prepares its annual reports in accordance with that law.
There is no requirement under the Audit Act 1989 or any other ACT legislation to report ACTAIDs annual financial statements separately in the annual report of the Institute, and the Institute has to bear in mind the commercial-in-confidence nature of detailed annual reports from this commercial subsidiary. Nonetheless, there are statutory requirements for the Institute to produce and publish a consolidated set of audited financial statements, and this obligation is fulfilled
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