Estimated Financial Statements definition

Estimated Financial Statements shall have the meaning ascribed to such term in subsection (a) of Section 2.08.

Estimated Financial Statements shall have the meaning set forth in Section 2.6(a)(ii) (Purchase Price Adjustment).

Estimated Financial Statements has the meaning set forth in Section 3.3.

Examples of Estimated Financial Statements in a sentence

• The Year End Financial Statements and the Estimated Financial Statements shall be prepared in accordance with U.S. GAAP applied consistently with the Initial Financial Statements.

• The Year End Financial Statements shall present fairly the financial position and the results of operations of the Businesses as of the date and for the period then ended and the Estimated Financial Statements shall, to the extent reasonably practicable in light of the purpose for which they were prepared and the time parameter provided in this subsection, present fairly the financial position and results of operations of the Businesses as of the date and for the period then ended.

• For further information on the impact of changes to accounting standards on the Estimated Financial Statements for the general government sector, see the Statement of Significant Accounting Policy and Forecast Assumptions section later on in this document.

• International developments and other risks to the national economy, from which Victoria would not be immune, may cause the general government actual result to differ from the projected result.The accompanying notes to the Estimated Financial Statements provide details of material economic and other assumptions used and the specific forecast assumptions underlying material items in the financial statements.

• However, the best professional judgement has been applied in preparing the Estimated Financial Statements.

• All amounts in the Estimated Financial Statements have been rounded to the nearest hundred thousand dollars unless otherwise stated.

• Compliance frameworkThese Estimated Financial Statements have been prepared in accordance with sections 23H–23N of the Financial Management Act 1994 (the FMA) and are based on Australian GAAP.

• The Victorian Auditor-General’s Office provided no other services to the State other than the review of the Estimated Financial Statements and the financial audits of departments and agencies.Operating lease payments (including contingent rentals) are recognised on a straight line basis over the lease term, except where another systematic basis is more representative of the time pattern of the benefits derived from the use of the leased asset.

• Employee benefitsAn estimate of the provision is made in the Estimated Financial Statements mainly for benefits not taken at the end of each forecast reporting date in respect of wages and salaries, annual leave and long service leave.

• Compliance frameworkThese Estimated Financial Statements have been prepared in accordance with sections 23H–23N of the Financial Management Act 1994 (the FMA), applicable pronouncements issued by the Australian Accounting Standards Board (AASB) and abstracts of the Urgent Issues Group, and are based on Australian generally accepted accounting principles (GAAP).

More Definitions of Estimated Financial Statements

Estimated Financial Statements is defined in Section 4.5(a).