The annual report serves as the primary means for agencies to demonstrate their accountability to Parliament, the government, and the public. It provides a comprehensive summary of an agency’s activities and performance, and shows how public resources have been applied during the annual reporting period.
Annual reporting information requirements
The Government Sector Finance Act 2018 (GSF Act) annual reporting provisions under Division 7.3 provides for the preparation of annual reporting information and its application to reporting GSF agencies.
Annual reporting information for a GSF reporting agency includes:
- information about the agency’s activities and performance during an annual reporting period for the agency
- the annual financial statements
- audit report concerning the annual financial statements.
Who prepares annual reports
Reporting GSF agencies required to prepare annual reports is currently defined by a list of departments, agencies and statutory bodies as prescribed in Schedule 3 to the GSF Regulation 2024 (Government Sector Finance Regulation 2024 - NSW Legislation).
Information included in the annual reports
The annual reporting information must be presented under the following high-level headings –
- Overview
- Strategy
- Operations and performance
- Management and accountability
- Sustainability
- Financial performance.
Annual report requirements are specified in:
TD23-11 Annual Reporting Requirements – includes principles for preparing and publishing the agency’s annual reporting information and when exemptions, extensions and variations can be requested.
TPG23-10 Annual Reporting Requirements – specifies certain annual reporting information as mandatory requirements to report and outlines the annual reporting requirements from the GSF Act, the GSF Regulation 2024, TD23-11 and other NSW Government legislation and policies.
TPG23-10 was updated in July 2024. See the summary of changes.
An agency must:
- prepare their annual report within four months after the end of the annual reporting period
- provide this to the responsible Minister to enable it to be tabled in Parliament as soon as practicable but no later than five months after the end of the annual reporting period.
Climate-related disclosures
TPG24-33 Reporting Framework for First Year Climate Related Financial Disclosures (the Climate Reporting Framework) sets out the minimum content requirements for first year disclosures by reporting entities. The implementation of mandatory climate-related financial disclosures will be phased over three years, starting in the 2024–25 financial year, or the 2025 calendar year where applicable. See the Climate-related financial disclosures page.
Consultation on draft policies - Framework for Financial and Annual Reporting (December 2024)
Treasury has released draft policies regarding the Framework for Financial and Annual Reporting. These policies build on the feedback received from the initial consultation (see Consultation Paper - Financial and Annual Reporting Framework April 2024) and aim to refine the financial reporting and annual information reporting processes for GSF agencies.
The policy papers present a comprehensive framework to support legislative requirements for financial and annual information reporting. The papers outline criteria designed to determine which GSF agencies are required to prepare financial and annual reporting, as well as set out the appropriate format and content for each. The proposed differential reporting framework categorises agencies into three distinct groups, each with specific, proportionate reporting obligations.
Treasury seeks feedback on the draft policy and guidelines papers, specifically implementation.
Here are some documents which explain the framework and assist with feedback:
- Overview of consultation and Feedback Questions – includes climate related disclosures Phase 2
- Summary of changes to the framework for financial and annual reporting since April 2024 consultation
- Summary table of the grouping of agencies criteria
See below for the draft policy papers we are seeking feedback on:
- TPG_00 - Framework for Financial and Annual reporting
- TPG_01 - Group 1 Annual Report
- TPG_02 - Group 2 Annual information statement
- TPG_03 - Group 3 Financial information return
- Financial information returns template
Feedback is due Friday 14 February 2025 to [email protected].
Annual reporting contacts
Treasury’s Financial Management Legislation team administers the financial reporting and annual reporting legislation applicable to GSF agencies. For information on annual reporting requirements contact [email protected].
For information on financial statement accounting matters, please go to the Treasury's Accounting Policy webpage or contact [email protected].
