The framework for financial and annual reporting provides a comprehensive approach to financial and annual reporting for GSF agencies under the Government Sector Finance Act 2018 (GSF Act). This framework introduces a differential reporting model, categorising agencies into three groups based on specific criteria. The framework is designed to streamline reporting requirements, ensuring that the reporting effort is proportionate to the size and nature of the agency while maintaining transparency and accountability.

A group 3 agency is not required to produce audited financial statements nor annual reporting information. However, the accountable authority for a group 3 agency must ensure adequate accounts and records are maintained to allow for preparation and audit of financial statements.

TPG25-10 Framework for Financial and Annual Reporting requires group 3 small agencies whose financial information is not consolidated within the financial statements of another GSF agency to prepare and submit an FIR to Treasury.

The purpose of the FIR is to provide assurance to the accountable authority, the Audit Office and Treasury that the group 3 agency is effectively fulfilling its GSF Act obligations, and to consider the impact of smaller agencies on the Total State Sector Accounts.