The Bookcase comprises the following key components:
- Financial Legislation
- Treasurer’s instructions
- Treasurer's Guidance Handbook
- Financial Management Manual Guide
- Model Annual Reports
- Treasurer’s Determination and Directions under the Financial Management Act 2006
- Opportunity Cost of Capital.
These resources are periodically reviewed to ensure alignment with external reporting requirements and to maintain their relevance and accuracy. A summary of the changes is provided in the New in this Release section below.
If you would like to stay informed about updates to the Bookcase, you can subscribe here.
New in this update
Show moreNew in Update 98
Amendments incorporated in this Bookcase are summarised below.
Financial Management Act 2006
The Act has been updated to reflect the current version as at 19 March 2026, as published on the WA Legislation website. Schedule 1 to the Act has been amended to remove Country Housing Authority under section 61 of the Keystart Act 2024.
Treasurer’s instructions
The Scope and Application sections have been updated across all Treasurer’s instructions (TIs) to remove references to the revoked TIs under ‘Consequences of application’, reflecting that all requirements now sit within the revised TI framework.
TI 1 Foundation
Requirement 3 Interpretation
A definition for ‘Treasury’ has been added to mean ‘Department of Treasury and Finance’.
TI 6 Income and Receipts
Requirement 1 Collection Agents
The requirement for agencies to deposit the full amount of monies collected by the collection agent has been clarified.
Requirement 2 Banking of Moneys
- Expanded CFO responsibilities to ensure policies and procedures apply to all monies banked, not only those deposited into the Government of Western Australia Bank Account.
- Removed the $1,000 threshold for delayed banking, providing agencies with flexibility to determine appropriate banking thresholds and frequency based on risk.
- Clarified that reconciliation requirements apply to all agency bank accounts.
Term and Definitions
• Clarified that the definition of ‘Bank Account’ comes from the Act.
• Added a definition for ‘collection agent’.
TI 8 Financial Accounting and Reporting
Requirement 2.2 Statement of Compliance
Added the words ‘or Parliament’ as some agencies do not have a Minister. Parliament is the applicable recipient for this requirement.
Requirement 7 Revaluation of Non-current Physical Assets
AASB 1059 was removed from the exclusion list and a new requirement has been introduced to clarify the fair value definition for service concession assets.
TI 9 Financial Statements
Requirement 2.1 Certification of Financial Statements
The prescribed certification wording has been replaced with a reference to the Model Annual Reports to ensure consistency.
TI 11 Transition
This TI has been removed, reflecting that the transition to the new TIs is now complete.
Treasurer’s Guidance Handbook
The Handbook has been updated to enhance clarity and ensure alignment with current legislative and operational requirements. Key updates include:
- alignment with the amended Treasurer’s Instructions;
- enhanced guidance on Key Performance Indicators, including clearer approval and reporting processes, supported by improved clarity on when Treasurer approval is required;
- strengthened asset valuation guidance, reinforcing fair value measurement requirements and clarifying valuation methodologies, including the treatment of professional and project management fees;
- improved guidance on collection agents, including clearer expectations for establishing arrangements, approval requirements, and the handling and reporting of collected monies;
- strengthened guidance on the governance and closure of Special Purpose Accounts; and
- new guidance on accounting for climate-related commitments within TG 8.
Model Annual Reports
Tier 1 and Tier 2 Model Annual Reports have been updated for the annual reporting period ended 30 June 2026.
Treasurer’s instructions
Show moreThe Treasurer’s instructions address operational issues such as the custody and control of public money and public property, and general accounting and reporting requirements that must be observed by agencies that are subject to the Financial Management Act 2006 (FMA).
Financial Management Manual Guide
Show moreThe Financial Management Manual Guide is designed to assists agencies in developing and maintaining a financial management manual that is consistent with the Western Australia financial management framework.
Model Annual Reports
Show moreThe Department of Treasury and Finance provides Model Annual Reports in both Word and PDF formats to support agencies in preparing their own annual reports. These models aim to improve consistency and quality across government reporting.
We strongly recommend that users review the Introduction and Foreword sections before using the reports, as they offer essential background and guidance.
The Model Annual Reports consist of:
- Tier 1 Model Annual Report for annual reporting period ending 30 June (full disclosure requirements)
- Tier 2 Model Annual Report for annual reporting period ending 30 June (simplified disclosure requirements).
Treasurer’s Determination and Directions under the Financial Management Act 2006
Show moreThe following determination and directions are currently in effect:
- The Financial Management (Net Appropriations) Determination 2024 was made by the Treasurer under section 23(2) of the Financial Management Act 2006.
- Treasurer’s Directions under section 40(1) of the FMA regarding the preparation of draft annual estimates.
- Treasurer’s Directions under section 42(1) of the FMA regarding the preparation of draft resource agreements.
Opportunity Cost of Capital
Show moreThe opportunity cost of capital is a component of the total cost of services. It recognises that funds invested in assets to deliver government services have alternative uses; hence the term ‘opportunity cost’.
For costing purposes, the current opportunity cost of capital should be estimated using a rate of 5.7%. This rate, which is reviewed annually, is based on the State's forecasted incremental borrowing rate for the budget year, representing the savings that Government would achieve by using liquidated net assets to reduce borrowings.
Information on the application of the opportunity cost of capital is available in section 3.5 of The Department of Treasury and Finance’s publication Costing and Pricing Government Services.
Financial Management Awareness Training
Show moreThis training is now being delivered in an eLearn format and the three modules and related case studies cover how government budgets, manages and accounts for the collection and spending of taxpayer dollars.
Chief Finance Officers’ Forum
Show morePresentations from the Chief Finance Officers’ Forum.
Finance Capability Framework
Show moreThe Finance Capability Framework was developed by the Public Sector Commission (PSC) in collaboration with the Department of Treasury. The Chief Financial Officer (CFO) Reform Steering Group also provided valuable input into the development of the Framework.
You will find resources that provide a broad overview and describe the capabilities and competencies required for high level performance in a public sector finance function.
The Finance Capability Framework comprise the following resources:
The Public Sector Capability Profiles comprise the following resources:
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