Implications of the public Governance, Performance and Accountability Act 2013
The Public Governance, Performance and Accountability Act 2013 (PGPA Act), passed on 29 June 2013, will, when it commences (expected to be before 1 July 2014), consolidate the two financial management frameworks established for Commonwealth activities under the Financial Management and Accountability Act 1997 (FMA Act) and the Commonwealth Authorities and Companies Act 1997 (CAC Act) into one piece of legislation. As well as the significant implications for the old FMA agencies and CAC bodies, organisations contracting with the Commonwealth will also need to keep an eye on issues that will affect them, particularly in the areas of procurement and grants.
The PGPA Act is a key part of the reforms proposed as a result of the Commonwealth Financial Accountability Review, which commenced in December 2010, and is aimed at reducing complexity, enhancing efficiency and clarifying accountability in the area. Under the act, the distinction between ‘FMA agencies’ and ‘CAC bodies’ will no longer apply. Instead, there will be new categories and subcategories of Commonwealth bodies…
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