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Thursday, 24 May 1973
Page: 2634

Mr NIXON (Gippsland) - I move:

Before paragraph (a), insert the following paragraph: (aa) by inserting after sub-section (1) the following sub-section: "(1a) The report by the Commission shall include details of:

(a)   any change in accounting principles adopted since the last report of the Commission, including any change in the rate or method of charging depreciation in the accounts of the Commission;

(b)   any material change in the method of valuation of the whole or any part of the stock of the Commission;

(c)   any material item appearing in the accounts of the Commission for the first time or not usually included in the accounts of the Commission;

(d)   any absence from the accounts of the Commission of any material item usually included in the accounts of the Commission; and

(e)   the adequacy of provisions in the nature of reserves made in the accounts of the Commission.".'.

By way of explanation, may I say that subparagraphs (a), (b), (c) and (d) that I have just read are taken from the Uniform Companies Accounts of Victoria and, I think, of other States which are similar, and sub-paragraph (e) is taken from the principal Act which subparagraph it was proposed to omit. My reason for seeking to include it in this way is to demonstrate to the public at large that Trans-Australia Airlines does in fact meet all the requirements that a private company is required to meet. Whilst it is a public authority, it is operating in the private enterprise world outside. Now that it is extending its operations into so many new fields I think it only fair that the accounts should be presented in a form similar to that required of any public authority outside. This is not a reflection on the bookkeeping methods or presentation of reports by TAA in the past. I know for a fact that TAA has won a number of awards for the manner in which it has presented its annual reports. Its purpose is simply to inform the companies with which it is competing outside - whether they be small or large - that TAA is operating under conditions similar to those under which they operate. Accordingly I commend the amendment.

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