The proposed changeover to new Australian Equivalents of International Financial Reporting Standards (AEIFRS) commenced in 2004-05. This required the preparation of fresh opening balances for 2004-05 as a base for generating the financial statements for 2004-05 according to the new standards. However the financial statements in this annual report refer to current standards and the new standards will apply from the 2005-06 financial year. The AEIFRS financial reports for 2004-05 will provide the comparative values for the 2005-06 statements.

The Bureau commenced the implementation of a new Human Resources Management (HRM) and payroll system during the year. Changes to allow the financial system to capture and report on employee expenses and provisions are being implemented concurrently.

An Australian National Audit Office (ANAO) performance audit of the management of net appropriation agreements identified funding authorisation issues relating to the application of Sections 31 and 32 of the Financial Management and Accountability (FMA) Act at the Prescription of the Bureau on 12 September 2002. These issues are discussed more fully in appropriation note 18.1 to the financial statements for 2004-05 in this annual report.

Streamlining of end-of-financial-year processes and audit continued in 2004-05 with the aim of a mid-July reporting schedule. Where possible, financial data were processed and reconciled by the end of May to minimise the workload in finalising the year's accounts at the end of June. The external auditor also reorganised their schedule to meet the progressively tighter reporting deadlines.