Australian Human Rights Commission Annual Report 2021–22 Overview (continued) The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets and liabilities at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position. The financial statements are presented in Australian dollars. Going Concern Basis of Accounting The financial statements have been prepared on a going concern basis under the Australian Accounting Standards which assumes that the Commission will realise assets and settle liabilities in the ordinary course of business, and amounts have been recognised on this basis. The Commission is a national independent statutory body established under the Australian Human Rights Commission Act 1986. It would require legislative change to either cease or wind-up operations. In 2021-22 the Attorney-General’s Department established a tripartite steering committee, in conjunction with the Commission and the Department of Finance to support the development of options and the implementation of strategies to transition the Commission to a sustainable financial footing. To this end the financial management of the organisation has been significantly strengthened. A Director, Corporate Services role with oversight of Finance, Human resources and ICT has been created and a new CFO appointed. The budget management process has been improved by the establishment of budget reporting standards and thresholds for budget variances and commentary. New financial reporting processes have been implemented and budget monitoring mechanisms have been enhanced with the establishment of a Budget Steering Committee to regularly review financial statements and budget variance reports and take appropriate corrective action, where required. 84