The Heads of Treasuries Accounting and Reporting Advisory Committee (HoTARAC) is a sub-committee of Heads of Treasury (HoTs). Its role includes developing a consensus on all major accounting and public finance reporting issues for submission to HoTs; and providing a forum for the development and exchange of ideas and research on contemporary financial management reforms.

HoTARAC comprises the most senior accounting policy officers from the Commonwealth, State and Territory Treasuries. The HoTARAC Chair is appointed by HoTs, which currently is Don Challen, Secretary of the Tasmanian Treasury. Tasmania also provides secretariat and administrative support to HoTARAC.

HoTARAC prioritises accounting issues in terms of their importance to the public sector. High priority issues currently being addressed by HoTARAC include:

• The harmonisation of public sector General Purpose Financial Reports and the Uniform Presentation Framework;
• Review of Public Infrastructure Disclosures;
• International Convergence and Harmonisation; and
• Superannuation and the treatment of actuarial valuation changes.

• Maintaining the direction and momentum of its current work program, particularly in respect of its ongoing high priority issues, at a time when the focus of the Australian Accounting Standards Board will be on International Convergence and Harmonisation; and
• Ensuring that HoTARAC is in a position to effectively represent the needs of public sector accounting and reporting and contribute positively to the International Convergence and Harmonisation process.