Workplace Relations Act 1996 - Determination of reporting guidelines for the purposes of section 270 of RAO Schedule (12/10/2004)
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Glossary of Terms
- The following terms are used in these reporting guidelines:
amalgamated organisation has the meaning provided in section 35 of the RAO Schedule.
assets are future economic benefits controlled by the reporting unit as a result of past transactions or other past events.
cash assets means cash on hand and cash-equivalent assets.
cash-equivalent assets means highly liquid investments with short periods to maturity which are readily convertible to cash on hand at the investor’s option and are subject to an insignificant risk of changes in value.
cash on hand means notes and coins held, and deposits held at call with a financial institution.
comparatives mean the corresponding amounts and other disclosures for the preceding financial year presented for comparative purposes as part of the current year's financial report.
contingent liability means:
(a) a possible liability that arises from past events the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the reporting unit; or
(b) a liability that is not recognised because:
(i) it is not probable that a future sacrifice of economic benefits will be required; or
(ii) the amount of the liability cannot be measured reliably.
designated officer is an officer of the reporting unit within the meaning of section 243 of the RAO Schedule.
employee benefits means all forms of consideration given by the reporting unit in exchange for services rendered by holders of office or employees.
entity means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.
equity means the residual interest in the assets of the reporting unit after deduction of its liabilities.
financial records to the extent that they relate to finances or financial administration includes a register, any other record of information, financial reports or financial records, however compiled, recorded or stored, a document (section 6 of the RAO Schedule).
financial statements comprise a profit and loss statement or statement of financial performance and a balance sheet or statement of financial position (see subparagraph 8(a) of these guidelines).
financial year in relation to an organisation means the period of 12 months commencing on 1 July in any year or another period of 12 months as is provided in the rules of the organisation (section 6 of RAO Schedule) or a different period in the special circumstances set out in section 240 of the RAO Schedule.