Workplace Relations Act 1996 - Determination of reporting guidelines for the purposes of section 253 of RAO Schedule (12/10/2004)
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Glossary of Terms
- The following terms are used in these reporting guidelines - the meaning of any term defined in the Australian Accounting Standards is not modified by the following glossary:
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.
Australian Accounting Standards means the accounting standards issued by the Australian Accounting Standards Board (AASB) or issued by CPA Australia and by The Institute of Chartered Accountants in Australia and adopted by the AASB (section 6 of the RAO Schedule).
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 flows means cash movements resulting from transactions with parties external to the reporting unit.
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.
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 (including a reporting unit of an organisation) 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 liability includes an obligation to deliver cash to another entity.
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, a balance sheet and a statement of cash flows (paragraph 253(2)(a) of RAO Schedule).
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.