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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
This instrument mandates detailed annual financial reporting for organisations registered under the RAO Schedule (mainly trade unions and employer associations), requiring a General Purpose Financial Report—financial statements, notes, an operating report and a signed Committee of Management statement. It forces disclosure of revenue, expenses, assets/liabilities (including loans to officers/relatives) and other key transactions so members can scrutinise use of funds and detect mismanagement or self-dealing. Applies to financial years starting on or after 1 July 2003.
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Direct links to the current provisions in Workplace Relations Act 1996 - Determination of reporting guidelines for the purposes of section 270 of RAO Schedule (20/06/2003).
Schedule 1B
Australian Industrial Registry
Principal Registry
Nauru House
80 Collins Street
Melbourne Vic 3000
(Postal Address:
GPO Box 1994S
Melbourne Vic 3001)
Schedule 1B
Australian Industrial Registry
Principal Registry
Nauru House
80 Collins Street
Melbourne Vic 3000
(Postal Address:
GPO Box 1994S
Melbourne Vic 3001)
These reporting guidelines are made under section 255 of Schedule 1B (the RAO Schedule) of the Workplace Relations Act 1996 (the Act).
These reporting guidelines apply to all financial reports that are held out to be general purpose financial reports as required to be prepared under subsection 270(4) of the RAO Schedule by a reporting unit as defined in section 242.
These reporting guidelines apply for purposes of section 270 of the RAO Schedule.
Under subsection 270(4) of the RAO Schedule a reporting unit to which a certificate has been issued under subsection 270(1) in relation to a financial year is required to have a general purpose financial report prepared in accordance with these reporting guidelines.
These reporting guidelines prescribe certain disclosure requirements having in mind the nature of organisations registered under the RAO Schedule.
The disclosure requirements prescribed by these reporting guidelines are directed towards providing members of a reporting unit with information to enable them to guage the performance of the committee of management and other holders of office in relation to the financial management of the reporting unit.
(a) financial statements containing:
(i) a profit and loss statement or statement of financial performance; and
(ii) a balance sheet or statement of financial position;
(b) notes to the financial statements containing information required by these reporting guidelines;
(c) the operating report required to be prepared in relation to the financial year under section 254 of the RAO Schedule; and
(d) a committee of management statement containing declarations by the committee of management required by these reporting guidelines.
(a) the reason for a period other than twelve months being used; and
(b) the fact that comparative amounts disclosed in the GPFR and related notes are not comparable where the lengths of the financial years differ.
(a) the name of the reporting unit and any change in name from the preceding reporting date;
(b) the reporting date or the period covered by each financial statement, as is appropriate; and
(c) the rounding used in the presentation of amounts in the GPFR.
The notes to the financial statements must be presented in a systematic manner. Each item on the face of a financial statement must be cross-referenced to any directly related information in the notes.
The notes to the financial statements are normally presented in the following order which assists users in understanding the financial statements and comparing them with those of other reporting units:
(a) summary of accounting policies;
(b) supporting information for items presented on the face of financial statements in the order in which each financial statement and each line item is presented; and
(c) other disclosures, including:
(i) contingencies, commitments and other financial disclosures; and
(ii) non-financial disclosures.
(a) additional information that is not presented in the financial statements and that is necessary to enable an assessment of the reporting unit’s financial performance and financial position to be made;
(b) any contingent liabilities specifying separately that for unsecured contingent liabilities and that for contingent liabilities secured upon the assets of the reporting unit; and
(c) the notice required by subsection 272(5) of the RAO Schedule drawing attention to subsections (1), (2) and (3) of section 272 and setting out those subsections.
(a) a significant change in the nature of the operations of the reporting unit requires a more relevant presentation or classification of transactions or other events; or
(b) a review of the presentation of the reporting unit’s GPFR concludes that the change will result in a more relevant presentation or classification of transactions or other events.
(a) the name of the entity on which there is an economic dependency; and
(b) the amount of revenue or financial support derived from the other entity.
Information for the preceding corresponding financial year which corresponds to the disclosures specified for the current financial year must be disclosed, except where, in respect of the financial year to which these reporting guidelines are first applied, corresponding information was not required under the Act or Regulations or a superseded version of these reporting guidelines.
Where a reporting unit acquires during the financial year an asset or a liability as a result of an amalgamation under Chapter 3, Part 2 of the RAO Schedule in which the reporting unit was the amalgamated organisation, the reporting unit must disclosure on the face of the financial statements or in the notes to the financial statements as appropriate in respect of each such asset or class of assets or each such liability or class of liabilities:
(a) date acquired;
(b) description; and
(c) name of the organisation from which it was acquired.
(a) entrance fees or periodic subscriptions (in these guidelines referred to as "membership subscriptions") in respect of membership of the organisation;
(b) compulsory levies raised from the members or as appeals for voluntary contributions for the furtherance of particular purposes - the amount and a brief description of the purpose of each such levy or appeal; and
(c) grants or donations (other than voluntary contributions referred to in subparagraph (b)).
(a) expenses incurred as consideration for employers making payroll deductions of membership subscriptions;
(b) fees and periodic subscriptions in respect of its affiliation to any political party, any federation, congress, council or group of organisations, or any international body having an interest in industrial matters;
(c) compulsory levies imposed on the reporting unit - for each such levy, the amount, a brief description of purpose and the name of the entity imposing the levy;
(d) grants or donations;
(e) employee benefits to holders of offices in the reporting unit with separate disclosure of each of the following components:
(i) wages and salaries (including non monetary benefits); and
(ii) annual leave and sick leave; and
(iii) long service leave; and
(iv) superannuation; and
(f) employee benefits to employees (other than holders of offices) of the reporting unit with separate disclosure of each of the following components:
(i) wages and salaries (including non monetary benefits); and
(ii) annual leave and sick leave; and
(iii) long service leave; and
(iv) superannuation; and
(g) fees or allowances (other than any amount included in an amount referred to in subparagraphs (e) or (f)) to persons in respect of their attendances as representatives of the reporting unit at conferences or other meetings;
(h) remuneration of the auditor of the reporting unit for:
(i) an audit or a review of the financial reports of the reporting unit; and
(ii) other services in relation to the reporting unit;
(i) expenses (other than expenses included in an amount referred to elsewhere in this paragraph) incurred in connection with meetings of members of the reporting unit and any conferences or meetings of councils, committees, panels or other bodies for the holding of which the reporting unit was wholly or partly responsible;
(j) general administrative expenses other than any such expenses included in an amount referred to elsewhere in this paragraph;
(k) interest on loans and any other expenses incurred in connection with the control or management of the assets of the reporting unit;
(l) provision for depreciation or amortisation on investments and fixed assets; and
(m) penalties imposed on the reporting unit under the Act or Regulations.
(a) whether there is an excess of total revenues over total expenses or an excess of total expenses over total revenues and, in either case, that excess;
(b) where any assets of the reporting unit have been sold for, or revalued at, an amount exceeding $1,000 - the amount of profit or loss (as the case may be) arising from the sale or revaluation of those assets;
(c) where any amount (other than an amount included in an amount referred to elsewhere in these reporting guidelines) has been transferred to a fund or account kept for a specific purpose by the reporting unit or any such amount has been withdrawn from such a fund or account - the amount transferred to, or withdrawn from, that fund or account, as the case may be, and the name of the fund or account; and
(d) the net surplus or net deficit of the reporting unit that has been transferred to the general fund.
(a) cash on hand;
(b) prepayments;
(c) receivables;
(d) loans receivable;
(e) the aggregate amount of all loans in existence at the reporting date that have been made, guaranteed or secured by the reporting unit to an officer of the reporting unit or a spouse, relative or any other entity under the joint or several control or significant influence of such officers, spouses or relatives;
(f) investments in Government, municipal and other public debentures, stocks or bonds;
(g) investments other than those specified in subparagraph (f);
(h) fixed assets, specifying separately any real property included in those assets and the other assets;
(i) accumulated depreciation presented as a deduction from the asset or class of assets to which it relates;
(j) For each class of depreciable asset:
(i) the depreciation methods used; and
(ii) the useful lives or the depreciation rates used; and
(iii) the gross amount of depreciable assets and the related accumulated depreciation;
(k) payables;
(l) payables to employers as consideration for the employers making payroll deductions of membership subscriptions;
(m) interest-bearing liabilities;
(n) provision for employee benefits to holders of office and employees with separate disclosure for each of the following components:
(i) wages and salaries (including non monetary benefits); and
(ii) annual leave and sick leave; and
(iii) long service leave; and
(iv) superannuation;
(o) name and balance of each fund or account operated in respect of compulsory levies raised by the reporting unit or voluntary contributions collected from members of the reporting unit;
(p) where moneys, or the balance of moneys, standing to the credit of a fund or account referred to in subparagraph (o) have been invested in any assets - the name of the fund or account and the value of those assets;
(q) name and balance of each fund or account operated (other than the general fund or a fund referred to in subparagraph (o)) the operation of which is required by the rules of the organisation including the rules of a branch of the organisation; and
(r) the balance of the general fund.
For purposes of subparagraph 8(d) of these guidelines the reporting unit must cause to be prepared a committee of management statement containing declarations by the committee of management in relation to the GPFR.
The committee of management statement must include declarations by the committee of management as to whether in the opinion of the committee of management that:
(a) the financial statements and notes comply with the reporting guidelines of the Industrial Registrar for purposes of section 270 of the RAO Schedule;
(b) the financial statements and notes give a true and fair view of the financial performance and financial position of the reporting unit for the financial year to which they relate;
(c) there are reasonable grounds to believe that the reporting unit will be able to pay its debts as and when they become due and payable; and
(d) during the financial year to which the GPFR relates and since the end of that year:
(i) meetings of the committee of management were held in accordance with the rules of the organisation including the rules of a branch concerned; and
(ii) the financial affairs of the reporting unit have been managed in accordance with the rules of the organisation including the rules of a branch concerned; and
(iii) the financial records of the reporting unit have been kept and maintained in accordance with the RAO Schedule and the RAO Regulations; and
(iv) the information sought in any request of a member of the reporting unit or a Registrar duly made under section 272 of the RAO Schedule has been furnished to the member or Registrar; and
(v) there has been compliance with any order for inspection of financial records made by the Commission under section 273 of the RAO Schedule.
(a) be made in accordance with such resolution as is passed by the committee of management of the reporting unit in relation to the matters requiring declaration;
(b) specify the date of passage of the resolution;
(c) be signed by a designated officer within the meaning of section 243 of the RAO Schedule; and
(d) be dated as at the date the designated officer signs the statement.
Glossary of Terms
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 on hand means notes and coins held, and deposits held at call with a financial institution.
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.
general administrative expenses includes expenses in respect of the office of the reporting unit, and other expenses that arise at the reporting unit level and relate to the reporting unit as a whole.
general fund means the equity of the reporting unit other than in relation to any fund or account operated by the reporting unit for a specific purpose.
general purpose financial report required to be prepared under subsection 270(4) of the RAO Schedule comprises financial statements, notes to the financial statements, the operating report required to be prepared under section 254 of the RAO Schedule, and a committee of management statement (see paragraph 8 of these guidelines).
grant or donation is taken to have the same meaning as used in section 149 or section 237 of the RAO Schedule though is not limited by amount.
liabilities are the future sacrifices of economic benefits that the reporting unit is presently obliged to make to other entities as a result of past transactions or other past events.
membership subscriptions means periodic subscriptions in respect of membership of the organisation.
notes to the financial statements comprise notes containing information required by these guidelines.
organisation means an organisation registered under the RAO Schedule.
payables are amounts owed by the reporting unit to other entities for goods or services delivered.
prepayments are payments made by the reporting unit in advance of the financial year to which they pertain.
RAO Schedule means Schedule 1B to the Workplace Relations Act 1996.
RAO Regulations means the Workplace Relations (Registration and Accountability of Organisations) Regulations 2003.
receivables are amounts owed to the reporting unit by other entities (including members of the reporting unit) for goods or services delivered (including membership subscriptions).
reporting unit has the meaning set out in section 242 of the RAO Schedule.
rules of an organisation are the rules that an organisation must have under Chapter 5, Part 2 of the RAO Schedule.
significant influence means the capacity of an entity to affect substantially (but not control) either, or both, of the financial and operating policies of another entity.
Dated: 20th June 2003
View image in the official source
Nicholas Wilson
Industrial Registrar
These reporting guidelines are made under section 255 of Schedule 1B (the RAO Schedule) of the Workplace Relations Act 1996 (the Act).
These reporting guidelines apply to all financial reports that are held out to be general purpose financial reports as required to be prepared under subsection 270(4) of the RAO Schedule by a reporting unit as defined in section 242.
These reporting guidelines apply for purposes of section 270 of the RAO Schedule.
Under subsection 270(4) of the RAO Schedule a reporting unit to which a certificate has been issued under subsection 270(1) in relation to a financial year is required to have a general purpose financial report prepared in accordance with these reporting guidelines.
These reporting guidelines prescribe certain disclosure requirements having in mind the nature of organisations registered under the RAO Schedule.
The disclosure requirements prescribed by these reporting guidelines are directed towards providing members of a reporting unit with information to enable them to guage the performance of the committee of management and other holders of office in relation to the financial management of the reporting unit.
(a) financial statements containing:
(i) a profit and loss statement or statement of financial performance; and
(ii) a balance sheet or statement of financial position;
(b) notes to the financial statements containing information required by these reporting guidelines;
(c) the operating report required to be prepared in relation to the financial year under section 254 of the RAO Schedule; and
(d) a committee of management statement containing declarations by the committee of management required by these reporting guidelines.
(a) the reason for a period other than twelve months being used; and
(b) the fact that comparative amounts disclosed in the GPFR and related notes are not comparable where the lengths of the financial years differ.
(a) the name of the reporting unit and any change in name from the preceding reporting date;
(b) the reporting date or the period covered by each financial statement, as is appropriate; and
(c) the rounding used in the presentation of amounts in the GPFR.
The notes to the financial statements must be presented in a systematic manner. Each item on the face of a financial statement must be cross-referenced to any directly related information in the notes.
The notes to the financial statements are normally presented in the following order which assists users in understanding the financial statements and comparing them with those of other reporting units:
(a) summary of accounting policies;
(b) supporting information for items presented on the face of financial statements in the order in which each financial statement and each line item is presented; and
(c) other disclosures, including:
(i) contingencies, commitments and other financial disclosures; and
(ii) non-financial disclosures.
(a) additional information that is not presented in the financial statements and that is necessary to enable an assessment of the reporting unit’s financial performance and financial position to be made;
(b) any contingent liabilities specifying separately that for unsecured contingent liabilities and that for contingent liabilities secured upon the assets of the reporting unit; and
(c) the notice required by subsection 272(5) of the RAO Schedule drawing attention to subsections (1), (2) and (3) of section 272 and setting out those subsections.
(a) a significant change in the nature of the operations of the reporting unit requires a more relevant presentation or classification of transactions or other events; or
(b) a review of the presentation of the reporting unit’s GPFR concludes that the change will result in a more relevant presentation or classification of transactions or other events.
(a) the name of the entity on which there is an economic dependency; and
(b) the amount of revenue or financial support derived from the other entity.
Information for the preceding corresponding financial year which corresponds to the disclosures specified for the current financial year must be disclosed, except where, in respect of the financial year to which these reporting guidelines are first applied, corresponding information was not required under the Act or Regulations or a superseded version of these reporting guidelines.
Where a reporting unit acquires during the financial year an asset or a liability as a result of an amalgamation under Chapter 3, Part 2 of the RAO Schedule in which the reporting unit was the amalgamated organisation, the reporting unit must disclosure on the face of the financial statements or in the notes to the financial statements as appropriate in respect of each such asset or class of assets or each such liability or class of liabilities:
(a) date acquired;
(b) description; and
(c) name of the organisation from which it was acquired.
(a) entrance fees or periodic subscriptions (in these guidelines referred to as "membership subscriptions") in respect of membership of the organisation;
(b) compulsory levies raised from the members or as appeals for voluntary contributions for the furtherance of particular purposes - the amount and a brief description of the purpose of each such levy or appeal; and
(c) grants or donations (other than voluntary contributions referred to in subparagraph (b)).
(a) expenses incurred as consideration for employers making payroll deductions of membership subscriptions;
(b) fees and periodic subscriptions in respect of its affiliation to any political party, any federation, congress, council or group of organisations, or any international body having an interest in industrial matters;
(c) compulsory levies imposed on the reporting unit - for each such levy, the amount, a brief description of purpose and the name of the entity imposing the levy;
(d) grants or donations;
(e) employee benefits to holders of offices in the reporting unit with separate disclosure of each of the following components:
(i) wages and salaries (including non monetary benefits); and
(ii) annual leave and sick leave; and
(iii) long service leave; and
(iv) superannuation; and
(f) employee benefits to employees (other than holders of offices) of the reporting unit with separate disclosure of each of the following components:
(i) wages and salaries (including non monetary benefits); and
(ii) annual leave and sick leave; and
(iii) long service leave; and
(iv) superannuation; and
(g) fees or allowances (other than any amount included in an amount referred to in subparagraphs (e) or (f)) to persons in respect of their attendances as representatives of the reporting unit at conferences or other meetings;
(h) remuneration of the auditor of the reporting unit for:
(i) an audit or a review of the financial reports of the reporting unit; and
(ii) other services in relation to the reporting unit;
(i) expenses (other than expenses included in an amount referred to elsewhere in this paragraph) incurred in connection with meetings of members of the reporting unit and any conferences or meetings of councils, committees, panels or other bodies for the holding of which the reporting unit was wholly or partly responsible;
(j) general administrative expenses other than any such expenses included in an amount referred to elsewhere in this paragraph;
(k) interest on loans and any other expenses incurred in connection with the control or management of the assets of the reporting unit;
(l) provision for depreciation or amortisation on investments and fixed assets; and
(m) penalties imposed on the reporting unit under the Act or Regulations.
(a) whether there is an excess of total revenues over total expenses or an excess of total expenses over total revenues and, in either case, that excess;
(b) where any assets of the reporting unit have been sold for, or revalued at, an amount exceeding $1,000 - the amount of profit or loss (as the case may be) arising from the sale or revaluation of those assets;
(c) where any amount (other than an amount included in an amount referred to elsewhere in these reporting guidelines) has been transferred to a fund or account kept for a specific purpose by the reporting unit or any such amount has been withdrawn from such a fund or account - the amount transferred to, or withdrawn from, that fund or account, as the case may be, and the name of the fund or account; and
(d) the net surplus or net deficit of the reporting unit that has been transferred to the general fund.
(a) cash on hand;
(b) prepayments;
(c) receivables;
(d) loans receivable;
(e) the aggregate amount of all loans in existence at the reporting date that have been made, guaranteed or secured by the reporting unit to an officer of the reporting unit or a spouse, relative or any other entity under the joint or several control or significant influence of such officers, spouses or relatives;
(f) investments in Government, municipal and other public debentures, stocks or bonds;
(g) investments other than those specified in subparagraph (f);
(h) fixed assets, specifying separately any real property included in those assets and the other assets;
(i) accumulated depreciation presented as a deduction from the asset or class of assets to which it relates;
(j) For each class of depreciable asset:
(i) the depreciation methods used; and
(ii) the useful lives or the depreciation rates used; and
(iii) the gross amount of depreciable assets and the related accumulated depreciation;
(k) payables;
(l) payables to employers as consideration for the employers making payroll deductions of membership subscriptions;
(m) interest-bearing liabilities;
(n) provision for employee benefits to holders of office and employees with separate disclosure for each of the following components:
(i) wages and salaries (including non monetary benefits); and
(ii) annual leave and sick leave; and
(iii) long service leave; and
(iv) superannuation;
(o) name and balance of each fund or account operated in respect of compulsory levies raised by the reporting unit or voluntary contributions collected from members of the reporting unit;
(p) where moneys, or the balance of moneys, standing to the credit of a fund or account referred to in subparagraph (o) have been invested in any assets - the name of the fund or account and the value of those assets;
(q) name and balance of each fund or account operated (other than the general fund or a fund referred to in subparagraph (o)) the operation of which is required by the rules of the organisation including the rules of a branch of the organisation; and
(r) the balance of the general fund.
For purposes of subparagraph 8(d) of these guidelines the reporting unit must cause to be prepared a committee of management statement containing declarations by the committee of management in relation to the GPFR.
The committee of management statement must include declarations by the committee of management as to whether in the opinion of the committee of management that:
(a) the financial statements and notes comply with the reporting guidelines of the Industrial Registrar for purposes of section 270 of the RAO Schedule;
(b) the financial statements and notes give a true and fair view of the financial performance and financial position of the reporting unit for the financial year to which they relate;
(c) there are reasonable grounds to believe that the reporting unit will be able to pay its debts as and when they become due and payable; and
(d) during the financial year to which the GPFR relates and since the end of that year:
(i) meetings of the committee of management were held in accordance with the rules of the organisation including the rules of a branch concerned; and
(ii) the financial affairs of the reporting unit have been managed in accordance with the rules of the organisation including the rules of a branch concerned; and
(iii) the financial records of the reporting unit have been kept and maintained in accordance with the RAO Schedule and the RAO Regulations; and
(iv) the information sought in any request of a member of the reporting unit or a Registrar duly made under section 272 of the RAO Schedule has been furnished to the member or Registrar; and
(v) there has been compliance with any order for inspection of financial records made by the Commission under section 273 of the RAO Schedule.
(a) be made in accordance with such resolution as is passed by the committee of management of the reporting unit in relation to the matters requiring declaration;
(b) specify the date of passage of the resolution;
(c) be signed by a designated officer within the meaning of section 243 of the RAO Schedule; and
(d) be dated as at the date the designated officer signs the statement.
Glossary of Terms
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 on hand means notes and coins held, and deposits held at call with a financial institution.
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.
general administrative expenses includes expenses in respect of the office of the reporting unit, and other expenses that arise at the reporting unit level and relate to the reporting unit as a whole.
general fund means the equity of the reporting unit other than in relation to any fund or account operated by the reporting unit for a specific purpose.
general purpose financial report required to be prepared under subsection 270(4) of the RAO Schedule comprises financial statements, notes to the financial statements, the operating report required to be prepared under section 254 of the RAO Schedule, and a committee of management statement (see paragraph 8 of these guidelines).
grant or donation is taken to have the same meaning as used in section 149 or section 237 of the RAO Schedule though is not limited by amount.
liabilities are the future sacrifices of economic benefits that the reporting unit is presently obliged to make to other entities as a result of past transactions or other past events.
membership subscriptions means periodic subscriptions in respect of membership of the organisation.
notes to the financial statements comprise notes containing information required by these guidelines.
organisation means an organisation registered under the RAO Schedule.
payables are amounts owed by the reporting unit to other entities for goods or services delivered.
prepayments are payments made by the reporting unit in advance of the financial year to which they pertain.
RAO Schedule means Schedule 1B to the Workplace Relations Act 1996.
RAO Regulations means the Workplace Relations (Registration and Accountability of Organisations) Regulations 2003.
receivables are amounts owed to the reporting unit by other entities (including members of the reporting unit) for goods or services delivered (including membership subscriptions).
reporting unit has the meaning set out in section 242 of the RAO Schedule.
rules of an organisation are the rules that an organisation must have under Chapter 5, Part 2 of the RAO Schedule.
significant influence means the capacity of an entity to affect substantially (but not control) either, or both, of the financial and operating policies of another entity.
Dated: 20th June 2003
View image in the official source
Nicholas Wilson
Industrial Registrar
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Schedule 1B
Australian Industrial Registry
Principal Registry
Nauru House
80 Collins Street
Melbourne Vic 3000
(Postal Address:
GPO Box 1994S
Melbourne Vic 3001)
Schedule 1B
Australian Industrial Registry
Principal Registry
Nauru House
80 Collins Street
Melbourne Vic 3000
(Postal Address:
GPO Box 1994S
Melbourne Vic 3001)
These reporting guidelines are made under section 255 of Schedule 1B (the RAO Schedule) of the Workplace Relations Act 1996 (the Act).
These reporting guidelines apply to all financial reports that are held out to be general purpose financial reports as required to be prepared under subsection 270(4) of the RAO Schedule by a reporting unit as defined in section 242.
These reporting guidelines apply for purposes of section 270 of the RAO Schedule.
Under subsection 270(4) of the RAO Schedule a reporting unit to which a certificate has been issued under subsection 270(1) in relation to a financial year is required to have a general purpose financial report prepared in accordance with these reporting guidelines.
These reporting guidelines prescribe certain disclosure requirements having in mind the nature of organisations registered under the RAO Schedule.
The disclosure requirements prescribed by these reporting guidelines are directed towards providing members of a reporting unit with information to enable them to guage the performance of the committee of management and other holders of office in relation to the financial management of the reporting unit.
(a) financial statements containing:
(i) a profit and loss statement or statement of financial performance; and
(ii) a balance sheet or statement of financial position;
(b) notes to the financial statements containing information required by these reporting guidelines;
(c) the operating report required to be prepared in relation to the financial year under section 254 of the RAO Schedule; and
(d) a committee of management statement containing declarations by the committee of management required by these reporting guidelines.
(a) the reason for a period other than twelve months being used; and
(b) the fact that comparative amounts disclosed in the GPFR and related notes are not comparable where the lengths of the financial years differ.
(a) the name of the reporting unit and any change in name from the preceding reporting date;
(b) the reporting date or the period covered by each financial statement, as is appropriate; and
(c) the rounding used in the presentation of amounts in the GPFR.
The notes to the financial statements must be presented in a systematic manner. Each item on the face of a financial statement must be cross-referenced to any directly related information in the notes.
The notes to the financial statements are normally presented in the following order which assists users in understanding the financial statements and comparing them with those of other reporting units:
(a) summary of accounting policies;
(b) supporting information for items presented on the face of financial statements in the order in which each financial statement and each line item is presented; and
(c) other disclosures, including:
(i) contingencies, commitments and other financial disclosures; and
(ii) non-financial disclosures.
(a) additional information that is not presented in the financial statements and that is necessary to enable an assessment of the reporting unit’s financial performance and financial position to be made;
(b) any contingent liabilities specifying separately that for unsecured contingent liabilities and that for contingent liabilities secured upon the assets of the reporting unit; and
(c) the notice required by subsection 272(5) of the RAO Schedule drawing attention to subsections (1), (2) and (3) of section 272 and setting out those subsections.
(a) a significant change in the nature of the operations of the reporting unit requires a more relevant presentation or classification of transactions or other events; or
(b) a review of the presentation of the reporting unit’s GPFR concludes that the change will result in a more relevant presentation or classification of transactions or other events.
(a) the name of the entity on which there is an economic dependency; and
(b) the amount of revenue or financial support derived from the other entity.
Information for the preceding corresponding financial year which corresponds to the disclosures specified for the current financial year must be disclosed, except where, in respect of the financial year to which these reporting guidelines are first applied, corresponding information was not required under the Act or Regulations or a superseded version of these reporting guidelines.
Where a reporting unit acquires during the financial year an asset or a liability as a result of an amalgamation under Chapter 3, Part 2 of the RAO Schedule in which the reporting unit was the amalgamated organisation, the reporting unit must disclosure on the face of the financial statements or in the notes to the financial statements as appropriate in respect of each such asset or class of assets or each such liability or class of liabilities:
(a) date acquired;
(b) description; and
(c) name of the organisation from which it was acquired.
(a) entrance fees or periodic subscriptions (in these guidelines referred to as "membership subscriptions") in respect of membership of the organisation;
(b) compulsory levies raised from the members or as appeals for voluntary contributions for the furtherance of particular purposes - the amount and a brief description of the purpose of each such levy or appeal; and
(c) grants or donations (other than voluntary contributions referred to in subparagraph (b)).
(a) expenses incurred as consideration for employers making payroll deductions of membership subscriptions;
(b) fees and periodic subscriptions in respect of its affiliation to any political party, any federation, congress, council or group of organisations, or any international body having an interest in industrial matters;
(c) compulsory levies imposed on the reporting unit - for each such levy, the amount, a brief description of purpose and the name of the entity imposing the levy;
(d) grants or donations;
(e) employee benefits to holders of offices in the reporting unit with separate disclosure of each of the following components:
(i) wages and salaries (including non monetary benefits); and
(ii) annual leave and sick leave; and
(iii) long service leave; and
(iv) superannuation; and
(f) employee benefits to employees (other than holders of offices) of the reporting unit with separate disclosure of each of the following components:
(i) wages and salaries (including non monetary benefits); and
(ii) annual leave and sick leave; and
(iii) long service leave; and
(iv) superannuation; and
(g) fees or allowances (other than any amount included in an amount referred to in subparagraphs (e) or (f)) to persons in respect of their attendances as representatives of the reporting unit at conferences or other meetings;
(h) remuneration of the auditor of the reporting unit for:
(i) an audit or a review of the financial reports of the reporting unit; and
(ii) other services in relation to the reporting unit;
(i) expenses (other than expenses included in an amount referred to elsewhere in this paragraph) incurred in connection with meetings of members of the reporting unit and any conferences or meetings of councils, committees, panels or other bodies for the holding of which the reporting unit was wholly or partly responsible;
(j) general administrative expenses other than any such expenses included in an amount referred to elsewhere in this paragraph;
(k) interest on loans and any other expenses incurred in connection with the control or management of the assets of the reporting unit;
(l) provision for depreciation or amortisation on investments and fixed assets; and
(m) penalties imposed on the reporting unit under the Act or Regulations.
(a) whether there is an excess of total revenues over total expenses or an excess of total expenses over total revenues and, in either case, that excess;
(b) where any assets of the reporting unit have been sold for, or revalued at, an amount exceeding $1,000 - the amount of profit or loss (as the case may be) arising from the sale or revaluation of those assets;
(c) where any amount (other than an amount included in an amount referred to elsewhere in these reporting guidelines) has been transferred to a fund or account kept for a specific purpose by the reporting unit or any such amount has been withdrawn from such a fund or account - the amount transferred to, or withdrawn from, that fund or account, as the case may be, and the name of the fund or account; and
(d) the net surplus or net deficit of the reporting unit that has been transferred to the general fund.
(a) cash on hand;
(b) prepayments;
(c) receivables;
(d) loans receivable;
(e) the aggregate amount of all loans in existence at the reporting date that have been made, guaranteed or secured by the reporting unit to an officer of the reporting unit or a spouse, relative or any other entity under the joint or several control or significant influence of such officers, spouses or relatives;
(f) investments in Government, municipal and other public debentures, stocks or bonds;
(g) investments other than those specified in subparagraph (f);
(h) fixed assets, specifying separately any real property included in those assets and the other assets;
(i) accumulated depreciation presented as a deduction from the asset or class of assets to which it relates;
(j) For each class of depreciable asset:
(i) the depreciation methods used; and
(ii) the useful lives or the depreciation rates used; and
(iii) the gross amount of depreciable assets and the related accumulated depreciation;
(k) payables;
(l) payables to employers as consideration for the employers making payroll deductions of membership subscriptions;
(m) interest-bearing liabilities;
(n) provision for employee benefits to holders of office and employees with separate disclosure for each of the following components:
(i) wages and salaries (including non monetary benefits); and
(ii) annual leave and sick leave; and
(iii) long service leave; and
(iv) superannuation;
(o) name and balance of each fund or account operated in respect of compulsory levies raised by the reporting unit or voluntary contributions collected from members of the reporting unit;
(p) where moneys, or the balance of moneys, standing to the credit of a fund or account referred to in subparagraph (o) have been invested in any assets - the name of the fund or account and the value of those assets;
(q) name and balance of each fund or account operated (other than the general fund or a fund referred to in subparagraph (o)) the operation of which is required by the rules of the organisation including the rules of a branch of the organisation; and
(r) the balance of the general fund.
For purposes of subparagraph 8(d) of these guidelines the reporting unit must cause to be prepared a committee of management statement containing declarations by the committee of management in relation to the GPFR.
The committee of management statement must include declarations by the committee of management as to whether in the opinion of the committee of management that:
(a) the financial statements and notes comply with the reporting guidelines of the Industrial Registrar for purposes of section 270 of the RAO Schedule;
(b) the financial statements and notes give a true and fair view of the financial performance and financial position of the reporting unit for the financial year to which they relate;
(c) there are reasonable grounds to believe that the reporting unit will be able to pay its debts as and when they become due and payable; and
(d) during the financial year to which the GPFR relates and since the end of that year:
(i) meetings of the committee of management were held in accordance with the rules of the organisation including the rules of a branch concerned; and
(ii) the financial affairs of the reporting unit have been managed in accordance with the rules of the organisation including the rules of a branch concerned; and
(iii) the financial records of the reporting unit have been kept and maintained in accordance with the RAO Schedule and the RAO Regulations; and
(iv) the information sought in any request of a member of the reporting unit or a Registrar duly made under section 272 of the RAO Schedule has been furnished to the member or Registrar; and
(v) there has been compliance with any order for inspection of financial records made by the Commission under section 273 of the RAO Schedule.
(a) be made in accordance with such resolution as is passed by the committee of management of the reporting unit in relation to the matters requiring declaration;
(b) specify the date of passage of the resolution;
(c) be signed by a designated officer within the meaning
This is an opening excerpt, not the complete document.