General Requirements for Presentation anGeneral Requirements for Presentation and Disclosures in GPFR

General Requirements for Presentation and Disclosures in GPFR

9. If a GPFR of a reporting unit presents information for current or prior annual financial years that are not equal to twelve months, the reporting unit must disclose, in addition to the period covered by the GPFR:

(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.

10. Each component of the GPFR must be clearly identified. In addition, the following information must be prominently displayed and repeated when it is necessary for a proper understanding of the information presented:

(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.

11. 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.

12. 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.

13. The notes to the financial statements must disclose:

(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.

14. The presentation and classification of items in the GPFR must be retained from one financial year to the next unless: