Document ID: chunk:federal_register_of_legislation:F2018L00591:body:0:p1
Version: federal_register_of_legislation:F2018L00591
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Reporting guidelines for the purposes of section 270

I, Mark Bielecki, the Registered Organisations Commissioner, hereby issue under subsection 255(1) of the Fair Work (Registered Organisations) Act 2009 reporting guidelines for the purpose of section 270 of that Act, entitled Reporting guidelines for the purposes of section 270.

Date 4 May 2018

Mark Bielecki
Registered Organisations Commissioner

Publication history:                   Relevant legislation   Fair Work (Registered Organisations) Act 2009
                                                              Fair Work (Registered Organisations) Regulations 2009
First edition:        20 June 2003
Second edition:       12 October 2004
Third edition:        4 May 2018

Application
     1. These reporting guidelines are made under section 255 of the Fair Work (Registered Organisations) Act 2009 (the RO Act).
     2. These reporting guidelines apply to all financial reports that are held out to be general purpose financial reports (GPFR) as required to be prepared under subsection 270(4) of the RO Act by a reporting unit as defined in section 242 of the RO Act.

Operative date
3.              These reporting guidelines apply to each financial year of a reporting unit that begins on or after 1 July 2017.

Purpose of reporting guidelines
4.              These reporting guidelines apply for the purposes of section 270 of the RO Act.
5.              Under subsection 270(4) of the RO Act a reporting unit to which a certificate has been issued by the Registered Organisations Commissioner (the Commissioner) under subsection 270(1) in relation to a financial year is required to have a GPFR prepared in accordance with these reporting guidelines. These reporting guidelines prescribe certain disclosure requirements having in mind the nature of organisations registered under the RO Act.
6.              The disclosure requirements prescribed by these reporting guidelines are directed towards providing members of a reporting unit with information to enable them to gauge the performance of the committee of management and other holders of office in relation to the financial management of the reporting unit.

General Purpose Financial Report
7.              The GPFR required to be prepared under subsection 270(4) of the RO Act must consist of:
a)             financial statements containing:
           1. a statement of comprehensive income;
           2. a statement of financial position; and
           3. a cash flow statement.
       b)             notes to the financial statements containing information required by these reporting guidelines;
       c)              the expenditure report as required under subsection 255(2A) of the RO Act; and
       d)             a committee of management statement containing declarations by the committee of management required by these reporting guidelines.

General requirements for presentation and disclosures in GPFR
8.              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