Document ID: chunk:federal_register_of_legislation:F2018L00592:body:0:p6
Version: federal_register_of_legislation:F2018L00592
Segment Type: other
Provision Reference: 
Character Range: 14334–17401

of the entity;
       b)             the terms and conditions of the arrangement;
       c)              a narrative description as to the nature of the expenses and/or consultancy services provided.
    Such disclosure shall be in accordance with the disclosure requirements of the Australian Accounting Standards, the RO Act and these reporting guidelines.
20.          Any payments made during the reporting period to a former related party of the reporting unit, where the liability was incurred during the period in which a related party relationship existed, must be disclosed under the related party transaction note in the GPFR as though the related party relationship existed at the date of payment.[2]
21.          All activities described within items 10 – 20 of these reporting guidelines must be disclosed in the GPFR.  If any of the activities identified have not occurred in the reporting period, a statement to this effect must be included either in the financial statements, the notes or in the officer's declaration statement (see Appendix 1).

Report required under subsection 255(2A)
22.          Subsection 255(2A) of the RO Act requires a reporting unit to prepare a separate report that shows the total expenditure incurred by the reporting unit during the financial year in relation to each of the following:
       a)             remuneration, and other employment-related costs and expenses, in respect of employees;
b)             advertising;
c)              operating costs;
d)             donations to political parties;
e)             legal costs.
23.          The RO Act allows for this total expenditure to be shown in diagrammatic form however it is not compulsory to present this information in diagrammatic form and it is at the discretion of the reporting unit on how to present this information in the report. The information is only required to be reported in one format that is, in either a descriptive form or a diagrammatic form.

Operating report
24.          The Commissioner considers it best practice that the operating report:
       a)             be signed and name printed by officer(s) of the reporting unit; and
       b)             be dated by each officer who has signed the report as at the date on which the officer signs the report.

Committee of management statement
25.          For the purposes of paragraph 253(2)(c) of the RO Act, the reporting unit must prepare a committee of management statement containing declarations by the committee of management in relation to the GPFR.
26.          The committee of management statement must include declarations by the committee of management as to whether in their opinion:
       a)             the financial statements and notes comply with the Australian Accounting Standards;
       b)             the financial statements and notes comply with the reporting guidelines of the Commissioner;
       c)              the financial statements and notes give a true and fair view of the financial performance, financial position and cash flows of the reporting