Document ID: chunk:federal_register_of_legislation:F2024L00665:clause:1_6:p1
Version: federal_register_of_legislation:F2024L00665
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 1/11)
Character Range: 1436–4371

6  Reporting guidelines for the purposes of section 253 – sixth edition
  Application
       (1)    These reporting guidelines apply to all general purpose financial reports (GPFR), including a concise financial report, of a reporting unit as defined in section 242 of the Act, except where the General Manager of the Fair Work Commission (the General Manager) has issued a certificate under subsection 270(1) to the reporting unit for that financial year. Separate reporting guidelines made under section 255 of the Act for purposes of section 270 apply to a GPFR of a reporting unit in relation to the financial year for which a certificate has been issued under subsection 270(1) is a subsection of a section.
       (2)    In the event of a conflict between a requirement of these reporting guidelines and a requirement of an Australian Accounting Standard, the requirement of the Standard prevails unless there has been a determination under section 241 of the Act that the Standard or the relevant part of the Standard does not apply in relation to an organisation or a class of organisation.
  Operative date
       (3)    These reporting guidelines apply to each financial year of a reporting unit that begins on or after commencement.
  Purpose of reporting guidelines
       (4)    These reporting guidelines apply for the purposes of section 253 of the Act.
       (5)    Under subsection 253(1) of the Act a reporting unit is required to have a GPFR prepared. The GPFR must be prepared in accordance with the Australian Accounting Standards. These reporting guidelines prescribe disclosure requirements in addition to those prescribed by Australian Accounting Standards having in mind the nature of organisations registered under the 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. In addition, the reporting guidelines seek to improve the quality of information available to users of the GPFR about the reporting unit's economic support of, or economic dependency on, other reporting units of the organisation and other entities.
  General requirements for presentation and disclosures in GPFR
       (7)    It is a requirement that all reporting units apply the Tier 1 reporting requirements as per the Australian Accounting Standard AASB 1053 Application of Tiers of Australian Accounting Standards.
       (8)    The reporting unit must disclose in the notes to the financial statements the notice required by subsection 272(5) of the Act drawing attention to subsections (1), (2) and (3) of section 272 and setting out those subsections.
       (9)    Where a reporting unit's ability to continue as a going concern is reliant on the agreed