Document ID: chunk:federal_register_of_legislation:F2018L00592:body:0:p9
Version: federal_register_of_legislation:F2018L00592
Segment Type: other
Provision Reference: 
Character Range: 22476–25341

policies of an entity so as to obtain benefits from its activities.
    designated officer is an officer of the reporting unit within the meaning of section 243 of the RO Act.
    employee benefits mean all forms of consideration given by the reporting unit in exchange for service rendered by holders of office or employees or for the termination of employment.
    entity means any legal, administrative, or fiduciary arrangement, organisational structure (including a reporting unit of an organisation) 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 deducting all its liabilities.
    expenses means decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distribution to equity participants.
    financial records to the extent that they relate to finances or financial administration include:
a)      a register;
b)      any other record of information;
c)       financial reports or financial records, however compiled, recorded or stored;
d)      a document (section 6 of the RO Act).
    financial statements comprise a statement of financial position, a statement of comprehensive income, a statement of changes in equity, a statement of cash flows and any other statement required by the Australian Accounting Standards (paragraph 253(2)(a) of RO Act).
    financial support means financial resources provided to ensure that the provision of the principal activities are possible.
    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 RO Act), or a different period in the special circumstances set out in section 240 of the RO Act.
    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 operated by the reporting unit for a specific purpose.
    general purpose financial report has the meaning set out in subsection 253(2) of the RO Act.
    grant or donation is taken to have the same meaning as used in section 149 or section 237 of the RO Act, though it is not limited by amount.
    liabilities are a present obligation of the reporting unit arising from past events, the settlement of which is expected to result in an outflow from the reporting unit of resources embodying economic benefits.
    membership subscriptions mean and/or include entrance fees or