Document ID: chunk:federal_register_of_legislation:F2024L00666:clause:1_6:p9
Version: federal_register_of_legislation:F2024L00666
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 9/11)
Character Range: 25071–28048

the corresponding amounts and other disclosures for the preceding financial year presented for comparative purposes as part of the current year's financial report.

    contingent liability means:

(a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or
(b) a present obligation that arises from past events but is not recognised because:
(i)            it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or
(ii)            the amount of the obligation cannot be measured with sufficient reliability.

    control means the capacity of an entity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of another entity so as to enable that other entity to operate with it in achieving the objectives of the controlling entity.

    designated officer is an officer of the reporting unit within the meaning of section 243 of the 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 Act).

    financial statements comprise a statement of financial position, a statement of comprehensive income and a statement of cash flows.

    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 the Act), or a different period in the special circumstances set out in section 240 of the Act.

    financing activities are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.

    general administrative expenses includes