Document ID: chunk:federal_register_of_legislation:F2024L00666:clause:1_6:p1
Version: federal_register_of_legislation:F2024L00666
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 1/11)
Character Range: 1430–4560

6  Reporting guidelines for the purposes of section 270 – fourth edition
Application
       (1)    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 Act by a reporting unit as defined in section 242 of the Act.
  Operative date
       (2)    These reporting guidelines apply to each financial year of a reporting unit that begins on or after commencement.
  Purpose of reporting guidelines
       (3)    These reporting guidelines apply for the purposes of section 270 of the Act.
       (4)    Under subsection 270(4) of the Act a reporting unit to which a certificate has been issued by the General Manager of the Fair Work Commission (the General Manager) 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 Act.
       (5)    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
       (6)    The GPFR required to be prepared under subsection 270(4) of the Act must consist of:
            (a)    financial statements containing:
                (i)     a statement of comprehensive income;
                (ii)     a statement of financial position; and
                (iii)     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 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
       (7)    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 than twelve months being used; and
            (b)    the fact that comparative amounts disclosed in the GPFR and related notes are not comparable where the lengths of the financial years differ.
       (8)    Each component of the GPFR must be clearly identified.  In addition, the following information must be prominently displayed and repeated when it is necessary for a proper understanding of the information presented:
            (a)    the name of the reporting unit and any change in name from the preceding reporting date;
            (b)    the reporting date or the period covered by each financial statement, as is appropriate; and
            (c)    the rounding used